“Today, the Eaglebine play is one of the most exciting, emerging, liquids-rich resource plays in the country, and the data we have in-house supports this sentiment. As the first mover in the Eaglebine play, ZaZa holds what it believes to be some of the Eaglebine’s most promising and untapped acreage. We have amassed a dominant, nearly contiguous land position of ~90,000 net acres located in the thickest part of the play. Although early drilling in this area has initially proved challenging for some operators, ZaZa has overcome these obstacles through new drilling processes and technological innovation developed by its experienced operations team, a team with a collective knowledge-base derived from successfully drilling over 7,500 horizontal wells. As a result of these new processes and innovations, ZaZa now has the ability to control and further develop these assets and unlock both short and long-term value. All of our data indicates high productive potential and we are now focused on making the Eaglebine our core, foundation asset,” Mr. Brooks continued.
The Company also disclosed today that upon establishing production in the Eaglebine, it expects to further its negotiations and move towards the execution of a substantive joint venture agreement for its Eaglebine acreage. Additionally, based on production results and initial appraisal data in the Company’s Sweet Home Black Hawk Field Extension play, ZaZa will continue its asset prioritization process beyond the Paris Basin and will allocate resources consistent with a highest and best value creation philosophy.
Eagle Ford Boening Well – Delineating Sweet Home / Black Hawk Field Extension Project Area
Having completed the drilling of the Stingray A-1H well, ZaZa has moved the same rig to DeWitt County and has begun drilling a 5,000 to 6,700-foot, in-zone lateral section in its Boening A-1H well, which has encountered 200 feet of Eagle Ford shale in the wet gas window of the Eagle Ford play, where adjacent drilling results to-date have been excellent. The Boening A-1H pilot hole has already been drilled, logged, and whole-cored. Initial Production is anticipated mid December. With the completion and production results from the Boening well, ZaZa can further appraise and prioritize its ~34,800 net acres in the Sweet Home Eagle Ford Prospect.