ZaZa Energy rises on asset sale, 3Q results
NEW YORK (AP) — Shares of ZaZa Energy rose about 7 percent on Wednesday as the exploration and development company said it will sell its French assets and continued to get a bounce from strong third-quarter results.
THE SPARK: ZaZa Energy is selling ZaZa Energy France to the French subsidiary of Canadian company Vermilion Energy Inc. for about $85.8 million. The transaction is expected to close before year's end. ZaZa, based in Houston, said last month that it was in talks to potentially sell the French assets.
News of the sale comes a day after ZaZa Energy reported that it returned to a profit in its third quarter. The company earned $1.02 per share for the period ended Sept. 30. Revenue was $207.2 million.
SHARE ACTION: ZaZa Energy Corp.'s stock rose 13 cents, or 7.2 percent, to $1.94 in midday trading. The shares have traded between $1.20 and $5.49 over the past 52 weeks.
