Another recap

Zapata Energy Corporation Announces Recapitalization Transaction and New Management Group Led by Members of Former Breaker Team

"The New Management Group will be led by Dan O'Neil as President and Chief Executive Officer, Max Lof as Chief Financial Officer and Dan Brown as Chief Operating Officer. Mr. O'Neil, Mr. Lof and Mr. Brown were key members of the management team that grew Breaker Energy Ltd. ("Breaker") from zero to over 7,000 boe/d of production (over 50 percent being oil and NGLs) in under five years, before selling Breaker to NAL Oil and Gas Trust in December 2009 for over $400 million of enterprise value. Breaker successfully executed five major acquisitions and raised approximately $225 million of equity through 12 transactions. The new Board of Directors of Zapata will be comprised of Paul Colborne as Chairman, Peter Bannister, James Pasieka, Keith Macdonald, Robert Leach and Dan O'Neil, all former Board members or officers of Breaker. In addition, Malcolm Adams and Margaret Elekes will join the New Management Group as Vice President, Corporate Development and Vice President, Land, respectively. The New Management Group plans to nominate Murray Smith for appointment to the new Board of Directors of Zapata at the Company's next annual general meeting. The New Management Group has a solid track record of creating value in high-growth, junior oil and gas companies"

and

"The team plans to build an oil and liquids-rich gas company that acquires, exploits and explores for production and reserves in western Canada. The New Management Group will place high priority on positioning the Company in significant oil resource plays to provide a definable, high rate of return drilling inventory, where it can utilize its proven experience with enhanced oil recovery and drilling horizontal multi-frac wells"

The release mentions Cardium and Viking resource plays, but it's unlikely that the new Zapata will focus on these plays as the best land has been taken of the market and the price of the land with lesser potential has increased in value significantly. Both plays are simply put over priced and over hyped. Zapata has some heavy oil properties so it could be that it is the direction where the new management intends to take the company.
Most of Zapata's undeveloped land is in Northwest Alberta and Northeast B.C. so the new focus of the company might be in that direction.

Zapata's partial exploration history: