ZaZa Energy Corporation has expanded its position in the Eaglebine trend in eastern Texas to a nearly contiguous total holding of approximately 144,123 gross acres (89,378 net acres as of this writing) through a transaction with Range Texas Production, LLC (Range), a subsidiary of Range Resources Corporation. ZaZa also announced that it will commence a six-well continuous drilling program in May 2012, which will comprise both vertical and horizontal wells.

Under the terms of the transaction with Range, ZaZa will obtain a 75% working interest in the acquired acreage, be the designated operator, commit to drilling a well on the newly acquired acreage (as part of its six-well program), and make two undisclosed payments. The effective date of the transaction is March 1, 2012.

Tags: ZaZa Energy