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ZaZa Energy Corporation (“the Company” or “ZaZa”) (NASDAQ: ZAZA) today announced operational and financial results for its third quarter and nine- months ended September 30, 2012.
On February 21, 2012, following the successful consummation of a transaction under an Agreement and Plan of Merger and Contribution, ZaZa Energy Corporation became the parent company of ZaZa LLC and Toreador Resources Corporation. The results of operations noted within this release and in the Company’s Form 10-Q on file with the Securities and Exchange Commission (“SEC”) include the results of the Company’s accounting predecessor, ZaZa LLC from January 1, 2012 through February 20, 2012, and all of its subsidiaries, including ZaZa LLC and Toreador, since February 21, 2012. As such, all information for the comparable three and nine-month periods include pro forma results of operations as if the merger between ZaZa and Toreador has been completed at the beginning of each period presented.
“This marks our second quarter reporting pro forma results of the combined entity and should provide our shareholders with greater insight into our operations and financial performance,” stated Todd Brooks, Chief Executive Officer of ZaZa. “There has been a lot of positive activity during the quarter, and we have taken prudent steps to position ZaZa for the future. We enhanced our management and operating teams, successfully completed a debt offering which, along with other capital received from strategic transactions, has enhanced our capital position, and we took positive steps to increase our Eaglebine and Eagle Ford acreage. We believe the Company is well positioned to realize both top and bottom line improvements and enhance shareholder value both near and long-term.”
Third Quarter Financial Comparisons
The Company reported total revenues and other income for the third quarter ended September 30, 2012 of $207.2 million as compared to $4.4 million in the comparable year-ago period. This includes oil and gas revenues of $10.2 million and $0.8 million for the periods ended September 30, 2012, and September 30, 2011, respectively. Other income for the 2012 third quarter was $197.0 million and there was no other income realized in the comparable year-ago period.