For the year ended December 31, 2010, geological, geophysical and engineering expenses increased $11.4 million to $19.1 million compared to $7.7 million for the same period in 2009. The $11.4 million increase is comprised of increased seismic acquisition costs of $10.5 million and increased environmental laboratory and consulting expenses of $0.9 million. The increase of $0.9 million of environmental laboratory and consulting expenses is due to additional environmental studies for Block Z-1, Block XXII and Block XXIII and additional water discharge monitoring for our production systems during the extended testing period.For the year ended December 31, 2010, the Company incurred $16.8 million of seismic acquisition costs as part of our plan to obtain approximately 370 square kilometers of 3-D seismic data and 314 kilometers of 2-D seismic data related to Block XXIII and 260 kilometers of 2-D seismic data for Block XXII. During the year ended December 31, 2009, the Company incurred a cost of $6.3 million as part of its plan to acquire approximately 1,500 square kilometers of 3-D seismic data for Block Z-1.
BPZ Energy Provides Fourth Quarter And Year Ended December 31, 2010 Financials And Operations Update
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.