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BPZ Energy Reports Third Quarter 2013 Financial Results And Provides Update On Development Drilling

Houston, Nov. 7, 2013 (GLOBE NEWSWIRE) -- BPZ Energy, (NYSE: BPZ) (BVL: BPZ), an independent oil and gas exploration and production company, today reported third quarter and nine-month 2013 financial results as well as an operational update. 

President and CEO Manolo Zuniga commented , "I am pleased to report initial results from the new Corvina CX-15 platform at Block Z-1.  I congratulate the teams for placing the CX15-1D well on production, which is the first well in a multi-well development drilling program underway at the Corvina field.  The CX15-1D well is being evaluated with one of four intervals open during the last 10 days, and gross production of approximately 500 bopd over the last 24 hours.  We have also started drilling the CX15-2D well this week while we continue to evaluate the CX15-1D well.  At Albacora drilling is underway at the A-18D development well.  In addition to the ongoing drilling at Corvina and Albacora, we are still on track to begin exploration drilling onshore at Block XXIII by the end of this year."

Financial Summary

For the third quarter ended September 30, 2013, the Company reported an operating loss of $10.9 million and net loss of $15.3 million, or $0.13 loss per share, compared with an operating loss of $13.2 million and a net loss of $17.1 million, or $0.15 loss per share, for the same period last year.  Third quarter 2013 operating results improved mainly due to lower lease operating expense, lower geological geophysical and engineering expense, and lower depreciation, depletion and amortization expense, partially offset by lower revenue from lower net production. 

For the nine months ended September 2013, the Company reported an operating loss of $30.8 million and net loss of $47.7 million, or $0.41 loss per share, compared with an operating loss of $38.9 million, and a net loss of $52.9 million or $0.46 loss per share for the same period last year. The improved operating result for the nine months ended September 30, 2013, compared to the same period last year, was mainly due to lower geological, geophysical and engineering expenses, lower lease operating expenses, lower depreciation, depletion and amortization expenses and lower general and administrative expenses, partially offset by the impact on operating loss from lower revenue due to lower net production.   

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