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1301 MCKINNEY STREET
NEWS RELEASE (DRAFT #9 AS OF 3/30/15 @ 11 P.M.)
ZAZA ENERGY REPORTS 2015 FIRST QUARTER
HOUSTON, TX (May 14, 2015) ZaZa Energy Corporation (the Company or ZaZa) (NASDAQ: ZAZA) today announced results for the first quarter ended March 31, 2015.
2015 First Quarter Results
For the first quarter ended March 31, 2015, the Company reported total oil and gas revenues of $1.3 million, as compared to $3.0 million for the first quarter ended March 31, 2014. This decrease was primarily due to the decline in crude oil prices and, to a lesser extent, lower production volumes.
Operating costs and expenses were $6.1 million as compared to $6.4 million for the first quarters ended March 31, 2015 and March 31, 2014, respectively. This decrease includes a $2.6 million reduction in general and administrative expenses and a modest decline in depreciation, depletion, amortization and accretion. Additionally, the first quarter of 2014 included non-cash impairments of oil and gas properties of $1.6 million and a gain on asset divestitures of $4.1 million, neither of which was present in the first quarter of 2015.
Other expenses were $1.8 million as compared to other income of $0.8 million for the first quarters ended March 31, 2015 and March 31, 2014, respectively. The 2015 first quarter period included approximately $1.6 million of net income related to gains on warrants and embedded conversion options, whereas the 2014 first quarter included $6.4 million of similar income. For the period ended March 31, 2014 the Company incurred a loss on extinguishment of debt of $2.0 million and there was no material impact in the comparable 2015 first quarter period. Interest expense for both the first 2015 and 2014 first quarter period, was $3.4 million as compared to $3.6 million, respectively.
The Company reported an operating loss of $4.8 million as compared to $3.4 million for the first quarters ended March 31, 2015 and March 31, 2014, respectively. Net loss for the 2015 first quarter was $6.6 million or a loss per diluted share of $0.54 as compared to a net loss for the 2014 first quarter of $1.4 million or a loss per diluted share of $0.13.
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The following information was filed by Zaza Energy Corp (ZAZA) on Thursday, May 14, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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