ZaZa Energy Corporation has closed the previously announced Purchase and Sale Agreement with an affiliate of Quantum Energy Partners (Quantum), which includes an East Texas Development Agreement comprising Walker, Grimes, Madison, Trinity, and Houston counties (collectively, the “Quantum Agreements”).

Pursuant to the terms of the Quantum Agreements, ZaZa will receive total consideration of approximately $17 million, which includes $11 million in cash that was paid to ZaZa on September 18. In exchange, ZaZa has assigned to Quantum 6,000 net acres in undeveloped leases within ZaZa’s “Southern Development Area” in East Texas (see below). Quantum’s interest is an undivided one, spread evenly across all of the leases in the 144,000-acre Southern Development Area.

Tags: ZaZa Energy