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HOUSTON, April 16, 2013 (GLOBE NEWSWIRE) --
BPZ Energy (NYSE:BPZ) (BVL:BPZ), an independent oil and gas exploration and production company, today provided an operational update for offshore Block Z-1.
For the first quarter ended March 31, 2013, average combined production from the Corvina and Albacora fields at offshore Block Z-1 was 1,491 net (2,924 gross) barrels of oil per day (bopd).
CORVINA FIELDCX-15 Drilling Program
The previously announced modifications to the new CX-15 platform are still underway. Construction of a platform anchoring system which will provide redundancy to the existing platform spud can is almost complete. The joint technical team continues to interpret the available Corvina 3D seismic, and an additional update will be provided after meetings are held to verify the drilling locations.
CX-11 Workover Campaign
The workover of the Corvina CX-11, 14D well is progressing with a mini-frac having been performed. The workover rig is preparing to run a final completion string in the well.
Early processing results of the 3D seismic data acquired over the Albacora field are expected to be received by the end of April. Joint technical teams will begin interpretation of this data looking to confirm drilling opportunities.
Manolo Zúñiga, president and CEO of BPZ Energy commented, "We are working with Pacific Rubiales to finalize certain modifications at the CX-15 platform, as well as carefully review all available 3D seismic data for Corvina, before we commence the development drilling program. In the interim, we continue to implement the workover campaign at the Corvina CX-11 platform, review 3D seismic at Albacora to guide our decision for future drilling at the field, and continue interpretation of the Phase I processed 3D data to help define our future exploration campaigns."
ABOUT BPZ ENERGY
BPZ Energy, which trades as BPZ Resources, Inc. under ticker symbol BPZ on the New York Stock Exchange and the Bolsa de Valores in Lima, is an independent oil and gas exploration and production company which has license contracts for oil and gas exploration and production covering approximately 2.2 million gross acres in four properties in northwest Peru. The Company holds a 51% working interest and Pacific Rubiales Energy Corp. holds a 49% working interest in offshore Block Z-1, for which current activity includes the development of the Corvina oil discovery, as well as the redevelopment of the Albacora field.
In addition, the Company is pursuing the exploration of onshore Blocks XIX, XXII and XXIII, in parallel with the execution of an integrated gas-to-power strategy, which includes generation and sale of electric power in Peru and the development of a regional gas marketing strategy. The Company also owns a non-operating net profits interest in a producing property in southwest Ecuador. Please visit the Company's website at
www.bpzenergy.com for more information.
FORWARD LOOKING STATEMENT
This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward looking statements are based on our current expectations about our company, our properties, our estimates of required capital expenditures and our industry. You can identify these forward-looking statements when you see us using words such as "will," "expected," "estimated," and "prospective," and other similar expressions. These forward-looking statements involve risks and uncertainties.