ZaZa Energy Corporation (NasdaqCM:ZAZA) is looking fro acquisitions. President Todd A. Brooks said, "Though the founders received shareholder approval during the summer to convert the Subordinated Notes to common equity, we felt we could add far more value to existing common equity holders by extinguishing the Subordinated Notes without any form of equity dilution. By taking this step, we are eliminating nearly half of our debt, moving from $105 million to $55 million, again, with no dilution to current shareholders.

Exchanging a substantial debt holding for a potential royalty in future leases with no dilutive issuance of shares, further aligns management and our founders with our shareholders. This also reflects our expectation that the Company has the ability to grow, not just through lower risk conventional development of its current assets, but also through accretive acquisitions given the state of the industry today."