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.
|Three Months Ended||Three Months Ended|
|March 31,||March 31,|
|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|