ZaZa Energy says it will move ahead with the third and final phase of its joint venture with EOG Resources developing the emerging Eaglebine tight oil play in east Texas.
EOG
will receive a 75% working interest in the remaining Phase III acreage,
and ZAZA will receive $4.7M of upfront cash and a carry of the
partner's share of future joint venture costs of up to ~$9.2M.
EOG also commits to drill an additional two wells, with the first commencing no later than July 1.
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