ZaZa Energy Corporation says that the holders of all of the 8.00% Subordinated Notes due 2017, totaling ~$50.1 million in principal plus accumulated interest, have completed the exchange of their Notes for an overriding royalty interest in the Company's future lease acquisitions.

All of these Notes were held directly or indirectly by the three Founders of ZaZa Energy Corporation, one of which is the current President and CEO and all of which are Directors. Each of the three holders will receive a 0.8% ORRI on the Company's future lease acquisitions, or a total ORRI of 2.4%.

Tags: ZaZa Energy