ZaZa Energy has sold off its final acreage in the Eagle Ford Shale to Sanchez Energy Corp. for nearly $30 million.
Houston-based ZaZa Energy Corp. has closed the sale of its remaining properties in the Eagle Ford Shale?s Fayette, Gonzalez and Lavaca counties to Sanchez Energy Corp., also headquartered in Houston.
The transaction includes 10,300 net acres and ZaZa?s interest in producing wells in the acreage, according to company officials.
ZaZa will net proceeds of $29.3 million after closing costs. The company will use some of the funds to reduce debt.
?This divestiture provides us with additional working capital and greater financial flexibility...,? ZaZa President and CEO Todd A. Brooks said in a written statement.
Sanford Nowlin covers energy/utilities, transportation/aviation and manufacturing.
Source: http://feedproxy.google.com/~r/vertical_29/~3/mon2ZCP_HuQ/zaza-energy-closes-sale-of-properties.html
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