ZaZa Energy Corporation Provides Update on Schedule 14C and Form 13D Filings
Management Displays Long-Term Conviction Through Personal Grant Program
HOUSTON--(BUSINESS WIRE)-- ZaZa Energy Corporation (NAS: ZAZA) , today filed an information statement on Schedule 14C relating to the Company's 2012 Long-Term Incentive Plan, and its controlling stockholders (the "Founders") filed an amendment to their schedule 13D with the Securities and Exchange Commission (SEC).
The long-term incentive plan provides for the Company to make future grants of various types of compensatory awards to employees, officers, directors and service providers. The plan has previously been approved by the Company's Board of Directors, and stockholders holding a majority of the outstanding shares of the Company's common stock have executed written consents approving the plan. The consents will be effective 20 days after mailing of the information statement to the Company's stockholders.
ZaZa's Founders also filed an amendment to their schedule 13D in respect to personal grants of stock made by them to certain ZaZa personnel to provide incentives for those personnel beyond those set forth in the Company's Long-Term Incentive Plan. These grants were part of the Founders' original vision of sharing equity with key personnel to effect the alignment of the management team's interests with those of shareholders. The related transfers of stock grants come from the Founders' existing shareholdings and thus are also reflected on Form 4s filed by each of these stockholders today.
"I am proud to state that, as a result of these equity grants by the three founders of ZaZa, every member of ZaZa's senior management team now has a meaningful equity position in the Company, aligning their interests with stockholders," said Todd A. Brooks, CEO, ZaZa Energy. "ZaZa is now in execution mode, having begun our drilling program to unlock the potential of our Eaglebine and Eagle Ford assets. We are excited for what the future holds, and believe ZaZa is positioned for significant growth and expansion in the coming years."
About ZaZa Energy Corporation
Headquartered in Houston, Texas, with offices in Corpus Christi, Texas and Paris, France, ZaZa Energy Corporation is a publicly traded exploration and production company with primary assets in the Eagle Ford and Eaglebine resource plays in Texas. More information about the Company may be found at www.zazaenergy.com.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "forecasts" and similar references to future periods. These statements include, but are not limited to, statements about ZaZa's ability to execute on exploration, production and development plans, estimates of reserves, estimates of production, future commodity prices, exchange rates, interest rates, geological and political risks, drilling risks, product demand, transportation restrictions, actual recoveries of insurance proceeds, the ability of ZaZa to obtain additional capital, and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission. While forward-looking statements are based on our assumptions and analyses that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties that could cause our actual results, performance and financial condition to differ materially from our expectations. See "Risk Factors" in our 2011 Form 10-K filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.
Jay Morakis, Partner
KEYWORDS: United States North America Texas
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