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

Stocks in this article: BPZ

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 http://www.bpzenergy.com 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. 

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