This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs