HOUSTON, March 7, 2011 (GLOBE NEWSWIRE) -- BPZ Resources, Inc. (NYSE:BPZ) announces that Dr. Fernando Zuniga y Rivero, 83, Executive Chairman of the Board of Directors, has informed BPZ Resources, Inc. (the "Company") that he has elected to retire effective March 1, 2011. As a result of his retirement, he will step down from all positions with the Company and its subsidiaries, including as a member of the Board of Directors and executive officer of the Company. In recognition of his contribution and service to the Company, the Board of Directors has awarded him the title of "Chairman Emeritus." Mr. James B. Taylor, current lead independent director of the Company, has been appointed as the Chairman of the Board.
Manolo Zuniga, President and Chief Executive Officer commented, "We are extremely grateful for the extraordinary leadership and commitment during our formative years that my father has provided to the Company as Executive Chairman. His experience, knowledge and passionate commitment to BPZ's performance, as well as to its stakeholders and overall mission have been the cornerstones of our success."
Reflecting on his decision to retire, Dr. Zuniga y Rivero said, "I am proud of the Company's accomplishments during my tenure as Executive Chairman. I would like to acknowledge the excellent support I received from our staff, management and board of directors, without whom BPZ would not have achieved so much in such a short time. I am honored to receive the title of 'Chairman Emeritus.' I am also very pleased to be able to hand over the chairman's role to Mr. Jim Taylor, who brings extensive technical experience in the oil and gas sector as well as valuable experience as a Director of publicly held oil and gas companies. I am confident of BPZ's continued success with Jim as my replacement as Chairman of the Board of Directors."
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