ZaZa Energy Corp. (NASDAQ: ZAZA) entered into a $7.5 million capital markets transaction with Crede Capital Group LLC, a Los Angeles-based family office, the company said July 21.
The proceeds will fund additional East Texas development and lease acquisitions, ZaZa said.
The investment will be made in two phases, ZaZa said, noting that the first phase closed July 21. There was a total of $5 million in proceeds in exchange for some of ZaZa’s common stock, priced at 83 cents each, the company added.
The exchange included 0.6 warrants for every share, the company noted. The second phase is scheduled to close Oct. 20, the company said, noting that proceeds of $2.5 million are expected. This exchange will also include 0.6 warrants for every common share, ZaZa said.
Houston-based ZaZa Energy Corp. explores and produces domestic unconventional oil and natural gas.
Recommended Reading
AI Advancing Underwater, Reducing Human Risk
2024-03-25 - Experts at CERAWeek by S&P Global detail the changes AI has made in the subsea robotics space while reducing the amount of human effort and safety hazards offshore.
Haynesville’s Harsh Drilling Conditions Forge Tougher Tech
2024-04-10 - The Haynesville Shale’s high temperatures and tough rock have caused drillers to evolve, advancing technology that benefits the rest of the industry, experts said.
AI Poised to Break Out of its Oilfield Niche
2024-04-11 - At the AI in Oil & Gas Conference in Houston, experts talked up the benefits artificial intelligence can provide to the downstream, midstream and upstream sectors, while assuring the audience humans will still run the show.
Dragos: IP Theft, Targeted OT Attacks on the Rise
2024-02-20 - Dragos’ annual cybersecurity review reveals three new threat groups, and the company’s CEO urges focus on specific vulnerabilities.
Tech Trends: QYSEA’s Artificially Intelligent Underwater Additions
2024-02-13 - Using their AI underwater image filtering algorithm, the QYSEA AI Diver Tracking allows the FIFISH ROV to identify a diver's movements and conducts real-time automatic analysis.