ZaZa Energy - Investor Presentation

Investor Presentation
December 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 Forma
9/30/2013
1
Cash and Cash Equivalents $22.9
Restricted Cash ‐ Other 0.5
Restricted Cash ‐ Escrow 15.0
Senior Secured Notes $26.8
Convertible Senior Notes 40.0
Subordinated Notes 47.3
Total Debt $114.1
Market Capitalization
2
$103.0
Total Capitalization $217.1
Total Debt / Total Capitalization 52.6%
Source: Public filings
1 Adjusted for October 2013 Eaglebine JV
2 Basic shares outstanding as of 10/31/2013 and stock
price as of 12/31/2013
Ownership Statistics
Shares Outstanding 107,287,000
Short Interest Shares 2,659,086
Float (%) 37.2%
Institutional Ownership as % of Float 26.2%
Top 10 Institutional Holders (%) 8.1%
Source: FactSet
62.8% 9.8%
27.5%
Management/Insider
Institutional (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 ASSET
Regional Cross Section (Flattened on Base of Austin Chalk)
Lower Cretaceous
Woodbine Sand/Silt Play
Harris Delta
Mature Eagle Ford Play
Eaglebine/Eagle Ford
East Targets
Source: Drilling-Info, investor
presentations and other publicly
available information

Eaglebine/Eagle Ford East Development Targets
Nasdaq: ZAZA 7
W
8300840085008600870088008900900091009200930094009500960097009800990010000101001020010300104001050010600107001080010900110001110011200113001140011500116001700
0 300
GR [GAPI] (CTR)
0.2 2000
RT90 [ohmm]
0.45 -0.15
DPHI [%]
0.45 -0.15
NPHI [CFCF]
20 20000
TOTAL_GASES
1,000’
Austin Chalk
Eagle Ford
Woodbine/Harris Delta
U Eaglebine
L Eaglebine
Buda
Georgetown
Kiamichi
Edwards
Paluxy
Glen Rose A
Glen Rose B
Glen Rose C
Glen Rose D
Glen Rose E
Glen 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
Eaglebine
17‐25
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
Lavaca
Joint Venture
AMI
Legend
ZaZa Acreage
ZaZa Boening Well
ZaZa Joint Venture Carried Wells
Devon / GeoSouthern Acreage

Vision to Deliver Extraordinary Results
Nasdaq: ZAZA
9
Business Model
Initial 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
Results
2014 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 Evaluation
ACHIEVING 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 frac
treating 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
Nasdaq:
ZAZA
11
TECHNICAL CAPABILITIES
Eaglebine/Eagle Ford
Evaluation 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
Nasdaq: ZAZA 12
 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

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
 Higher carbonate content
 Higher resistivity log signature
 West of San Marcos Arch
 Higher sand content
Core Asset
Eaglebine
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 millions
JV figures as of 10/21/2013
Eaglebine/Eagle Ford East JV Acreage Position
Gross Acres
Delivered to JV
Net Acres to
Partner
Net Acres to
ZaZa
Phase 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 ZaZa
Phase I 1
$1.5
Phase II 16.3
Total Net Cash to ZaZa $17.8
NOTES:
1 Initial deposit received during August 2013
Production Interests to ZaZa
PDP Present
Wells Value
Outside of AMI (Phase II) 1
15 $3.0
Outside of AMI (Former Phase III) 1
15 11.0
Inside of AMI 2
8 3.0
Total to ZaZa 23          $17.0
NOTES:
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 ZaZa
Working Interest
100% 25.0%
1 Vertical $6.00 $1.50
2 Horizontal 24.00 6.00
$30.00 $7.50
Land or Opex $1.25
Total Carry Value to ZaZa 1
$8.75
NOTES:
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 Drillers
Anadarko EOG Resources
Apache Geosouthern
Burk Royalty Halcon
Cabot Navidad Resources
Centex Energy Sequitur
Contango Oil & Gas SM Energy
Crimson Energy Partners Treadstone Energy
Devon Weber Energy
Encana 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 $45,586.8
Devon Energy 24,676.7
Encana Corporation 12,768.5
SM Energy 5,451.5
Halcon Resources 1,376.5
Contango Oil & Gas 703.5
Gastar Exploration 385.6
ZaZa Energy Corporation $103.0
NOTES:
1 Source: Public filings & FactSet
2 As of 12/31/2013
SIGNIFICANT INVESTMENT ACTIVITY

Illustrative Lower Eaglebine & Lower Cretaceous
(Buda‐Rose) Economics
Nasdaq: ZAZA 22
ATTRACTIVE WELL ECONOMICS
Assumed Type Well Economics
Lower Lower
Eaglebine Cretaceous
Wellhead Volumes
Gas (MMcf) 3,339 856
Oil (MBbls) 432 107
Total (Mboe) 989 250
Sales Volumes
Gas (MMcf) 1,821 514
Oil (MBbls) 323 80
NGL (MBbls) 434 34
Total (Mboe) 1,060 200
Estimated Well Cost ($M) $10,000 $3,500
Operating Expenses
Fixed Opex / Well / Month ($) $10,000 $10,000
Variable Oil ($ / Gross Bbl) $3.00 $3.00
Variable Gas ($ / Gross Mcf) 0.30 0.30
G&T ($ / Net Mcf) 0.25 0.25
Processing (% of NGL Revenue) 10.0% 10.0%
Marketing (% of Gas and NGL Revenue) 1.0% 1.0%
Pricing
Gas ($ / Mcf) $4.00 $4.00
Oil ($ / Bbl) $95.00 $95.00
Gas Differential ($ / Mcf) ($0.30) ($0.30)
Oil Differential ($ / Bbl) $4.50 $4.50
NGL Differential (% of WTI) 25.0% 25.0%
Interest
Working Interest (%) 100.0% 100.0%
Revenue Interest (%) 74.7% 75.0%
Taxes
Severance, Oil (%) 4.6% 4.6%
Severance, Gas and NGL (%) 7.5% 7.5%
Ad Valorem (%) 2.5% 2.5%
Single Well IRR 37.8% 46.2%
Single Well PV‐10 ($M) $7,357 $1,631
Single 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
10
100
1,000
10,000
100,000
0 60 120 180 240 300 360 420 480 540 600
Production Month
Lower Eaglebine Type Curve
Gas, MCF/Month
Oil, BO/Month
Monthly Rate
Lower Eaglebine Highlights
 Well Head Volumes – 989 Mboe
 Sales Volumes – 1,060 Mboe
 Drill & Complete – $10 million per well
Source: Drilling-Info, investor presentations and other publicly available information. Internal ZaZa economic forecasts.

Illustrative Lower Cretaceous (Buda‐Rose) Economics
Nasdaq: ZAZA 24
10
100
1,000
10,000
100,000
0 60 120 180 240 300 360
Production Month
Lower Cretaceous Type Curve
Gas, MCF/Month
Oil, BO/Month
Monthly Rate
Lower Cretaceous Highlights
 Vertical, comingled play
 Well Head Volumes – 250 Mboe
 Sales Volumes – 200 Mboe
 Drill & Complete – $3.5 million per well
Source: Drilling-Info, investor presentations and other publicly available information. Internal ZaZa economic forecasts.

Eaglebine Acreage by Operator
Eaglebine/Eagle Ford East Competitive Landscape
25Nasdaq: ZAZA
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
Nasdaq: ZAZA 26
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

Pro Forma Financial Summary
Nasdaq: ZAZA 28
Capitalization Table
($ in millions)
Actual Eaglebine Pro Forma
9/30/2013 Joint Venture 9/30/2013
Cash and Cash Equivalents $6.6 $16.3 $22.9
Restricted Cash ‐ Other 0.5 0.5
Restricted Cash ‐ Escrow 15.0 15.0
Senior Secured Notes $26.8 $26.8
Convertible Senior Notes 40.0 40.0
Subordinated Notes 47.3 47.3
Total Debt $114.1 $114.1
Market Capitalization $103.0 $103.0
Total Capitalization $217.1 $217.1
Total Debt / Total Capitalization 52.6% 52.6%
Source: Public filings
NOTES:
1 Basic 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
Nasdaq: ZAZA 31
Eagle Ford
Eagle Ford Group
Boquillas
Woodbine Group
Woodbine Group
Tuscaloosa Group
Eaglebine
Tuscaloosa
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
Nasdaq: ZAZA 32
Regional Cross Section (Flattened on Base of Austin Chalk)
Lower Cretaceous
Harris Delta
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
Source: Drilling-Info, investor
presentations and other publicly
available information

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
Nasdaq: ZAZA 34
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 publicly available information

Nasdaq: ZAZA 35
ZaZa Energy Corporation

ZaZa Energy - Investor Presentation

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