ZaZa, Hess to terminate Eagle Ford, Paris basin E&D plans

By OGJ editors

ZaZa Energy Corp. reported plans to terminate its exploration and development agreements with Hess Corp. in the Eagle Ford shale in South Texas and the Paris basin in France.

ZaZa was paid $15 million immediately with an additional $70 million to be paid to the Houston independent upon closing.

The parties expect to sign definitive agreements by June 29 with closing expected before Aug. 15.

ZaZa said its Eagle Ford net acreage will increase from 11,500 acres to 72,000 acres. In France, ZaZa will transfer its 50% working interest in the Paris basin exploration licenses and retain a 5% overriding royalty interest.

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