NEW YORK (TheStreet) -- Shares of ZaZa Energy (ZAZA) were gaining 51.8% to $3.87 Thursday after the oil and gas company reported its third quarter earnings results.

ZaZa Energy reported earnings of 83 cents a share for the third quarter, up from a loss of $2.01 a share in the third quarter of 2013. Revenue increased 144% year over year to $2.7 million for the quarter, up from $1.1 million in the year-ago quarter.

The company said total operating expenses fell about 60% in the third quarter to $6.3 million from $15.2 million in the third quarter of 2013. General and administrative expenses fell about 30% in the quarter.

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