Exploration and development company ZaZa Energy Corp. said Thursday it may sell its French assets.
The company said it entered an exclusivity agreement for the potential sale of ZaZa Energy France, and is allowing the proposed buyer to examine its financial books. ZaZa Energy France is made up of about 24,000 acres of assets in the Paris Basin. The company said it plans to focus its resources on its assets in Texas.
ZaZa Energy said it makes no assurances that the sale will be completed.
Its shares lost 5 cents to $2.70 in midday trading after dropping as low as $2.65 earlier in the session, their lowest level since August 2011.