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

The Company provides such information in the format required, and at the times required, by the SEC and as determined to be both material and relevant by management of the Company. The Company urges interested investors and third parties to consider closely the disclosure in our SEC filings, available from us at 580 Westlake Park Blvd., Suite 525, Houston, Texas 77079; Telephone: (281) 556-6200. These filings can also be obtained from the SEC via the internet at .

BPZ Resources, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
  Three Months Ended March 31,
  2013 2012
Net revenue:    
Oil revenue, net  $ 13,281  $ 36,475
Other revenue  31  78
Total net revenue  13,312  36,553
Operating and administrative expenses:    
Lease operating expense  6,673  11,368
General and administrative expense  5,475  6,200
Geological, geophysical and engineering expense  358  25,221
Depreciation, depletion and amortization expense  6,904  11,506
Standby costs  1,143  1,190
Total operating and administrative expenses   20,553  55,485
Operating income (loss)  (7,241)  (18,932)
Other income (expense):    
Interest expense, net   (4,298)  (6,210)
Loss on derivatives  (548)  (6,368)
Interest income   9  3
Other expense  (329)  (47)
Total other expense, net   (5,213)  (12,669)
Loss before income taxes   (12,454)  (31,601)
Income tax expense (benefit)  330  (4,310)
Net loss   $ (12,784)  $ (27,291)
Basic net loss per share  $ (0.11)  $ (0.24)
Diluted net loss per share   $ (0.11)  $ (0.24)
Basic weighted average common shares outstanding 115,788 115,513
Diluted weighted average common shares outstanding 115,788 115,513
BPZ Resources, Inc. and Subsidiaries
Consolidated Balance Sheets 
(In thousands)
  March 31, December 31,
  2013 2012
Current assets:    
Cash and cash equivalents   $ 63,026  $ 83,540
Short-term investments  1,000  -- 
Accounts receivable  45,635  24,523
Value-added tax receivable  16,683  20,569
Inventory  18,463  19,851
Restricted cash   24,860  25,129
Prepaid and other current assets  8,027  5,734
Total current assets   177,694  179,346
Property, equipment and construction in progress, net   232,665  238,557
Restricted cash   41,655  47,670
Other non-current assets  5,297  5,983
Investment in Ecuador property, net   585  632
Deferred tax asset  56,289  55,242
Total assets   $ 514,185  $ 527,430
Current liabilities:    
Accounts payable   $ 28,796  $ 21,978
Accrued liabilities   34,915  34,013
Other liabilities   21,315  21,792
Current income taxes payable  9,823  10,460
Accrued interest payable  2,112  5,234
Derivative financial instruments  2,132  2,984
Current maturity of long-term debt  24,546  24,046
Total current liabilities   123,639  120,507
Asset retirement obligation  2,765  2,708
Other non-current liabilities  20,755  20,755
Long-term debt, net  192,815  197,160
Total long-term liabilities  216,335  220,623
Commitments and contingencies    
Stockholders' equity:    
Preferred stock, no par value, 25,000 authorized; none issued and outstanding   --   -- 
Common stock, no par value, 250,000 authorized; 117,806 and 116,932  shares issued and outstanding at March 31, 2013 and December 31, 2012,  respectively   560,870  560,175
Accumulated deficit  (386,659)  (373,875)
Total stockholders' equity   174,211  186,300
 Total liabilities and stockholders' equity   $ 514,185  $ 527,430

  Reconciliation of non-GAAP measure

The table below represents a reconciliation of EBITDAX to the Company's net income (loss), which is the most directly comparable financial measure calculated in accordance with generally accepted accounting principles in the United States of America.
  Three Months Ended March 31,
  2013 2012
   (in thousands)  
Net loss  $ (12,784)  $ (27,291)
Interest expense  4,298  6,210
Income tax expense (benefit)  330  (4,310)
Depreciation, depletion and amortization expense  6,904  11,506
Geological, geophysical and engineering expense  358  25,221
Loss on derivatives  548  6,368
EBITDAX (a)  $ (346)  $ 17,704

(a) Earnings before interest, income taxes, depletion, depreciation and amortization, exploration expense and certain non-cash charges ("EBITDAX") is a non-GAAP financial measure, as it excludes amounts or is subject to adjustments that effectively exclude amounts, included in the most directly comparable measure calculated and presented in accordance with GAAP in financial statements. "GAAP" refers to generally accepted accounting principles in the United States of America. Non-GAAP financial measures disclosed by management are provided as additional information to investors in order to provide them with an alternative method for assessing the Company's financial condition and operating results. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Pursuant to the requirements of Regulation G, whenever the Company refers to a non-GAAP financial measure, it also presents the most directly comparable financial measure presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure and such comparable GAAP financial measure. Management believes that EBITDAX may provide additional helpful information with respect to the Company's performance or ability to meet its debt service and working capital requirements.
CONTACT: Investor and Media Contact:
         A. Pierre Dubois
         Investor Relations & Corporate Communications
         BPZ Energy
         (281) 752-1240

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