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BPZ Energy Provides Operations Update And Reports Second Quarter And First Half 2013 Results

Stocks in this article: BPZ

HOUSTON, Aug. 7, 2013 (GLOBE NEWSWIRE) -- BPZ Energy, (NYSE:BPZ) (BVL:BPZ), an independent oil and gas exploration and production company, today reported second quarter and first half 2013 financial results and provided an operational update. The Company also provided a revised and lower capital and exploratory budget for full year 2013.

President and CEO Manolo Zuniga commented, "Our team is very excited about the level of activity underway during the second half of the year. We recently began drilling our first development well at the new Corvina field CX-15 platform. In addition, drilling preparations are also underway at the Albacora field with spud now expected by mid-September. Both of these programs are expected to help grow our oil production volumes and reduce our unit costs. The new 3D seismic data at Block Z-1 is proving to be very valuable as it is allowing us to fine tune our development drilling and offshore exploration programs. At our onshore blocks, we expect to begin exploration drilling at Block XXIII based on 3D seismic results, as well as begin acquiring additional 2D seismic at Block XXII during the fourth quarter."

Financial Summary

For the second quarter ended June 30, 2013, the Company reported an operating loss of $12.7 million and a net loss of $19.6 million, or $0.17 per share, compared with an operating loss of $6.7 million and a net loss of $8.5 million, or $0.07 per share, for the same period last year. Second quarter 2013 operating results were impacted mainly by lower revenue from lower net production and increased workover expenses, partly offset by lower lease operating expense (excluding workover expenses), lower depreciation, depletion and amortization expense and lower general & administrative expenses.

For the six months ended June 2013, the Company reported an operating loss of $19.9 million and a net loss of $32.4 million, or $0.28 per share, compared with an operating loss of $25.6 million, and a net loss of $35.8 million or $0.31 per share for the same period last year. The improved operating result for the six months ended June 30, 2013, compared to the same period last year, was mainly due to lower geological, geophysical and engineering expenses, lower lease operating expenses (excluding workover expenses), lower depreciation, depletion and amortization expenses as well as lower general and administrative expenses, partially offset by the impact on operating loss from lower revenue from lower net production and increased workover expenses.

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