This Day On The Street
Continue to site
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

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

For Block Z-1, Pacific Rubiales provided 100% funding for capital and exploratory expenditures of $22.8 million for the three months ended March 31, 2013.  This includes approximately $7.2 million related to costs incurred in the design, fabrication, installation and pipeline connections related to the CX-15 platform, approximately $6.2 million related to the CX-15 platform development drilling program and $7.8 million related to the 3D seismic program. At March 31, 2013, the Company's remaining carry amount from Pacific Rubiales was $114.7 million.

Capital Resources

At March 31, 2013, outstanding long-term debt and short-term debt consisted of the 2015 Convertible Notes with a par value of $170.9 million, a $33.0 million secured loan, and a $29.1 million secured loan. At March 31, 2013, the current and long-term portions of debt were $24.6 million and $192.8 million, respectively.

Subsequent Events

On May 6, 2013, the Company obtained a waiver to the $75.0 million secured debt facility with Credit Suisse in respect of the Company's date for first production from the CX-15 platform.  

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 an additional $14.5 million, as well as amending the covenant and principal repayment amounts related to this facility which matures in January 2015.

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.) 

The live conference call may be accessed via the Investor Relations section of the Company's website at or by accessing the following dial-in numbers:
US and Canada Dial-In:  (877) 293-5457
International Dial-In: (707) 287-9344
Conference Code:  58851427

A replay of the conference call will be available at the Investor Relations section of the Company's website. 

4 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,061.81 +11.06 0.06%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,828.4630 +17.6750 0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs