Key Developments: ZaZa Energy Corp (ZAZA.PH)
1.40USD
18 Jun 2013
$0.00 (+0.00%)
$1.40
$1.43
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Latest Key Developments (Source: Significant Developments)
Vermilion Energy Inc's Wholly Owned Subsidiaries Closes Acquisition of ZaZa Energy Corp's Zaza Energy France
announced that it has completed its previously announced transaction with ZaZa Energy Corporation (ZaZa) whereby Vermilion, through its wholly owned subsidiaries, has acquired 100% of the shares of ZaZa Energy France S.A.S (ZEF) (the Acquisition). ZEF's operating interests cover approximately 24,300 acres with 100% working interests in the Saint Firmin, Chateaurenard, Courtenay, Chuelles, and Charmottes fields in the Paris Basin. Current production is approximately 850 bbl/d of light Brent-based crude oil (approximately 27°API). Proved plus probable developed producing reserves(1) at December 31, 2012, as evaluated by GLJ Petroleum Consultants Ltd. (GLJ), were estimated to be approximately 6.3 million boe with a reserve life index of over 20 years, reflecting the low decline rates of the acquired assets. Taking into consideration an effective date for the Acquisition of October 1, 2012 and customary closing adjustments, Vermilion paid approximately USD76 million cash at closing of the Acquisition, including working capital. Resulting acquisition metrics reflect a cash cost of approximately USD90,000 per boe/d and USD12.26 per boe of proved plus probable developed producing reserves. Full Article
Vermilion Energy Inc's Wholly Owned Subsidiaries Enters Agreement Into With ZaZa Energy Corporation
Vermilion Energy Inc announced that it has entered into a definitive agreement with ZaZa Energy Corporation ("ZaZa") whereby Vermilion, through certain of its wholly owned subsidiaries, will acquire 100% of the shares of ZaZa Energy France S.A.S ("ZEF") (the "Acquisition") for approximately US$86 million, subject to customary closing adjustments, including working capital. ZEF's operating interests cover approximately 24,300 acres and 100% working interests in the Saint Firmin, Chateaurenard, Courtenay, Chuelles, and Charmottes fields in the Paris Basin. The Acquisition will be financed with existing bank debt capacity. Full Article
ZaZa Energy Corp Prices Private Offering Of $40 Million Of 9% Convertible Senior Notes Due 2017
ZaZa Energy Corp announced the pricing of offering of $40.0 million aggregate amount of Convertible Senior Notes due 2017 in a private placement to qualified institutional buyers and accredited investors. ZaZa intends to use the net proceeds from the offering, after discounts and offering expenses, to fund drilling capital expenditures and leasehold transactions and for general corporate purposes. The Convertible Notes will be the senior, unsecured obligations of ZaZa. They will bear interest at a fixed rate of 9.0% per year, payable semiannually in arrears on February 1 and August 1 of each year, beginning February 1, 2013. Interest on the Convertible Notes will accrue from October 22, 2012. The Convertible Notes will mature on August 1, 2017, unless earlier converted, redeemed or repurchased. The Convertible Notes will be convertible at any time prior to the third trading day immediately preceding the maturity date, at the option of the holders, into shares of Zaza's common stock. The conversion rate will initially be 400.0000 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of $2.50 per share of common stock) and will be subject to adjustment upon the occurrence of certain events. In addition, ZaZa will, in certain circumstances, increase the conversion rate for holders who convert their Convertible Notes in connection with a make-whole fundamental change. Full Article
ZaZa Energy Corp Announces Private Offering Of Convertible Notes
ZaZa Energy Corp announced that it has commenced an offering, through a private placement, of up to $40 million of Convertible Senior Notes due 2017. The Convertible Notes will be convertible into shares of ZaZa common stock, and are expected to have a conversion price reflecting a conversion premium between 15% and 20% above the market price of the common stock, provided that the conversion price will not be below $2.50 per share. ZaZa intends to use the net proceeds from the proposed offering, after discounts and offering expenses, to fund drilling capital expenditures and leasehold transactions and for general corporate purposes. Full Article
ZaZa Energy Corp Signs Exclusivity Agreement For Potential Sale Of Paris Basin Conventional Assets
ZaZa Energy Corp announced that, following an unsolicited request from an interested party, ZaZa has entered into an exclusivity agreement (Agreement) relating to the potential sale of ZaZa Energy France S.A.S (ZEF). ZEF comprises 24,260 wholly-owned acres of conventional producing assets (“Assets”) in the Paris Basin, France. Pursuant to the Agreement, ZaZa is allowing the interested party to conduct due diligence on the Assets. Full Article
ZaZa Energy Corp Announces Receipt of NASDAQ Notification Letter
ZaZa Energy Corp announced that on August 15, 2012, the Company received a letter from The NASDAQ Stock Market LLC (NASDAQ), as expected, indicating that since ZaZa has not filed its Form 10-Q for the period ended June 30, 2012, the Company does not comply with NASDAQ's Listing Rule 5250(c)(1) for continued listing. No later than August 30, 2012, ZaZa is required to submit an update to the Company`s original plan, previously provided to NASDAQ, to regain compliance with NASDAQ`s filing requirements for continued listing. The NASDAQ notice has no immediate effect on the listing or trading of the Company's common stock on the NASDAQ Capital Market. ZaZa is working diligently to complete the preparation of its Form 10-Q so that it may become current in its filings with the Securities and Exchange Commission. In part due to the completion of its transaction with Hess Corporation announced on July 26, 2012, ZaZa now anticipates that it will file its Form 10-Q in the near future, and expects that it will fully regain compliance with the NASDAQ continued listing requirements. Full Article
ZaZa Energy Corp Announces Management Appointments
ZaZa Energy Corp announced that its Board of Directors has appointed Ian H. Fay as Chief Financial Officer, replacing interim CFO Charles Campise, effective immediately. Full Article
ZaZa Energy Corp Appoints Todd A. Brooks Chief Executive Officer
ZaZa Energy Corp announced that its Board of Directors has appointed Executive Director and President Todd A. Brooks as Chief Executive Officer (CEO), replacing Craig M. McKenzie, effective immediately. Mr. Brooks is one of three founders of ZaZa Energy LLC, the predecessor of ZaZa Energy Corporation, and has served as an executive and director of ZaZa Energy since its combination with Toreador Resources Corporation in February 2012. Mr. McKenzie has also resigned from the ZaZa board of directors, effective immediately, in order to pursue other opportunities. Full Article
ZaZa Energy Corp Announces Appointment Of Todd Brooks As President
ZaZa Energy Corp announced that the Board of Directors has appointed Todd Alan Brooks as President. Mr. Brooks, who previously served as Executive Director – Land, Legal and Finance, will continue to serve as a member of the Board of Directors of the Company. Full Article
ZaZa Energy Corp Announces Board Change
ZaZa Energy Corp announced that the Board of Directors has appointed Herbert C. Williamson III as Chairman of the Board of Directors. Full Article
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