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 Update To Operations In Northwest Peru

HOUSTON, Jan. 4, 2011 (GLOBE NEWSWIRE) -- BPZ Resources, Inc. (NYSE:BPZ) provides an update to its operations in northwest Peru.

Corvina

The Company previously announced that the Corvina field in Block Z-1 entered commercial production on November 30, 2010. During the first month of operation, the permanent production equipment, including the compression equipment, performed as expected. As a result, the Corvina field oil production averaged 4,656 barrels of oil per day (bopd) in December. 

The Petrex-09 rig previously used at the Corvina CX-11 platform is being refurbished and upgraded at the Petrex yard in Talara in order to enhance its capability in preparation for the drilling of an exploration well in the onshore Block XIX.  This upgrade is being performed at no cost to the Company and reduced stand-by rates are being charged during the refurbishment. The Company was able to renegotiate the contract for the Petrex-09 rig, which was due to expire in April 2011. As part of the new agreement, Petrex has agreed to extend the contract to December 2011 and to a significant reduction in stand-by rates. 

Albacora

The A-14XD well in Albacora averaged 988 bopd in December, exiting 2010 in line with management projections. The well is currently producing under extended well testing and gas flaring permits, which expire in the middle of January 2011. In the event the permits are not extended, the well will be shut-in until the Company installs the necessary production equipment on the platform, which is currently scheduled for late in 2011. 

As a result of the previously announced suspension of drilling activities at Albacora, Petrex has suspended the Petrex-18 rig contract and leased the rig to a nearby offshore operator.  The Company then chartered its drilling tender barge, the BPZ-02, to the same operator for approximately one year, to coincide with the time the Company expects to resume drilling at Albacora.

1 of 3

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

DOW 17,683.58 -46.53 -0.26%
S&P 500 2,068.76 -8.02 -0.39%
NASDAQ 4,991.94 -17.2740 -0.34%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs