ZaZa, Hess to terminate Eagle Ford, Paris basin E&D plans
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.
Paula Dittrick | Senior Staff Writer
Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.
Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.
