This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

BPZ Energy Provides Operational Update

Stocks in this article: BPZ

HOUSTON, May 8, 2013 (GLOBE NEWSWIRE) -- BPZ Energy, (NYSE:BPZ) (BVL:BPZ), an independent oil and gas exploration and production company, today provided an offshore and onshore operations update.

OFFSHORE BLOCK Z-1

CX-15 Corvina Field

It is expected that CX-15 drilling operations will begin in early July, upon completion of pre-drilling preparations currently underway. These preparations include installation of a platform anchoring system, already constructed, which will provide redundancy to the existing platform spud can. As a further precaution, ocean floor disturbance around the platform spud can will also be remediated with sand. Installation of the enhanced platform draft monitoring equipment is complete, and improvement to control system instrumentation is expected to be completed by late June.

Albacora Field

After review of 3D seismic results, the joint venture operating committee has agreed to reinitiate the Albacora development drilling campaign. Spudding of the first well is expected by early August 2013, once the Petrex 18 drilling rig is mobilized to the platform, with drilling and completion of the well estimated to take twelve weeks.

All planned 2013 capital and exploratory expenses in Block Z-1 are expected to be fully carried by Pacific Rubiales Energy Corp. As of April 1, 2013, Pacific Rubiales assumed the role of technical operations manager at Block Z-1.

CX-11 Workover Campaign

The final completion string is being run into the 14D well, with subsequent plans to perforate a lower zone. Once complete, the workover rig will move to the 15D well.

ONSHORE BLOCK XXIII

Permits for final drilling locations at Block XXIII are expected to be received soon, with new exploration drilling of mapped shallow oil prospects expected to begin in the second half of 2013.

Manolo Zúñiga, president and CEO of BPZ Energy commented, "This is a pivotal year for our Company as we reinitiate offshore development drilling at Corvina, return to drilling at Albacora, and begin exploration drilling at Block XXIII. In the second half of this year, we could have three drilling rigs and a workover rig running. This enhanced level of operational activity will serve as a catalyst for increased production. The investment in 2D and 3D seismic data acquired at Block Z-1 and Block XXIII has been instrumental in laying the groundwork for these drilling campaigns, as well as future exploration.  In this respect, the joint venture technical teams continue to review the acquired 3D seismic data on eight shallow water Block Z-1 prospects, which have been included in the recently initiated environmental permitting process."

Conference Call Information

The Company has scheduled a conference call and webcast to discuss first quarter 2013 results on Friday, May 10, 2013, at 10:00 a.m. CT (11:00 a.m. ET.) 

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs