The combined portfolio includes three areas – the Eagle Ford core and the emerging Eagle Ford/Woodbine resource plays in Texas (US) and the Paris Basin in France with a current total of 423,000 net acres.
The Eagle Ford and Paris Basin businesses have strategic partnerships with subsidiaries of Hess Corporation.
ZaZa equity holders will get about 76.2 million shares, representing 75% of the new company, ZaZa Energy Corporation, as well as $50m in notes or cash.
Toreador stockholders will get about 25.4 million shares, representing 25% of the new company.
The transaction, which has been approved by the Toreador board of directors and ZaZa equity holders, is subject to Toreador stockholder approval, regulatory approvals and other customary closing conditions.
According to the companies, the transaction is expected to close in the fourth quarter of this year.
