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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.

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