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1301 MCKINNEY STREET
HOUSTON, TX 77010
ZAZA ENERGY REPORTS 2014 YEAR-END
FINANCIAL AND OPERATIONAL RESULTS
HOUSTON, TX (March 31, 2015) ZaZa Energy Corporation (the Company or ZaZa) (NASDAQ: ZAZA) today announced results for the year ended December 31, 2014.
2014 Financial Highlights
· Total production of 231.6 Mboe as compared to 131.3 Mboe in 2013, a 76.7% increase.
· Proved reserves increased by ~47% to 1,011 Mboe.
· Revenues of $11.5 million as compared to $8.9 million in 2013, an increase of 29.2%.
· 33% reduction in G&A expenses and adjusted G&A expenses of $15.6 million.1
· Net loss of $8.2 million as compared to a net loss of $67.6 million.
· Total debt declined by $6.7 million or ~7%.
2014 Year-End Results
For the year ended December 31, 2014, the Company reported total oil and gas revenues of $11.5 million, as compared to $8.9 million for the year ended December 31, 2013, an increase of approximately 29%. This was primarily due to production increases from the Companys joint ventures in East and South Texas, partially offset by production decreases from the divestments of non-core assets in the prior year.
Operating costs and expenses were $33.6 million as compared to $115.3 million for the years ended December 31, 2014 and 2013, respectively. Driving this improvement was a $9.7 million year-over-year reduction in general and administrative expenses, offset by production driven increases in lease operating expense and depreciation, depletion, amortization, and accretion. Additionally, in 2014, the Company had non-cash impairments of oil and gas properties of $7.0 million and a gain on asset divestures of $4.1 million as compared to non-cash impairment charges of $104.6 million and gains on asset divestitures of $24.4 million in the corresponding period last year.
Other expenses were $0.7 million as compared to other income of $8.9 million for the years ended December 31, 2014 and 2013, respectively. The 2014 period includes approximately $15.2 million of net income related to gains on warrants and embedded conversion options, whereas 2013 included $39.8 million of similar income. In 2014, the Company incurred a loss on extinguishment of debt of $1.9 million as compared to $16.6 million in 2013. Interest expense over the comparative periods was consistent.
The Company reported an operating loss of $22.1 million as compared to $106.4 million in for the years ended December 31, 2014 and 2013, respectively. Net loss for the year 2014 was $8.2 million or a loss per diluted share of $0.75 per share as compared to a net loss for the year 2013 of $67.6 million or a loss per diluted share of $6.53.
The following information was filed by Zaza Energy Corp (ZAZA) on Tuesday, March 31, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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