ZaZa Energy Corp. (NASDAQ: ZAZA) President and CEO Todd Brooks recently bought 196,850 shares of ZAZA common stock, according to a filing.
Brooks is not the only insider that has recently bought ZAZA shares. On December 11, Ian Fay, who serves as ZAZA’s Chief Financial Officer, bought 25,000 shares of ZAZA common stock. Scott Gaille, ZAZA’s Chief Compliance Officer, also bought 5,000 shares of ZAZA common stock on December 11. Finally, Hagg Sherman, who serves as Director of ZAZA, bought 25,000 shares of the company’s common stock on December 11.
ZAZA shares rose sharply in the previous trading session, finishing the day 2.6% higher at $2.37.
The insider purchases came almost a month after ZaZa Energy reported its third-quarter financial results. For the third quarter ended September 30, 2012, ZAZA reported total revenue and other income of $207.2 million, compared to $4.4 million reported for the same period in the previous year. Oil and gas revenues accounted for $10.2 million of the total third-quarter revenue.
ZAZA’s operating expenses for the third quarter of 2012 was $51.7 million, compared to $6.9 million reported in the third quarter of 2011. Operating income for the third quarter of 2012 was $155.5 million, compared to operating income of $2.5 million. Net income for the quarter was $133.8 million, or $1.02 per share, compared to a net loss of $2.6 million, or $0.03 per share reported for the same period in the previous year.
Todd Brooks last month said that during the third quarter, the enhanced its management and operating teams, successfully completed a debt offering which, long with other capital received from strategic transactions, enhanced the company’s capital position.
Based in Houston, Texas, ZaZa Energy is an exploration and production company with assets in the Eagle Ford and Eaglebine resource play in Texas.
Recent Comments