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BPZ Energy Provides Fourth Quarter And Year Ended December 31, 2012 Financial And Operational Results

Stocks in this article: BPZ

HOUSTON, March 7, 2013 (GLOBE NEWSWIRE) -- BPZ Energy (NYSE:BPZ) (BVL:BPZ), an independent oil and gas exploration and production company, today provided summary financial and operational results for the fourth quarter and full year ended December 31, 2012.

Highlights:

  • Closed and transferred a 49% participating interest in Block Z-1 to Pacific Rubiales Energy Corp.
  • Finished the year with $126 million of remaining carry at Block Z-1.
  • Ended the year with a cash and cash equivalents balance of $84 million and restricted cash balances of $73 million.
  • Reduced bank debt by $47 million and extended the final maturity dates.
  • Lowered general and administrative expenses by 18% as compared to 2011.
  • Achieved the first million barrels of production from the Corvina 21XD well at the CX-11 platform.
  • Completed fabrication, delivery and installation of the CX-15 platform at Corvina.
  • Began preparations for the new development drilling campaign.
  • Installed and commissioned the water and gas reinjection equipment at Albacora.
  • Finished acquisition of 1,600 square kilometers of 3D seismic data on Block Z-1, with processing and interpretation ongoing.
  • Continued optimization of Corvina and Albacora field oil production, with the workover campaign at Corvina recently reinitiated.
  • Completed 2D and 3D onshore seismic interpretation.
  • Received special recognition as a socially responsible company from Peru 2021 and the Peruvian National Society of Mining, Petroleum and Energy.

BPZ Energy President and CEO Manolo Zúñiga commented, "During 2012 we achieved our key objectives which will enable us to return to drilling. These efforts included finalizing a joint venture partnership to accelerate development of Block Z-1. With the added operational, technical and financial resources we are better positioned to execute our business plan."

"Offshore the development drilling campaign at the Corvina CX-15 platform targeting 12 million of net proved undeveloped reserves will commence soon. Processing and interpretation of the comprehensive 3D seismic data acquired at Block Z-1 continues, which will further refine our development drilling locations and our future offshore exploration campaign. Subject to confirmation from the new 3D data, we are prepared to return to drilling at Albacora later this year."

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