ZaZa Energy Corporation provided updates on certain corporate events.
The Company has agreed with Hess to an early release of $15 million of the Company's money held in escrow. This release was part of a broader transaction that also included: (i) termination of the Company's overriding royalty interests in certain assets in the Paris Basin, France; (ii) Hess's release of an interest in the Company's litigation against certain third parties; and (iii) the payment of $3.5 million of the escrowed funds to Hess. The remaining $11.5 million was released to ZaZa, and these proceeds, combined with approximately $1.1 million of cash on hand, were used to reduce the Senior Secured debt from $26.8 million to $15.0 million. All previously required early pay downs to the Senior Secured holders have now been completed.