This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: BPZ

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.   

1 of 11

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs