ZaZa Energy completes sale of French business

ZaZa Energy completes sale of French assets to Vermillion Energy for $76M after adjustmentsbiz

Associated Press

HOUSTON (AP) -- ZaZa Energy completed the sale of its French assets to a unit of Vermilion Energy for about $85.8 million.

The exploration and development company agreed to sell the business to Vermilion, a Canadian company, in November.

ZaZa said Thusday that it was paid about $76 million after closing adjustments and other items. The company said it used about half the proceeds from the sale to pay down a portion of its senior unsecured notes. The rest will be used to fund development

Shares of ZaZa Energy Corp. have traded between $1.20 and $5.49 in the last year and closed at $2.33 Wednesday.

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