ZaZa Energy +18% as mid-year proved reserves rose 487%

• ZaZa Energy (OTC:ZAZA +18.1%) is higher after reporting its proved reserves rose by 487% to 5.9M boe from Dec. 31 to June 30, while proved developed reserves rose 46% to 1M barrels.
• ZaZa says pre-tax present value of the future net revenues of proved reserves rose by 238% to $48.8M.
• ZaZa has ~140K gross acres (35K net) within an area of mutual interest with EOG Resources.