Eric Kayne, HBJ
Todd Brooks, CEO, Zaza Energy Inc.
Houston?s ZaZa Energy Inc. (Nasdaq: ZAZA) has completed the sale of more than 10,000 acres in the Eagle Ford shale play in a $29 million deal.
A subsidiary of Houston-based Sanchez Energy Corp. (NYSA: SN), SN Marquis, bought the acreage in the Texas counties of Fayette, Gonzalez and Lavaca, along with ZaZa?s interest in the associated wells.
CEO Todd Brooks said the divestiture gives the company more working capital and greater financial flexibility to use toward its western Eagle Ford assets.
The deal marks a 33 percent drop in the price from a deal announced in March, when ZaZa said it would sell the assets to BEP Moulton LLC for $43.4 million.
The BEP Moulton deal fell through in June, according to filings with the U.S. Securities and Exchange Commission.
ZaZa is positioning itself as a frontrunner in the Eaglebine shale formation, a play that?s smaller than its northeastern neighbor, the Eagle Ford shale.
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Deon Daugherty covers energy and law for the Houston Business Journal. Read the top Texas energy news in our free weekly newsletter, Energy Inc. Subscribe to the Energy Inc. newsletter. For her breaking stories, follow her on Twitter.
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