ZaZa Energy (
) shares are up 9.1% at $1.80 just before the bell after the
company said it will sell about 10,000 net acres located in
Fayette, Gonzalez and Lavaca Counties, Texas for about $43.3
million. In the pre-bell session, the stock added over 21%.
The closing of the sale is expected to occur during Q2 and net
proceeds from the sale, after customary closing purchase price
adjustments and expenses, are expected to be about $42 million.
It also plans to sell the remaining acreage in its Moulton
properties for about $9.2 million. This transaction is also
expected to close during Q2.
Separately, it says it signed a joint exploration and
development agreement with one of the largest independent crude oil
and natural gas companies in the U.S. to further develop ZAZA's
ZAZA has a 52-week range of $1.20 - $5.18.
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