Zapata Energy Corporation

Zapata Energy Corporation

December 24, 2009 09:00 ET

Zapata Issues Options

CALGARY, ALBERTA--(Marketwire - Dec. 24, 2009) - Zapata Energy Corporation (TSX VENTURE:ZCO) is reporting director and employee stock option issuances.

After completion of its annual compensation review, the Corporation has issued 345,000 stock options. 285,000 stock options were granted to employees, officers and senior consultants of the Corporation. An aggregate total of 60,000 stock options were issued to three non-executive directors of the Corporation. Included in the 345,000 stock options above were 35,000 stock options issued to each of the Chief Executive Officer and the President as well as 30,000 options issued to the Chief Financial Officer. All of the stock options have an exercise price of $3.20 per share, which was the closing price on the date prior to the date of issue. The options vest as to one-third immediately and one-third on each of the first and second anniversaries of the date of grant and will expire on December 24, 2014. Following this grant, the Corporation will have 1,718,001 stock options, 208,733 warrants and 19,578,011 diluted shares issued and outstanding.

Zapata is a junior oil and gas production company operating in western Canada and trades on the TSX Venture Exchange under the symbol "ZCO."

This press release may include forward-looking statements which are statements other than of historical fact, such as information regarding drilling potential and production forecasts. Factors that could cause actual results to differ materially from our expectations include exploration and development risks, commodity prices and operating hazards. A barrel of oil equivalent (boe), derived by converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil, may be misleading, particularly if used in isolation. A boe conversion is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

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