UPDATE: ZaZa Energy Gains Nearly 2%; Acquires 75% Working Interest in Texas Eaglebine

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ZaZa Energy ( ZAZA ) is up 1.79% to $3.98, just above the session low of $3.95 and below the session high $4.08, adding to modest gains of about 1% in yesterday's after hours session. The company signed an agreement with Range Texas Production, a subsidiary of Range Resources (RR) to expand its position in the Eaglebine trend in eastern Texas to a nearly contiguous total holding of 144,123 gross acres.

Under the deal, ZAZA will obtain a 75% working interest in the acquired acreage. The company will also be the designated operator and commit to drilling a well on the newly acquired acreage as part of its six-well program. ZAZA will make two payments, the amounts of which were not disclosed.



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This article appears in: Investing , Commodities

Referenced Stocks: ZAZA

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