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ZaZa Energy Announces Agreements With Hess, Partial Prepayment Of Debt And Engagement For Joint Venture Process

The Company separately agreed with the lead investors of ZaZa’s 8% senior secured notes due 2017 to pay down $33 million of the $100 million principal amount of the notes. As part of that agreement, the lead investors provided a multi-part waiver of certain defaults under the notes, including a waiver of ZaZa’s failure (i) to timely file its Form 10-K with the Securities and Exchange Commission for the year ended December 31, 2011 and (ii) to timely file its subsequent quarterly report on Form 10-Q. The Company expects to file its Annual Report on Form 10-K within the next week and its Form 10-Q shortly thereafter.

The Company has engaged Jefferies as its financial advisor to assist in securing a joint venture partner or partners for its Eagle Ford and Woodbine/Eaglebine assets, as well as to evaluate all strategic opportunities available to the Company, including asset and corporate transactions and financing arrangements. More information on this process will be provided in the coming months.

Mr. Craig McKenzie, Chief Executive Officer, said, “We are very pleased with today’s events. In a relatively short period of time we have transformed the corporation and have focused our portfolio on near-term growth opportunities that will benefit all ZaZa stakeholders. Upon closing the transaction, we will have created a critical mass of assets in the prolific Eagle Ford core and emerging Woodbine/Eaglebine plays, where we will be the operator of approximately 170,000 net acres. We will also retain our French base business and preserve access to upside from future exploration success associated with the one million acres targeting the Liassic resource.”

Mr. McKenzie continued, “Our immediate priority is to regain reporting compliance by filing our financial statements over the next few weeks and, with our high-graded asset portfolio, begin our joint venture process with Jefferies for both our Eagle Ford and Eaglebine acreage.”

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