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BPZ Energy Provides Quarter Ended September 30, 2010 Financials And Operations Update

HOUSTON, Nov. 8, 2010 (GLOBE NEWSWIRE) -- BPZ Resources, Inc., d/b/a BPZ Energy (NYSE:BPZ), announces financial and operating results for the third quarter ended September 30, 2010. For the third quarter the Company reported operating loss of $50.4 million and net loss of $43.7 million or $(0.38) per share. The Company had earnings before interest, income taxes, depletion, depreciation and amortization, exploration expense and one-time charges (EBITDAX) of $7.6 million for the third quarter ended September 30, 2010. These third quarter one-time charges are discussed in more detail in this press release. See the reconciliation and rationale for this non-GAAP measure in the table below.

The table below illustrates the Company's Consolidated Statements of Operations for the third quarter ended, and year-to-date as of, September 30, 2010 and 2009.

BPZ Resources, Inc. and Subsidiaries
Consolidated Statements of Operations 
(In thousands, except per share data)
  Three Months Nine Months
  Ended September 30, Ended September 30,
  2010 2009 2010 2009
Revenue   $ 26,688  $ 13,088  $ 73,130  $ 37,362
Operating and administrative expenses:        
Lease operating expense  10,967  9,591  21,309  21,445
General and administrative expense  8,545  8,474  24,774  24,956
Geological, geophysical and engineering expense  6,113  297  7,016  1,195
Dry hole costs  32,059  --   32,059  -- 
Depreciation, depletion and amortization expense  6,659  5,881  24,193  19,267
Other expense  12,738  --   12,738  -- 
Total operating expenses   77,081  24,243  122,089  66,863
Operating loss   (50,393)  (11,155)  (48,959)  (29,501)
Other income (expense):        
Income (expense) from investment in Ecuador  property, net of amortization   305  172  611  79
Interest expense   (2,821)  --   (8,510)  -- 
Amortization of deferred financing costs   --   --   --   -- 
Registration delay expense   --   --   --   -- 
Interest income   101  159  171  187
Other income (expense )  17  70  28  (1,243)
Total other income (expense), net   (2,398)  401  (7,700)  (977)
Loss before income taxes   (52,791)  (10,754)  (56,659)  (30,478)
Income tax benefit  (9,132)  (1,792)  (6,964)  (4,654)
Net loss   $ (43,659)  $ (8,962)  $ (49,695)  $ (25,824)
Basic and diluted net loss per share  $ (0.38)  $ (0.08)  $ (0.43)  $ (0.26)
Weighted average common shares outstanding 115,405 113,929 115,321 99,391

Financial Highlights from Quarter Ended September 30, 2010

Production and Revenue

For the three months ended September 30, 2010, the Company's net revenue increased by $13.6 million to $26.7 million from $13.1 million for the same period in 2009.  The increase in net revenue is due to an increase of 192 MBbls of oil sold at $66.84 per barrel, an increase of $3.74, or 6%, in the realization.

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