HOUSTON, Feb. 28, 2011 (GLOBE NEWSWIRE) -- BPZ Resources, Inc. (NYSE:BPZ) today announced 2010 year-end total proved crude oil reserves of 38.9 million barrels covering the Company's Corvina and Albacora fields located in Block Z-1 in offshore northwest Peru.
The reserves estimates were prepared by its independent reserve auditors Netherland Sewell & Associates, Inc. (NSAI) in accordance with the disclosure rules of the Securities and Exchange Commission (SEC). Commodity price of $76.92 per barrel, used in calculating the economic quantities of reserves was based on the 12-month unweighted arithmetic average of the first-day-of-the-month price for the period January 2010 through December 2010.
The Company's proved (P1), probable (P2), and possible (P3) crude oil reserves as of December 31, 2010 were as follows:
|Total Oil||Reserves (Mmbo)||Corvina||Albacora|
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