ZaZa Energy Corporation (“the Company” or “ZaZa”) (NASDAQ: ZAZA) today announced comprehensive drilling updates in its core Eaglebine and Eagle Ford properties.
“Over the past several months we’ve significantly strengthened our capital structure, and, as a result, are in a much stronger and more stable position to further develop and prove up our Eaglebine assets while supplementing our existing activities in our Eagle Ford acreage. With the improvements in our balance sheet and new positive developments in our operations, we are sufficiently capitalized to execute on our strategy and unlock value from our Eaglebine assets,” stated Todd A. Brooks, Chief Executive Officer of ZaZa.
Eaglebine/Woodbine Stingray Well –Drilling Completed; Hydraulic Fracturing to Begin Immediately
ZaZa has completed drilling and running production casing on its Eaglebine Stingray A-1H well in
ZaZa expects to begin hydraulic fracturing operations on
Results from ZaZa’s extensive technical evaluation of the Stingray A-1H well are very encouraging with the ELAN analysis estimating 21 BCF and 29 MMBO per section in place. These current estimates are preliminary and are subject to revision based on actual production and additional data.
Additionally, based on initial information gathered from the Stingray A-1H well, the Company has entered into a multi-well rig contract with
“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
Eagle Ford Boening Well – Delineating
Having completed the drilling of the Stingray A-1H well, ZaZa has moved the same rig to
Marquis Eagle Ford Land Position –
Upon completion of drilling the Boening A-1H well, ZaZa plans to move the rig to its Eagle Ford Moulton Project Area (~11,600 net acres), located in the proven area of the volatile oil window in Gonzales & Fayette Counties, in order to drill its 8th well in the area, where EURs are 501 MBOE (~94% Liquids), before moving the rig back to its Eaglebine Prospect Area in
Source: ZaZa Energy Corporation
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