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ZaZa Provides Operational Update in Eaglebine Shale

Source: www.gulfoilandgas.com 1/28/2013, Location: North America

ZaZa Energy Corporation (ZAZA) provided operational updates related to its properties in the Eaglebine region in Texas.

ZaZa owns and operates ~88,000 net acres in the Eaglebine, which is located in the highly organic and thickest area of the basin. Over the course of 2013, the Company intends to evaluate various development scenarios in the Lower Eaglebine, Upper Eaglebine, and the Lower Cretaceous sections of its Eaglebine acreage. Based on the results of its evaluation and production results from its wells, the Company will compare the economics of various horizontal and vertical commingled development options in an effort to refine its development strategy.

ZaZa announced that its second exploration well in Northern Walker County, Texas, the Commodore A-1, is drilling ahead at 12,237’ and has recovered strong mud log shows (C1-C4) indicative of liquid hydrocarbons in the Lower Eaglebine and now into the Lower Cretaceous. The Company is evaluating the possibility of making a dual completion in the Lower Eaglebine and commingling the Lower Cretaceous zones and expects production results by mid to late-February.

As previously announced, ZaZa drilled its initial Eaglebine well, the Stingray A-1H (“Stingray”), in Walker County, Texas. The well log results, using the Schlumberger ELAN analysis tool, showed an estimated 21 BCF and 29 MMBO per section in place or ~980,000 BOE/EUR recoverable, applying a recovery factor of 18-20%. After completion of hydraulic fracturing operations, the casing, under normal operating conditions, suffered a casing collar failure, which ZaZa determined to be the cause of a down-hole restriction in the lateral portion of the well. Metallurgical testing performed on the collar indicated that the collar failed because of embrittlement. Notwithstanding multiple attempts, the Company has been unable to remediate this restriction and has lost the lateral. Based on encouraging mud log shows from the Commodore A-1 and the successful production results of other operators in the area, ZaZa has prepared the Stingray for re-entry and plans to drill through the Lower Cretaceous, below the Lower Eaglebine, and attempt to complete it as a vertical commingled well.

Range Texas Production, LLC, a wholly-owned subsidiary of Range Resources Corporation, and ZaZa have negotiated an amendment to their participation agreement relating to the acreage on which the Stingray is located. The amendment provides ZaZa: (i) sixty (60) days from January 16, 2013, to commence re-entry operations on the Stingray for the purpose of drilling a vertical comingled Lower Cretaceous well; and (ii) one hundred eighty (180) days from January 16, 2013, to commence drilling operations on a substitute horizontal well. The Stingray proof of concept well is yielding the Company important data as it continues to technically prove up the Lower Eaglebine play in Northern Walker County. As per a Fesco fluid analysis, through one open fractured interval above the casing restriction, the Company recovered some gas and 45.83 API Gravity crude oil from the Stingray.

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