The agreement, follows an unsolicited request from the unnamed party, which secured permission to conduct due diligence on ZaZa Energy France’s assets.
The assets consist of 24,260 wholly-owned acres of conventional producing assets in the Paris Basin, France.
ZaZa Energy president and CEO Todd A Brooks said the company is happy to have signed an exclusivity agreement to further understand the merits of a potential transaction for conventional producing concessions in France.
"This effort is consistent with our strategic plan to focus our exploration efforts in the prolific Eagle Ford and Eaglebine resource plays in Texas, while strengthening our balance sheet and divesting non-core assets," Brooks added.
ZaZa, currently, holds about 72,000 net acres in the Eagle Ford core, 90,000 nearly contiguous net acres in the Woodbine and Eaglebine play in Grimes, Madison, and Walker Counties.
The company also ownd 24,260 wholly-owned acres of conventional producing assets in the Paris Basin.
