Caza, of The Woodlands, Texas, was to drill an initial horizontal Wolfcamp well on the Reeves County acreage.
The shale gas company’s deal comes after executives have said they want to sells assets to reduce debt.
The company is also seeking a JV partner and leadership is considering the sale of selected assets in the Marcellus.
Oil price sensitivity heightened as $5 WTI change moves cash flow by $350 million.
Chongqing holds over 2 trillion cubic meters of exploitable shale gas, according to the municipal government.
In addition, Denver-based PDC announced its borrowing base increased to $700 million from $450 million following the recently completed semi-annual redetermination of its revolving credit facility.
Petro River's executive vice president, Daniel Smith, said that investors and the industry are becoming more involved in the area.
For about $17 million, acreage in several East Texas counties was given to an affiliate of Quantum Energy Partners, ZaZa said.
The partnership takes an unconventional approach with opportunities in the Eagle Ford and Cooper Basin.
FourPoint and EnerVest have already accumulated more than 160,000 net acres over the Granite Wash.
Swift Energy in July quietly entered a small joint venture with Indonesia’s PT Saka Energi to develop a parcel of the Eagle Ford Shale within the largely forgotten lean gas window.
ZaZa will receive about $17 million, in total consideration, of cash and the right to receive Quantum’s interest in the next 15 joint venture wells in the area.