ZaZa Energy - Investor Presentation

Investor PresentationDecember 31, 2013

Nasdaq: ZAZA

Investor Notices

Nasdaq: ZAZA 2

Forward‐Looking Statements. This presentation and other written or oral statements made by or on behalf of ZaZa Energy Corporation (the “Company”) contain forward‐looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including without limitation, statements and projections regarding the Company’s future financial position, operations, performance, business strategy, returns, budgets, reserves, levels of production and costs, statements regarding future commodity prices and statements regarding the plans and objectives of the Company’s management for future operations, are forward‐looking statements. The Company’s forward looking statements are typically preceded by, followed by or include words such as “will,” “may,” “could,” “would,” “should,” “likely,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “goal,” “project,” “plan,” “intend” and similar words or expressions. The Company’s forward‐looking statements are not guarantees of future performance and are only predictions and statements of the Company’s beliefs based on assumptions that may prove to be inaccurate. Forward‐looking statements involve known, unknown or currently unforeseen risks and uncertainties that may be outside of the Company’s control and may cause the Company’s actual results and future developments to differ materially from those projected in, and contemplated by, such forward‐looking statements. Risks, uncertainties and other factors that could cause the Company’s actual results to materially differ from the expectations reflected in the Company’s forward‐looking statements include, without limitation, the Company’s registered public accounting firm expressing doubts about its ability to continue as a going concern, the Company’s ability to raise necessary capital in the future, the effect of the Company’s indebtedness on its financial health and business strategy, whether the Company’s joint venture partners elect to move forward with subsequent phases of its joint ventures, the Company’s ability to maintain or renew its existing oil and gas leases or obtain new ones and any other factors or risks listed in the reports and other filings that the Company has filed and may file with the Securities and Exchange Commission (the “SEC”). Any forward‐looking statements made by the Company in this presentation and in other written and oral statements are based only on information currently available to the Company and speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any of its forward‐looking statements, whether as a result of new information, future developments or otherwise.

Market & Industry Data. The market and industry data contained in this presentation and other written or oral statements made by or on behalf of the Company are based on management’s own estimates, internal company research, surveys and studies conducted by third parties and industry and general publications, and in each case, are believed by management to be reasonable estimates. The Company has not independently verified market and industry data from third party sources. This data is subject to change and cannot always be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey of market or industry data. As a result, you should be aware that market and industry data set forth herein, and estimates and beliefs based on such data, may not be reliable.

Cautionary Note. The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC’s definitions for such terms (and price and cost sensitivities for such reserves), and prohibits the disclosure of resources that do not constitute such reserves. This presentation and other written or oral statements made by or on behalf of the Company may contain certain terms, such as resource potential and exploration target size, that are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. SEC guidelines strictly prohibit the Company from including such estimates in filings with the SEC. Investors are encouraged to consider closely the disclosure in our reports and other filings that the Company has filed and may file with the SEC, all of which are available on our website at www.zazaenergy.com or by written request to ZaZa Energy Corporation, Attn. Investor Relations, 1301 McKinney Street, Suite 2800, Houston, Texas 77010.

ZaZa Energy Overview

Nasdaq: ZAZA 3

High concentration of liquid‐rich assets in the Eaglebine and Eagle Ford trends ~110,000 acre presence within the Eaglebine and

Lower Cretaceous window 7,600 acres surrounded by Devon’s recently

acquired $6 billion GeoSouthern Eagle Ford assets

Completed amendment to Eaglebine/Eagle Ford East joint venture agreement with large independent operator Accelerated timing Contiguous JV acreage footprint Immediate liquidity (~$17.8MM net cash) and

production (~$17MM in PDP value) 6 well carry program

Proven management team Significant experience with majors and large

independents Collectively participated in the drilling and

completion of over 5,500 wells

CONSOLIDATING A DOMINANT POSITION IN THE EAGLEBINE

Houston(headquarters)

Eaglebine(core asset)

Source: Drilling-Info, investor presentations and other publicly available information

Eagle Ford

Capital & Ownership Structure

Nasdaq: ZAZA 4

Future Liquidity Events: $15 million restricted cash Eaglebine JV former Phase III option acreage No principal maturities until 2017

MODEST LEVERAGE & CONCENTRATED OWNERSHIP

Capitalization Table

($ in millions) Pro Forma9/30/2013 1

Cash and Cash Equivalents $22.9Restricted Cash ‐ Other 0.5Restricted Cash ‐ Escrow 15.0

Senior Secured Notes $26.8Convertible Senior Notes 40.0Subordinated Notes 47.3Total Debt $114.1Market Capitalization 2 $103.0Total Capitalization $217.1

Total Debt / Total Capitalization 52.6%Source: Publ ic fi l ings

1 Adjusted for October 2013 Eaglebine JV

2 Bas ic shares outstanding as of 10/31/2013 and s tock price as of 12/31/2013

Ownership Statistics

Shares Outstanding 107,287,000Short Interest Shares 2,659,086Float (%) 37.2%Institutional Ownership as % of Float 26.2%Top 10 Institutional Holders (%) 8.1%Source: FactSet

62.8% 9.8%

27.5%

Management/InsiderInstitutional (Float)Other (Float)

Recent Milestones

Nasdaq: ZAZA 5

Secured a first mover advantage in the Eaglebine/Eagle Ford East play

Consummated joint venture agreement with a large independent operator to develop Eaglebine/Eagle Ford East acreage

Accelerated original joint venture agreement through an amendment to acquire additional production and further develop our acreage block

Entered joint venture agreement with Sabine Oil & Gas LLC, a First Reserve portfolio company, to develop Sweet Home Eagle Ford acreage

Strategically completed sale of non‐core Moulton Eagle Ford assets for approximately $38 million

Reduced senior secured notes to $26.8 million from $100 million

Drilled and completed 4 proof‐of‐concept wells during 2013

POSITIONED FOR RAPID VALUE CREATION

Quality of Core Asset – Eaglebine Overview

Nasdaq: ZAZA 6

Technical evaluation of the juncture between the organic‐ and carbonate‐rich Eagle Ford group and the silica‐rich Woodbine plays provided an operational thesis to make the Eaglebine an area of primary focus

Analogous to mature Eagle Ford area

Large potential resource play with stacked pay

Oil/liquids rich in multiple zones

Multiple zones act as an acreage multiplier

Significant successful offset activity

WORLD‐CLASS UNCONVENTIONAL ASSETRegional Cross Section (Flattened on Base of Austin Chalk)

Lower Cretaceous

Woodbine Sand/Silt PlayHarris Delta

Mature Eagle Ford Play

Eaglebine/Eagle Ford East Targets


Eaglebine/Eagle Ford East Development Targets

Nasdaq: ZAZA 7

W

8300

8400

8500

8600

8700

8800

8900

9000

9100

9200

9300

9400

9500

9600

9700

9800

9900

1000

010

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1020

010

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010

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1060

010

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1080

010

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1100

011

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1120

011

300

1140

011

500

1160

017

00

0 300GR [GAPI] (CTR)

0.2 2000RT90 [ohmm]

0.45 -0.15DPHI [%]

0.45 -0.15NPHI [CFCF]

20 20000TOTAL_GASES

1,00

0’

Austin Chalk

Eagle FordWoodbine/Harris Delta

U Eaglebine

L Eaglebine

Buda

Georgetown

Kiamichi

Edwards

PaluxyGlen Rose AGlen Rose BGlen Rose CGlen Rose DGlen Rose EGlen Rose G

Vertical Options Horizontal Options

Oil Gas

EVALUATING MULTIPLE PRODUCTIVE FORMATIONS

Data based on Burk Royalty Co. Ltd – Etheredge #1, 42‐225‐31198, Houston Co., TX

Horizontal Lower

Eaglebine17‐25

multi‐stage completion

Vertical Lower

Cretaceous (“Buda‐Rose”)Single stage or comingled 3‐5 multi‐stage (“Stack and

Frac”) completion

Key Targets

Sweet Home Overview

Nasdaq: ZAZA 8

Sabine Oil & Gas LLC (“Sabine”) and ZaZa entered into a 75/25 joint venture for the development of ZaZa’s Sweet Home prospect in the Eagle Ford trend located in the liquids window of De Witt and Lavaca Counties, Texas

Sabine carries ZaZa for two commitment wells and up to $750,000 of construction costs related to gathering and infrastructure in exchange for a 75% interest in 7,600 net acres and the Boening well. Sabine also carries up to $300,000 of ZaZa’s expenses related to the extension and renewal of certain leases

If Sabine completes the first commitment well by February 15, 2014, ZaZa will transfer to Sabine a 75% interest in approximately 3,200 net acres and the Boening well

If Sabine completes the second commitment well by April 15, 2014, ZaZa will transfer to Sabine a 75% interest in the remaining net acres (4,400)

• Assuming the initial two commitment wells are successful in achieving production, participating interests in any additional wells drilled or lease acreage acquired in the Sweet Home prospect will be shared 75% by Sabine and 25% by ZaZa under an Area of Mutual Interest (“AMI”) that will expire on September 15, 2015

Joint Venture Terms

Source: Investor presentations and other publicly available information

+200’ thick Eagle Ford pay section with >8% porosity in thickest portion of organic shale

Adjacent to and surrounded by Devon’s recently acquired $6 billion GeoSouthern Eagle Ford assets

Visible oil growth in low‐risk, repeatable play

ZaZa’s Boening well began with an initial production rate of 669 Boe/d

Sweet Home Prospect Overview

EAGLE FORD SHALE PROPERTIES

Gonzales

De Witt

LavacaJoint Venture

AMI

Legend

ZaZa Acreage

ZaZa Boening Well

ZaZa Joint Venture Carried Wells

Devon / GeoSouthern Acreage

Vision to Deliver Extraordinary Results

Nasdaq: ZAZA9

Business ModelInitial Appraisal• Regional geologic evaluation

• Depositional model, subsurface analysis, 3D seismic• Hydrocarbon system, maturity, geochemistry• Begin building subsurface model

• In‐depth data analysis• Analyze all area logs and rasters• Analyze all nearby core data if available

• Maturity/TOC/XRD, mineral composition, fracability• Detailed log correlations and custom petrophysics

Proof of Concept• Drill pilot well, take full suite of logs and core

• Mud logging, ISO‐analysis, in‐situ fluid composition• Open‐hole logging (rock properties, matrix mineralogy, clay

type, hydrocarbon saturation, stress analysis, rock mechanics)

• Core analysis• Maturity/TOC/XRD, mineral composition, fracability

• Core calibrated to petrophysics • Integration

• Detailed pilot to lateral rock properties calibration• Custom frac design and execution• Microseismic monitoring and tracer analysis

Capital Markets Access• Strengthening balance sheet• Optimizing capital structure for growth• Transact to accelerate cash flow

Approach• Identify trends

early / first mover• Low entry cost• Large contiguous

acreage blocks• Concentrated area

focus• High‐value

partnerships

• Oil‐weighted properties

• Latest technology

Results2014 Catalysts• Viable exploration

wells• Eaglebine

development moving forward

• Secure “regular‐way” financings

PROVEN BUSINESS MODEL & EXPERIENCED TEAM

“We focus on drilling proof of concept wells armed with conventional core, some of the most advanced logging suites available, and custom petrophysics designed through detailed

integration of the physical rock and fluid data.” – Kevin Schepel (ZaZa Energy EVP E&P)

The American Oil & Gas Reporter ‐ March 2013

Reservoir EvaluationACHIEVING FIRST MOVER ADVANTAGE

ZaZa drilled and completed 28 proof‐of‐concept wells from 2011‐2012

Cut and analyzed over 2,000’ of conventional core

Recovered over 800 rotary sidewall cores

Tested a number of new logging tool technologies for advanced evaluation in unconventional resource plays

Implemented first ZIPPER frac by alternating two wells’ stimulations from the same pad using fractreating wells designed internally by ZaZa and calibration to pilot wells

Use micro‐seismic technology to monitor and improve our completions

Developing future technology for enhanced micro‐seismic and production monitoring

10Nasdaq: ZAZA

Appraisal to Proof‐of‐Concept Phase

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TECHNICAL CAPABILITIES

Eaglebine/Eagle FordEvaluation Process

Depositional Model Thickness, Depth, and Pressure Maturity/TOC/XRD

Core Calibrated Petrophysics Mineral Composition and “Fracability”

Integration ‐ Pilot to Lateral Microseismic MonitoringFRAC Design and Execution

Source: ZaZa

2014 Strategic Plan

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Eaglebine / Eagle Ford East Joint Venture

Continue to test and evaluate the play

Increase acreage and production

Obtain independent resource valuation

Other Growth Opportunities

Acquire existing production

Acquire nearby extension acreage in our expertise areas

Evaluate and assess “proof‐of‐concept” opportunities in new emerging plays

Optimized Balance Sheet & Financing Strategy

Implement tailored financing strategy to fund future growth opportunities

Pursue commodity hedging program as production base increases

Demonstrate Value Proposition to the Investment Community

ENTERING GROWTH PHASE NOW

Nasdaq: ZAZA 13

Assets

Core Asset – Eaglebine/Eagle Ford East

Nasdaq: ZAZA 14

Eaglebine/Eagle Ford Play Higher silt content Low resistivity log signature Generally East of San Marcos Arch

Mature Eagle Ford Play Higher carbonate content Higher resistivity log signature West of San Marcos Arch

Woodbine Sand/Silt Play Higher sand content

Core AssetEaglebine

Lower Cretaceous

Eaglebine represents the area of East Texas where the Eagle Ford Shale transitions into the Woodbine Sands

Contiguous ~110,000 acre presence

Joint venture allows ZaZa to leverage operating partner’s deep technical bench

Liquids‐rich asset base with significant drilling inventory and upside potential

Growing attention paid to region as industry players continue to see promising results


Amended Eaglebine/Eagle Ford East JV Terms

Nasdaq: ZAZA 15

Partner has elected into Phase II ahead of original schedule ZaZa delivers ~20,000 net acres to Partner Partner pays $16.3 million cash and contributes production interests of $3 million of PDP present value in

15 wellbores located outside of the AMI Three‐well carry plus $1.25 million in miscellaneous work credit remain in place from original JV agreement

Carry for one vertical and two horizontal wells

Acceleration of Phase II

Acceleration of Phase III

Acreage and Production Exchange

ZaZa delivers ~7,800 net former Phase III acres to Partner now Partner contributes production interests of $11 million of PDP present value in the above‐referenced 15

wellbores located outside of the AMI Former Phase III Option Acreage

Partner can participate in up to ~12,000 remaining former Phase III net acres on or before January 31, 2014 for cash consideration at a fixed price per acre

Original agreement called for a Phase III election by January 31, 2015

ZaZa delivers ~13,875 net acres of its prior Retained Acreage position, including 75% and 50% interest in its Commodore and Stingray wells, respectively

ZaZa receives ~4,750 net acres and $3 million of PDP present value in AMI acreage and wells acquired by Partner

Preliminary Assumptions

To satisfy obligation of the third well under Phase I from the original agreement, ZaZa receives $1.5 million cash and $1.5 million cash value carry on vertical well(s)

Partner operates and earns in 75%; ZaZa 25% pro forma Total Eaglebine area: ~110,000 acres, ~25,000 net acres to ZaZa ~60,000 net acres delivered to Partner by ZaZa ZaZa retains ~12,000 former Phase III net acres for Partner election by January 31, 2014

Eaglebine/Eagle Ford East JV Overview

Nasdaq: ZAZA 16

ZaZa Receives ~$17.8MM Net Cash plus Production Interests in 23 Wells (~$17MM PDP PV)

PAGE NOTES: $ in millionsJV figures as of 10/21/2013

Eaglebine/Eagle Ford East JV Acreage PositionGross Acres

Delivered to JVNet Acres to

PartnerNet Acres to

ZaZaPhase I 1 36,667 20,025 6,675 Phase II 26,700 20,025 6,675 Former Phase III 10,424 7,818 2,606 Partner AMI 19,000 14,250 4,750 Retained Acreage 18,500 13,875 4,625 Sub Total 111,291 75,993 25,331

Former Phase III Option 2 12,311 9,233 3,078

Total with Former Phase III Option Election 123,602 85,226 28,409 Total without Former Phase III Option Election 111,291 75,993 37,642 NOTES:1 Gross acres include legacy Range JV acreage

2

(All acreage figures are approximate)Area

Partner can participate in up to 12,311 remaining former Phase III net acres on or before January 31, 2014 for cash consideration at a fixed price per acre

Net Cash to ZaZaPhase I 1 $1.5Phase II 16.3Total Net Cash to ZaZa $17.8NOTES:1 Initial deposit received during August 2013

Production Interests to ZaZaPDP Present

Wells ValueOutside of AMI (Phase II) 1 15 $3.0

Outside of AMI (Former Phase III) 1 15 11.0

Inside of AMI 2 8 3.0Total to ZaZa 23 $17.0NOTES:1 PDP present value based on independent reserve report

2 Well count excludes overlap with 4 of 15 wells outside of the AMI referenced from Phase II and former Phase III

Phase II Carry Value to ZaZaWorking Interest100% 25.0%

1 Vertical $6.00 $1.502 Horizontal 24.00 6.00

$30.00 $7.50

Land or Opex $1.25Total Carry Value to ZaZa 1 $8.75NOTES:1 ZaZa's internal estimate of carry value. Costs include cores and other science not expected in development wells

JV Eaglebine/Eagle Ford East Acreage

Nasdaq: ZAZA 17

~37,600 net acres to ZaZa (includes 100% remaining former Phase III acreage)

ZaZa first Eaglebine test in February 2012

Recent well IPs of 600+ Boe/d support ZaZa’s technical view

ZaZa maintains one of the most consolidated acreage holdings in the region

Since ZaZa commenced leasing, surrounding acreage values have significantly increased

Nasdaq: ZAZA 18

Why Invest in ZaZa?

Investment Thesis

Nasdaq: ZAZA 19

Poised for rapid production and reserve growth

Attractive well economics

Material position with first mover advantage in the Eaglebine/Eagle Ford East

Strong management team

COMMITTED TO MAXIMIZING SHAREHOLDER VALUE

Company Has Been Streamlined and is Strategically Positioned to Enter its Growth Phase

Recent Eaglebine/Eagle Ford East Completions

Nasdaq: ZAZA 20

DRILLING PACE INCREASING RAPIDLY

Active DrillersAnadarko EOG ResourcesApache GeosouthernBurk Royalty Halcon Cabot Navidad ResourcesCentex Energy SequiturContango Oil & Gas SM EnergyCrimson Energy Partners Treadstone EnergyDevon Weber EnergyEncana ZaZa Energy


Eaglebine/Eagle Ford East is Now Emerging

Nasdaq: ZAZA 21

Small and large E&P companies are investing significant capital, technology and expertise in the Eaglebine/Eagle Ford East play

Major Eaglebine Producers 1

(US$ in millions)

Company Market Capitalization 2

EOG Resources $45,586.8Devon Energy 24,676.7Encana Corporation 12,768.5SM Energy 5,451.5Halcon Resources 1,376.5Contango Oil & Gas 703.5Gastar Exploration 385.6ZaZa Energy Corporation $103.0NOTES:

1 Source: Publ ic fi l ings & FactSet

2 As of 12/31/2013

SIGNIFICANT INVESTMENT ACTIVITY

Illustrative Lower Eaglebine & Lower Cretaceous (Buda‐Rose) Economics

Nasdaq: ZAZA 22

ATTRACTIVE WELL ECONOMICSAssumed Type Well Economics

Lower LowerEaglebine Cretaceous

Wellhead VolumesGas (MMcf) 3,339 856Oil (MBbls) 432 107Total (Mboe) 989 250

Sales VolumesGas (MMcf) 1,821 514Oil (MBbls) 323 80NGL (MBbls) 434 34Total (Mboe) 1,060 200

Estimated Well Cost ($M) $10,000 $3,500

Operating Expenses Fixed Opex / Well / Month ($) $10,000 $10,000Variable Oil ($ / Gross Bbl) $3.00 $3.00Variable Gas ($ / Gross Mcf) 0.30 0.30G&T ($ / Net Mcf) 0.25 0.25Processing (% of NGL Revenue) 10.0% 10.0%Marketing (% of Gas and NGL Revenue) 1.0% 1.0%

PricingGas ($ / Mcf) $4.00 $4.00Oil ($ / Bbl) $95.00 $95.00Gas Differential ($ / Mcf) ($0.30) ($0.30)Oil Differential ($ / Bbl) $4.50 $4.50NGL Differential (% of WTI) 25.0% 25.0%

InterestWorking Interest (%) 100.0% 100.0%Revenue Interest (%) 74.7% 75.0%

TaxesSeverance, Oil (%) 4.6% 4.6%Severance, Gas and NGL (%) 7.5% 7.5%Ad Valorem (%) 2.5% 2.5%

Single Well IRR 37.8% 46.2%Single Well PV‐10 ($M) $7,357 $1,631Single Well Discounted ROI 1.7x 1.5x

Source: Drilling-Info, investor presentations and other publicly available information. Internal ZaZa economic forecasts.

Illustrative Lower Eaglebine Economics

Nasdaq: ZAZA 23

ATTRACTIVE WELL ECONOMICS

10

100

1,000

10,000

100,000

0 60 120 180 240 300 360 420 480 540 600Production Month

Lower Eaglebine Type Curve

Gas, MCF/Month

Oil, BO/Month

Mon

thly Rate

Lower Eaglebine Highlights Well Head Volumes – 989 Mboe Sales Volumes – 1,060 Mboe Drill & Complete – $10 million per well


Illustrative Lower Cretaceous (Buda‐Rose) Economics

Nasdaq: ZAZA 24

ATTRACTIVE WELL ECONOMICS

10

100

1,000

10,000

100,000

0 60 120 180 240 300 360Production Month

Lower Cretaceous Type Curve

Gas, MCF/Month

Oil, BO/Month

Mon

thly Rate

Lower Cretaceous Highlights Vertical, comingled play Well Head Volumes – 250 Mboe Sales Volumes – 200 Mboe Drill & Complete – $3.5 million per well


Eaglebine Acreage by Operator

Eaglebine/Eagle Ford East Competitive Landscape

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MATERIAL POSITION

Source: Company investor presentations and other publicly available information.

1st mover leasing strategy tied up large tracts early making it difficult for competitors to gain a foothold Acreage block is large, contiguous, and strategic As position is developed, expected to bring a premium valuation

Proven Management Team

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Todd Brooks (Founder, Executive Director, President &

CEO)

Founded ZaZa Energy, LLC in 2009. Led company into multiple scaled drilling and development JVs in the Eagle Ford and Eaglebine. Took ZaZa public via reverse merger in early 2012

Principal of Neuhaus Brooks Investments of Texas, LLC, a company making strategic energy investments across multiple geographic regions

Experienced land man, E&P investor and entrepreneur B.A. in Economics from Vanderbilt University; J.D. from South Texas College of Law

Ian Fay(CFO)

Founding Partner at Odin Advisors LLC Served as Head of the Energy & Natural Resources Group | Americas at BNP Paribas Worked as Managing Director for RBC Capital Markets and Director of M&A for UBS Investment Bank B.A. in English from the University of North Carolina at Chapel Hill and Morehead‐Cain scholar

Kevin Schepel(EVP Exploration and

Production)

Executive Vice President of Exploration and Production since June 2010 Served as Vice President of Worldwide Exploitation for Pioneer Natural Resources, Chief

Petrophysicist for BHP Petroleum and 15 years as an advanced Geoscientist at Exxon B.S. from Michigan State University; Licensed by the Texas Board of Professional Geoscientists

Thomas Bowman(EVP Evaluation, Geology and Geophysics)

Served in various roles such as Evaluation Manager and Exploration Advisor at Aspect Abundant Shale, Bass Enterprises, Fina Oil and Chemical and Tenneco Oil Co.

Industry‐recognized specialist in identification of resource plays and the utilization of geophysical advancements; involved in the completion of over 1,000 horizontal resource wells across a majority of US shale plays

B.S. from Montana College of Mineral Science and Technology; Licensed by the Texas Board of Professional Geoscientists

SIGNIFICANT EXPERIENCE

Nasdaq: ZAZA 27

Appendix

Pro Forma Financial Summary

Nasdaq: ZAZA 28

Capitalization Table

($ in millions)Actual Eaglebine Pro Forma

9/30/2013 Joint Venture 9/30/2013Cash and Cash Equivalents $6.6 $16.3 $22.9Restricted Cash ‐ Other 0.5 0.5Restricted Cash ‐ Escrow 15.0 15.0

Senior Secured Notes $26.8 $26.8Convertible Senior Notes 40.0 40.0Subordinated Notes 47.3 47.3Total Debt $114.1 $114.1

Market Capitalization $103.0 $103.0Total Capitalization $217.1 $217.1

Total Debt / Total Capitalization 52.6% 52.6%Source: Publ ic fi l ings

NOTES:

1 Bas ic shares outstanding as of 10/31/2013 and stock price as of 12/31/2013

Marketing Advantage

Nasdaq: ZAZA 29

Light Louisiana Sweet crude pricing offers premium relative to WTI (~$4.50 per Bbl)

Gas prices benefit from favorable BTU/GPM content and proximity to Houston‐area markets

Quality infrastructure in place with available takeaway capacity

Eaglebine Midstream Map

Atmos

Eagle Ford – Eaglebine Trend

Nasdaq: ZAZA 30

Shale play trends across Texas from the Mexican border up into East Texas, roughly 50 miles wide and 400 miles long with an average thickness of 250’

It is Cretaceous in age resting between the Austin Chalk and the Buda Lime at a depth of approximately 4,000’ to 12,000’. The down‐dip limits are currently defined by the Sligo shelf edge

Producing over 617,884 Boe/d (as of June 2013)

Key Points

Upper Cretaceous Shales ‐ Transition of Play Types

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Eagle Ford

Eagle Ford Group

Boquillas

Woodbine Group Woodbine Group

Tuscaloosa Group

EaglebineTuscaloosa Marine

200 miles

322 Kilometers


Lateral equivalents of Upper Cretaceous shale across the southern Gulf Coast of the United States; in outcrop and in sub‐surface. Local names include the Lewisville, Dexter,

Maness, Pepper Shales, and Raritan

Eagle Ford and Eaglebine Areas Offer Multiple Stacked Targets

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Regional Cross Section (Flattened on Base of Austin Chalk)

Lower Cretaceous

Woodbine Sand/Silt PlayHarris Delta

Mature Eagle Ford Play

Eaglebine /Eagle Ford East Targets

Woodbine sand/silt horizontal play kicked off activity in the Eaglebine in 2009

Lower Eaglebine target is a ~250’ thick “hot” shale across ZaZa’s leasehold and has recently become a main target

Analogous to mature Eagle Ford area

Upper Eaglebine target is ~250’ thick shale/sand/silt across ZaZa’s leasehold and is between the Harris Delta sand and Lower Eaglebine

Has some similarity to the Woodbine sand/silt play

Potential upside from Lower Cretaceous section

Kiamichi and Paluxy are “hot” shale targets across leasehold

Additional targets include Buda/Georgetown, Edwards, and Glen Rose

Eaglebine / Eagle Ford East Area


XRD Comparison of Shales

33

Analysis of Eaglebine vertical sections in several historical wells

Good TOC concentrations throughout section: 2% ‐ 9%

Good silica concentrations (Quartz): 30% ‐ 60%

Low expanding clay concentrations mostly illite

Key Points

Nasdaq: ZAZA

Source: ZaZa

Eagle Ford Core

Tuscaloosa Marine Shale

Eaglebine / Eagle Ford East

Quartz

Geologic Comparison of Shales

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Geologic Comparison

Eagle Ford Lower Tuscaloosa Characteristic Shale Eaglebine Marine Shale

Depth: 6,500' ‐ 14,500' 10,500' ‐ 12,500' 10,500' ‐ 14,500'

Thickness: 75' ‐ 300' 200' ‐ 400' 100' ‐ 250'

Porosity: 8% ‐ 12% 8% ‐ 12% 3% ‐ 8%

Pressure (psi/ft): 0.50 0.56 0.56

NGL Yield (Bbls/MMcf): 150 ‐ 200 125 ‐ 130 N/A

Total Organic Content: 2% ‐ 12% 2% ‐ 9% 1% ‐ 2%

Thermal Maturity (% Ro): 0.45% ‐ 1.4% 0.6% ‐ 1.4% 0.4% ‐ 0.8%

EUR Range (Mboe/well): 250 ‐ 800 350 ‐ 1,000 450 ‐ 800

API Gravity: 28˚ ‐ 62˚ 35˚ ‐ 50˚ 40˚ ‐ 45˚

Crude Oil Quality: Both Sweet Sweet

Silica Content: 15% ‐ 20% 30% ‐ 35% 15% ‐ 35%

Clay Content: 15% ‐ 30% 30% ‐ 45% 50% ‐ 65%

Carbonate Content: 40% ‐ 90% 0% ‐ 30% 10% ‐ 30%

Age: Cretaceous Cretaceous Cretaceous

Source: ZaZa and other publ icly avai lable information

Nasdaq: ZAZA 35

ZaZa Energy Corporation

ZaZa Energy - Investor Presentation

Investor Relations

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