ZaZa Energy Corporation provided operational updates related to its properties in the Eagle Ford regions in Texas.
Eagle Ford – Moulton – Crabb Ranch
ZaZa disclosed today that it successfully installed an artificial lift system on the Crabb Ranch A-1H well in Gonzales County, Texas. The well is currently producing 256 BOE/D (91% oil), has been online for 13 months, and has produced ~92 MBO to date. The Company re-affirms its guidance for gross equivalent EUR in the Moulton prospect area to be 501 MBO and single well IRR of 74%. ZaZa currently has identified 103 net locations on its Moulton acreage.
Eagle Ford – Sweet Home
As previously announced, the Company’s Boening A-1H well located in DeWitt County, Texas has reached its target depth. The Company announced today that it has completed hydraulic fracturing operations on the Boening well and is drilling out the final plugs before flowback. The Company expects initial production by early to mid-February. ZaZa also disclosed today that it has ‘high-graded’ its Eagle Ford Sweet Home acreage into twelve (12) tier-1 developmental units and expects to further delineate this Sweet Home acreage in 2013.
Commenting on today’s announcement, Todd A. Brooks, CEO of ZaZa Energy Corporation stated, “ZaZa was built to be a proof of concept team for a large scale unconventional resource joint venture. The company is continuing to prove up acreage through the drill bit with plans to further develop, de-risk, and focus on high-grading acreage as it builds its production base.”
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