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 Fourth Quarter And Year Ended December 31, 2010 Financials And Operations Update

General and Administrative

For the fourth quarter ended December 31, 2010, general and administrative (G&A) expenses were $7.9 million as compared to $8.3 million for the same period in 2009. Included in G&A for the quarter ended December 31, 2010 and 2009 is stock-based compensation expense of $1.1 million and $2.7 million, respectively. The decrease in stock-based compensation expense is due to the vesting in 2009 of the majority of the awards granted in 2007 and 2008, which were granted at times when the grant date fair value of the awards was higher due to the then higher price of the Company's common stock. Other general and administrative expenses increased $1.1 million to $6.7 million from $5.6 million for the same period in 2009. The $1.1 million increase is due to increased professional fees and travel related costs, partially offset by lower salary and personnel related costs.

For the year ended December 31, 2010, general and administrative expenses decreased $0.6 million to $32.7 million from $33.3 million for the same period in 2009. Stock-based compensation expense, a subset of general and administrative expenses, decreased by $6.8 million to $5.8 million for the year ended December 31, 2010 from $12.6 million for the same period in 2009. The decrease in stock-based compensation expense is due to the decrease in fair market value of awards granted in 2010. Other general and administrative expenses increased $6.1 million to $26.7 million from $20.6 million for the same period in 2009. The $6.1 million increase is due to increased professional fees of $3.2 million, increased salary and salary related expenses of $0.9 million, increased travel and travel related expenses of $0.9 million, increased maintenance and repair expense of $0.7 million and increased rent expense of $0.3 million.

Geological, Geophysical and Engineering

For the three months ended December 31, 2010, geological, geophysical and engineering expenses increased $5.5 million to $12.1 million compared to $6.6 million for the same period in 2009.  The increase in geological, geophysical and engineering expense is due to acquisition of seismic data and other seismic costs related to Block XXII and Block XXIII.

4 of 10

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 18,162.99 +121.45 0.67%
S&P 500 2,123.48 +19.28 0.92%
NASDAQ 5,106.5930 +73.8420 1.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs