HOUSTON, March 15, 2011 (GLOBE NEWSWIRE) -- BPZ Resources, Inc., d/b/a BPZ Energy, (NYSE:BPZ) announces financial and operating results for the fourth quarter and year ended December 31, 2010. For the fourth quarter the Company reported operating loss of $11.8 million and net loss of $10.1 million or $(0.09) per share and operating loss of $60.8 million and net loss of $59.8 million or $(0.52) per share for full year 2010. The Company had earnings before interest, income taxes, depletion, depreciation and amortization, exploration expense and non-recurring charges (EBITDAX) of $10.9 million and $38.8 million for the fourth quarter and year ended December 31, 2010, respectively. See the reconciliation and rationale for this non-GAAP measure in the table below. The table below illustrates the Company's Consolidated Statements of Operations for the fourth quarter, and year ended as of, December 31, 2010 and 2009.
|BPZ Resources, Inc. and Subsidiaries|
|Consolidated Statements of Operations|
|(In thousands, except per share data)|
|Three Months Ended December 31,||Twelve Months Ended December 31,|
|Oil revenue, net||$ 36,945||$ 15,092||$ 110,075||$ 52,454|
|Operating and administrative expenses:|
|Lease operating expense||11,276||6,668||32,585||28,113|
|General and administrative expense||7,881||8,302||32,655||33,258|
|Geological, geophysical and engineering expense||12,091||6,574||19,107||7,768|
|Dry hole costs||719||--||32,778||--|
|Depreciation, depletion and amortization expense||9,562||6,536||33,755||25,803|
|Total operating and administrative expenses||49,167||28,080||171,256||94,942|
|Other income (expense):|
|Income from investment in Ecuador property, net of amortization||129||1,130||740||1,208|
|Other income (expense )||(9)||(69)||19||(1,312)|
|Total other income (expense), net||(2,887)||1,089||(10,587)||111|
|Loss before income taxes||(14,720)||(11,899)||(71,379)||(42,377)|
|Income tax benefit||(4,644)||(1,921)||(11,608)||(6,575)|
|Net loss||$ (10,076)||$ (9,978)||$ (59,771)||$ (35,802)|
|Basic and diluted net loss per share||$ (0.09)||$ (0.09)||$ (0.52)||$ (0.35)|
|Weighted average common shares outstanding||115,507||115,135||115,368||103,362|
As of December 31, 2010 the Company's total net proved reserves consisted of 38.9 million barrels of crude oil (MmBbls). This represents a 1.4 MmBbls (4%) increase over the Company's proved reserves reported as of December 31, 2009 and a reserve replacement for 2010 of approximately 191%. The reserves report was prepared under the rules of the Securities and Exchange Commission (SEC) by the independent reserve engineering firm Netherland, Sewell & Associates, Inc. (NSAI) and covered a portion of the Company's Block Z-1 Corvina and Albacora fields located in offshore northwest Peru, using referential 2010 average oil price of $76.92 per barrel.
|Net Proved Crude Oil Reserves and Future Net Cash Flows|
|As of December 31, 2010|
|Based on Average First Day-of-the-Month Fiscal-Year Prices|
|Actual||Estimated Future Capital Expenditures|
|(In MBbls)||(In thousands)|
|Proved Developed Producing||5,427||$ 30,528|
|Proved Developed Not Producing||6,804||27,400|
|Standardized Measure of Discounted Future Net Cash Flows, Discounted @ 10% (in thousands)||$ 1,098,361|
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