This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,719.00 +33.27 0.19%
S&P 500 2,052.75 +4.03 0.20%
NASDAQ 4,701.8670 +26.1550 0.56%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs