Market Overview

ZaZa Energy Closes Sale of French Assets

Related ZAZA
ZaZa Energy Announces $7.5 MM Capital Markets Transaction
ZaZa Energy Announces Agreement to Convert Its Entire $47.3M of Subordinated Notes into a Combination of Common and Preferred Stock

ZaZa Energy Corporation (NASDAQ: ZAZA) today disclosed that it completed the sale of its French assets, comprising 100% of the shares of ZaZa Energy France SAS (“ZEF”), to Vermilion REP SAS, a wholly-owned subsidiary of Vermilion Energy Inc., for a gross purchase price of $85.8 million.

Taking into consideration customary closing adjustments and contractually obligated asset integrity and G&A contributions, the net purchase price paid to ZaZa was ~US$76 million. Resulting acquisition metrics reflect a cash valuation of ~US$90,000 per Bbl/d and ~US$13.64 per boe of proved reserves.

Posted-In: News M&A

 

Most Popular

Related Articles (ZAZA)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters