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

Earnings before interest, income taxes, depletion, depreciation, amortization, and exploration expense (EBITDAX) was a negative $67,000 for the third quarter 2013 compared to a positive $6.5 million for the same period last year.  EBITDAX for the nine months ended September 2013 was a negative $4.0 million compared with a positive $33.6 million for the same period in 2012.  EBITDAX is a non-GAAP measure.  Please also see the reconciliation to net loss included at end of the press release. 

The comparisons of the third quarter and year-to-date 2013 results vs. the same periods in 2012 are impacted by the sale of a 49% participating interest in the Block Z-1 license contract to Pacific Rubiales Energy Corp, which closed in December 2012. 

Production

BPZ Energy maintains a 51% working interest in offshore Block Z-1, and the Company's respective share of production is referenced as net oil production.   

Net oil production from the Corvina and Albacora fields for the three months ended September 30, 2013 was 122 thousand barrels (MBbls), or 1,330 bopd, compared to pro forma net oil production of 134 MBbls, or 1,451 bopd for the same period in 2012. 

For the nine months ended September 30, 2013, net oil production was 386 MBbls, or 1,414 bopd, compared to pro forma net oil production of 478 MBbls, or 1,753 bopd for the same period in 2012. 

The decrease in net oil production in the year-over-year comparisons is due to natural declines in oil production at both the Corvina and Albacora fields.

Revenue

For the three months ended September 30, 2013, oil revenue after royalty payments decreased by $16.0 million to $12.5 million from $28.5 million for the same period in 2012.  The decrease is due to a decrease in the amount of oil sold of 162 MBbls, slightly offset by an increase of $1.21, or 1%, in the average per barrel sales price received from $100.25 to $101.46 per barrel.  Total oil sales for the three months ended September 30, 2013 were 123 MBbls compared to 285 MBbls for the same period in 2012.      

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