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BPZ Energy Provides Operational Update

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.) 

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