ZaZa Energy Expands Texas Eaglebine Assets Following Range Deal

Acquired 75% WI in assets in Texas Eaglebine, bringing total holdings in region to 144,123 gross acres.

ZaZa Energy Corp., Houston, (Nasdaq: ZAZA) has expanded its position in the Eaglebine trend in Eastern Texas following an acquisition from Range Texas Production LLC, a subsidiary of Range Resources Corp., Fort Worth, Texas, (NYSE: RRC) for an undisclosed price.

ZaZa has raised its holdings in the region to a nearly contiguous total of approximately 144,123 gross acres (89,378 net acres). ZaZa will obtain a 75% working interest in the acquired acreage, be the designated operator, commit to drilling a well on the newly acquired acreage (as part of its six-well program), and make two undisclosed payments.

ZaZa president and chief executive Craig McKenzie says, “This expansion in the Eaglebine achieves our stated target of holding over 100,000 acres, and the drilling program set to commence in May will expedite our planned growth for the area. ZaZa remains focused on the liquids-rich window of the Eaglebine trend, but also expects to encounter multiple stacked plays that include two additional resource and seven conventional targets.”