ZaZa Energy, Toreador discuss merger details

By OGJ editors

The pending merger of Toreador Resources Corp. and ZaZa Energy LLC will result in a combined company operating in the South Texas Eagle Ford play and the Paris basin in France.

The transaction, which remains subject to regulatory approvals and approval by Toreador shareholders, is scheduled to close during the fourth quarter.

The companies announced the merger Aug. 9, and executives discussed it during an oil and gas investors conference in Denver Aug. 15.

Based on the Aug. 9 Toreador stock price, the implied market capitalization for the combined company is $294 million.

ZaZa, a privately owned Houston company, will hold 75% of the combined company, ZaZa Energy Corp. Craig McKenzie, Toreador president and chief executive officer, will hold those positions in ZaZa Energy Corp., based in Houston.

ZaZa holds 123,000 gross acres in the Eagle Ford where it plans to drill 280 wells by 2013. In the Eagle Ford-Woodbine area, leasing is under way to expand 70,000 gross acres to more than 100,000 gross acres within 12 months.

Toreador holds 780,000 gross acres in the Paris basin.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...