ZaZa Energy +6.2% as it moves to continue Eaglebine joint venture

|About: ZaZa Energy Corporation (ZAZA)|By:, SA News Editor

ZaZa Energy (ZAZA +6.2%) says it will move ahead with the third and final phase of its joint venture with EOG Resources (EOG -0.4%) developing the emerging Eaglebine tight oil play in east Texas.

EOG will receive a 75% working interest in the remaining Phase III acreage, and ZAZA will receive $4.7M of upfront cash and a carry of the partner's share of future joint venture costs of up to ~$9.2M.

EOG also commits to drill an additional two wells, with the first commencing no later than July 1.