paris pudding

Toreador and Zaza complete merger

Zaza Energy LLC and Toreador Resources have completed a merger that will create a new exploration and production company called Zaza Energy Corporation.

Luke Johnson 22 February 2012 17:28 GMT




The new company’s portfolio includes about 500,000 acres of combined producing assets in the Eagle Ford and Eaglebine resource plays in Texas, and the Paris basin in France.

Under the terms of the deal, announced last year, each Toreador share was converted into one share of Zaza common stock.

The newly formed entity began trading on the Nasdaq on Wednesday under the symbol “ZAZA”.

Craig McKenzie will serve as Zaza’s chief executive, while Charles Campise will take the role of chief financial officer.

Houston-based Zaza today also said it has issued senior secured notes worth $100 million and maturing in 2017.

The private placement was offered to a group of investors led by MSD Energy Partners and Senator Investment Group.

Zaza plans to use proceeds from the private placement to fund acreage acquisitions, drilling programmes, the repayment of certain existing debt, costs associated with the merger and for general corporate purposes, it said in a release.

“Our goal is to provide immediate and sustainable production in the Eagle Ford and Eaglebine plays in Texas, while also progressing our position in the Paris basin, France, where we have an attractive exposure to a very large oil resource,” McKenzie said.

Published: 22 February 2012 17:28 GMT | Last updated: 17 minutes ago