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BPZ Energy Announces Closing Of Convertible Senior Notes Transactions

Houston, Sept. 24, 2013 (GLOBE NEWSWIRE) -- BPZ Resources, Inc., (NYSE: BPZ) (BVL: BPZ), today announced the closing of its offering of $125.0 million principal amount of 8.50% Convertible Senior Notes due September 2017 (the "2017 Notes") as well as the repurchase of $85.0 million of its outstanding 6.50% Convertible Senior Notes due March 2015.  

The Company also granted the underwriters a 30-day option to purchase an additional $18.8 million of the 2017 Notes.  In addition, the International Finance Corporation (IFC) holds the right to participate in the offering for up to 45 days after being notified of the terms of the offering, which, if exercised, would increase the size of the offering.

The Company intends to use the remaining proceeds after repurchases of outstanding notes for general corporate purposes, including to fund its exploration and production efforts or other projects or to reduce or refinance its outstanding debt.  The Company will also use cash on hand following the closing of the offering to repay the remaining $36.0 million balance under its secured bank debt facility.

The notes will be convertible by holders under certain circumstances and during certain periods into shares of the Company's common stock at an initial conversion rate of 249.5866 shares of common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $4.01 per share of common stock, subject to adjustment.  Upon conversion, holders will receive, at the Company's discretion, cash, shares of the Company's stock, or a combination thereof.

The 2017 Notes were issued via an underwritten public offering, resulting in net proceeds of approximately $31.3 million, after repurchases of outstanding notes and estimated offering expenses.  Interest on the 2017 Notes will be paid semi-annually on April 1 and October 1 of each year.  

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