Quantum Energy Partners entered into a purchase and sale agreement to acquire 6,000 net acres in undeveloped leases from ZaZa Energy Corporation for $17 million.

Quantum Energy Partners entered into a purchase and sale agreement to acquire 6,000 net acres in undeveloped leases from ZaZa Energy Corporation (NasdaqCM:ZAZA) for $17 million on August 21, 2014. Under the terms of the agreement, the total consideration includes cash and ZaZa's right to receive Quantum's interest in the next 15 East Texas JV wells between the closing of the transaction and its second anniversary. The closing of the transaction is subject to receiving the approval of ZaZa's existing East Texas JV partner, third party consents and other customary closing conditions.

The proceeds of the sale will be used by ZaZa to fund drilling CAPEX and lease acquisitions and to reduce debt. Vinson & Elkins LLP acted as legal advisor for Quantum Energy Partners and J. Mark Metts and Julie Gremillion of Sidley Austin LLP acted as legal advisors for ZaZa Energy Corporation.