ZaZa Energy Corp. (NYSE: ZAZA) announced that it recently received initial approval from the French government regarding the terms of ZaZa’s transaction with Hess Corp. This initial approval enabled the parties to complete the termination of their 2010 agreements on Oct. 1, 2012.

As part of the transaction, ZaZa’s working interest in the parties’ Paris Basin exploration licenses has now been converted into a 5% overriding royalty interest capped at $130 million.

Todd A. Brooks, president and CEO, said, “We received initial approval from the French government for the transaction, ...