(2) As of July 24, 2012 we had an average working interest in the Moulton properties of 10% and a net revenue interest of 7.4%. Our average interest increased to 100% working interest and 74% net revenue interest after the Hess separation.

(3) As of July 24, 2012 we had an average working interest in the Sweet Home properties of 10% and a net revenue interest of 7.4%. Our average interest increased to 100% working interest and 74% net revenue interest after the Hess separation.

(4) As of July 24, 2012 we had an average working interest in the Hackberry properties of 10% and a net revenue interest of 7.4%. Our average interest increased to 100% working interest and 74% net revenue interest after the Hess separation.

Balance Sheet Update

As of November 1, 2012, after giving effect to the receipt of net proceeds of the Convertible Note offering in October, 2012, and funding of overhead, operating and capital expenditures, the Company had $48.7 million of cash and cash equivalents. The Company anticipates capital expenditures of approximately $23.8 million for the fourth quarter of 2012, primarily to drill a 2 nd exploration well on its Eaglebine acreage and participate in three non-operated wells in the Gonzales/Fayette County Prospect. Projected capital expenditure will also be used to fund lease extensions and options in the Eaglebine and Eagle Ford areas. Additionally, ZaZa disclosed that it anticipates activities for the remainder of 2012 to result in positive working capital of approximately $29 - $33 million at December 31, 2012, including the potential sale of the Company’s French subsidiary.

During the third quarter and immediately following the closing of the division of assets contemplated by the Hess Agreement, ZaZa paid down the outstanding principal amount of the Senior Secured Notes by $33.0 million and paid a $3.5 million associated fee. Additionally, as part of the Paris Basin Agreement and upon selling the Paris Basin conventional assets, ZaZa will hold $15.0 million in escrow until all permits are successfully transferred to Hess. Until such time as this transfer is completed, the escrow deposit and proceeds thereof will be invested in a JPMorgan Money Market deposit account.

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