ZaZa Energy reaches agreement for potential French asset sales

Thu Oct 4, 2012 9:50am EDT

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Oct 4 (Reuters) - Oil and gas company ZaZa Energy Corp has reached an exclusivity agreement with an undisclosed company for the potential sale of its French assets.

"This effort is consistent with our strategic plan to focus our exploration efforts in the prolific Eagle Ford and Eaglebine resource plays in Texas," Chief Executive Todd Brooks said in a statement.

The terms of the deal were not disclosed.

ZaZa Energy France S.A.S has 24,260 acres of conventional assets in the Paris Basin.

ZaZa Energy Corp's portfolio includes about 72,000 acres in the oil-rich Eagle Ford shale field and 90,000 acres in the Woodbine region, both in Texas.

The Houston-based company ended its exploration and development agreements with Hess Corp in the Paris Basin and Eagle Ford shale field in June.

Shares of ZaZa, which has a market value of $279.7 million, were up 2 percent at $2.80 in early trading on the Nasdaq.

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