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

During the nine months ended September 30, 2013 there were higher workover expenses of $3.7 million associated with the one major workover performed in 2013, higher fuel costs of $0.8 million and higher costs of $0.6 million associated with the change in oil inventory in the nine months ended September 30, 2013 compared to the change in oil inventory in the nine months ended September 30, 2012. Partially offsetting these increases during the year were lower repairs and maintenance expense of $2.5 million related to vessel support services, contract services of $0.8 million, and other lease operating expenses of $1.3 million. 

General and Administrative Expense (G&A)

For the three months ended September 30, 2013, G&A expenses increased by $0.2 million, to $6.6 million from $6.4 million for the same period in 2012.  Stock-based compensation expense, a subset of G&A expenses, was $1.0 million for the recent three-month period and $0.7 million for the same period last year.

G&A expenses for the recent quarter, excluding stock-based compensation, decreased by $0.1 million to $5.6 million from $5.7 million for the same period in 2012.

For the nine months ended September 30, 2013, G&A expenses decreased 15% to $18.5 million from $21.9 million for the same period in 2012.  Stock-based compensation expense, a subset of G&A expenses, was $2.6 million for the nine months ended September 30, 2013 and $2.1 million for the same period in 2012. 

Nine-month 2013 G&A expenses excluding stock-based compensation decreased 20% to $15.9 million from $19.8 million for the same period in 2012.  The $3.9 million decrease is due lower third party costs related to the 2012 Block Z-1 transaction of $1.1 million, lower salary and related costs of $1.0 million, lower non-income taxes of $1.0 million and lower other expenses of $0.8 million.

Geological, Geophysical and Engineering (GG&E)

For the three months ended September 30, 2013, geological, geophysical and engineering expenses decreased $6.2 million to $0.9 million compared to $7.1 million for the same period in 2012.  For the nine months ended September 30, 2013, geological, geophysical and engineering expenses decreased $33.8 million to $2.0 million compared to $35.8 million for the same period in 2012. 

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