ZaZa Energy Corporation announced that it has closed the previously announced Joint Exploration and Development Agreement to further develop its Eaglebine assets. Under the terms of the Agreement, ZaZa's joint venture partner will receive up to a 75% working interest in up to 55K net acres and operate the JV acreage comprising 73K of ZaZa's 92K net mineral acres. ZaZa will retain a 25% working interest in the 73K acres. These assets include certain lands located in Walker, Grimes and Madison Counties, Texas, which are wholly owned by ZaZa, and also incorporate certain properties that are covered within the Participation Agreement with Range Texas Production, LLC, a wholly-owned subsidiary of Range Resources Corporation. Early-stage drilling preparations are already underway for the first two JV wells and the company expects that the joint venture partner will have drilled the first three earning wells by January 2014.

The company announced that the Chief Operating Officer, John E. Hearn, Jr., is departing as COO and transitioning to the role of Chairman of ZaZa Energy's new Technical Risk Assessment Committee. The Technical Risk Assessment Committee (TRAC) has been created to oversee and direct the technical focus on new play assessments, strategic acquisitions, and long-term portfolio growth for the company.