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

For the nine months ended September 30, 2013, the Company wrote off $2.7 million of costs related to historical pre-development drilling studies and associated capitalized interest compared to $2.3 million of abandonment charges related to a platform in the Piedra Redonda field in Block Z-1 during 2012.

Other Income (Expense)

For the three months ended September 30, 2013, total other expense increased $3.7 million to $10.2 million compared to $6.5 million during the same period in 2012.  The increase is due to a $3.4 million loss on extinguishment of debt from repayment of the $40.0 million secured debt facility, fees associated with the exchange of convertible notes of $2.5 million and higher interest expense of $1.3 million, partially offset by a lower loss on derivatives of $3.9 million.

For the nine months ended September 30, 2013, total other expense increased $0.4 million to $22.8 million compared to $22.4 million during the same period in 2012.  The increase is due to $2.5 million of fees associated with the exchange of convertible notes and increased foreign exchange losses of $0.9 million, partially offset by a change in the value of derivatives of $2.6 million.

Income Taxes

For the three months ended September 30, 2013, the Company recognized an income tax benefit of $5.8 million on a loss before income taxes of $21.1 million.  For the comparable 2012 period, the Company recognized an income tax benefit of $2.6 million on a loss before income taxes of $19.8 million.  

For the nine months ended September 30, 2013, the Company recognized an income tax benefit of $5.8 million on a loss before income taxes of $53.6 million.  For the comparable 2012 period, the Company recognized an income tax benefit of $8.3 million on a loss before income taxes of $61.3 million.

Liquidity, Capital Expenditures and Capital Resources

Liquidity

At September 30, 2013, the Company had cash and cash equivalents of $79.0 million and working capital of $81.1 million. 

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