Surge of the Zapatistas

Zapata Energy Corporation announces strategic corporate acquisitions with significant light oil upside and increased 2010 guidance

"CALGARY, June 22 /CNW/ - Zapata Energy Corporation ("Zapata" or the "Company") (TSXV: ZCO) is pleased to announce that it has entered into an agreement (the "Agreement") to acquire a private oil and gas company ("PrivateCo-1") for consideration of 0.4 Zapata shares for each PrivateCo-1 share (the "Acquisition"). Total consideration is approximately 16.0 million Zapata shares and the assumption of approximately $11.3 million in net debt at the closing of the Acquisition."

"Zapata will apply its proven expertise in drilling and completing horizontal wells to grow a sustainable light oil resource production base in its three new core areas: West Central Alberta, Waskada-Manitoba and Long Coulee-Alberta."

"In addition to the Acquisition, Zapata has also entered into a definitive agreement with a private oil and gas company ("PrivateCo-2") for total consideration of 282,333 shares of Zapata (the "PrivateCo-2 Acquisition" and collectively with the Acquisition, the "Acquisitions"). PrivateCo-2 is currently producing 40 boe/d and its assets are synergistic with Zapata's Southern Alberta assets and provide Zapata with five unbooked horizontal well locations targeting oil in the Sawtooth formation. Zapata expects to close the PrivateCo-2 Acquisition on or before July 19, 2010. Completion of the PrivateCo-2 Acquisition is subject to certain conditions and the receipt of all regulatory approvals, including the approval of the TSXV."