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BPZ Energy Provides First Quarter 2013 Financial Results And Announces Loan Amendments

Stocks in this article: BPZ

HOUSTON, May 9, 2013 (GLOBE NEWSWIRE) -- BPZ Energy, (NYSE:BPZ) (BVL:BPZ), an independent oil and gas exploration and production company, today provided first quarter 2013 financial results and announced amendments to the Company's bank facilities.

On May 9, 2013, the Company repaid the remaining outstanding principal of $30.5 million on the original $75.0 million secured debt facility. In addition, the Company amended and restated the $40.0 million secured debt facility by increasing the facility size and borrowing $14.5 million, as well as amending the covenant and principal repayment amounts related to this facility.

For the quarter ended March 31, 2013, the Company reported an operating loss of $7.2 million and a net loss of $12.8 million, or $0.11 per share, compared with an operating loss of $18.9 million and a net loss of $27.3 million, or $0.24 per share, for the same period last year.

Improved first quarter 2013 operating results were primarily due to lower geological, geophysical and engineering expenses, partially offset by the impact on operating income from the sale of a 49% participating interest in the Z-1 license contract to Pacific Rubiales.

Earnings before interest, income taxes, depletion, depreciation and amortization, exploration expense and non-recurring charges (EBITDAX), was a negative $346,000 for the first quarter of 2013 compared to a positive $17.7 million for the same period last year. EBITDAX is a non-GAAP measure. Please also see the reconciliation to net income in Table 3 included at end of the press release.

Production and Revenue

Net oil production for the three months ended March 31, 2013 was 134 MBbls barrels, or 1,491 bopd, compared to a pro forma net 180 MBbls, or 1,978 bopd, for the same period in 2012. The decrease in oil production is due to natural declines in oil production at both the Corvina and Albacora fields.

  Production Volumes    
  Three Months Ended Three Months Ended
  March 31,  March 31, 
  2013 2012 2013 2012
  Actual Net Pro forma Net (1) Pro forma Gross (2) Actual Gross
Production volume (MBbls) 134 180 263 353
Average Daily Production volume (Bopd) 1,491 1,978 2,924 3,879
Presented on a Net and Gross basis for comparison purposes 
MBbls - thousands of barrels of oil; Bopd - barrels of oil per day
(1) Pro forma Net amounts assume the sale of the 49% participating interest in Block Z-1 closed on Jan. 1, 2012
(2) Pro forma Gross amounts assume 100% working interest in Block Z-1 

For the three months ended March 31, 2013, oil revenue after royalty payments decreased by $23.2 million to $13.3 million from $36.5 million for the same period in 2012. The decrease in 2013 net oil revenue is due to a decrease in the amount of oil sold of 205 MBbls to 129 MBbls due to the sale of a 49% interest in Block Z-1, along with lower net oil production. In addition, there was a decrease of $5.88 in the average per barrel sales price received from $109.15 to $103.27 per barrel.

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