Eagle Ford Operator, ZaZa Energy loses top leadership, according to a recent SEC filing.
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On January 8th, ZaZa filed a report with the Securities and Exchange Commission to notify the agency that six of the company’s directors, including CEO Todd Brooks have turned in their resignation. Others who resigned included Herbert Williamson IV, Travis H. Burris, A. Haag Sherman, Gaston Kearby andJohn Hearn.
The report claims the company has been unable to pay the directors in more than a year due “deteriorating economic conditions” in the wake of the 2014-15 oil price decline. The company reported that it owes ~$14 million in unpaid compensation to its former employees and directors.
The company has been in trouble for awhile and has not issued financial reports on its website since 2013. In November the Mergers & Acquisitions News listed ZaZa Energy as one of the most distressed energy company in Texas.