ZaZa Energy Closes Sale of French Assets
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.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.