ZaZa Completes the Sale of French Assets to Vermilion Energy

ZaZa Energy Corporation

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. ZaZa applied half of the net proceeds from the disposition to pay down a substantial part of its remaining senior secured