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

Capital and Exploratory Expenditures 

For the three months ended September 30, 2013, the Company's non-Block Z-1 total capital and exploratory expenditures were $1.5 million, excluding capitalized interest of $2.2 million.  For the nine-month period ended September 30, 2013, capital and exploratory expenditures were $3.1 million, excluding capitalized interest of $7.2 million.

For Block Z-1, Pacific Rubiales provided 100% funding for gross capital and exploratory expenditures of $48.5 million for the nine months ended September 30, 2013.  These capital and exploratory expenditures included $19.5 million related to the CX-15 development drilling program, of which $13.4 million was for drilling of the CX15-1D well and $6.1 million was related to the CX-15 rig mobilization.  In addition, $12.4 million was incurred for costs related to the installation, facilities, control systems, anchoring systems and pipeline connections for the CX-15 platform, $7.5 million for the Block Z-1 seismic program, $3.0 million associated with the Corvina offshore lease automatic custody transfer (LACT) unit and $2.7 million related to the development drilling program at Albacora.  

The Company's remaining carry amount for Block Z-1 capital and exploratory expenditures at September 30, 2013 was $102 million.

Capital Resources

In September 2013, the Company repurchased $85.0 million of the 2015 Convertible Notes and issued $143.8 million of 2017 Convertible Notes.  In addition, the Company repaid the remaining $36 million of the $40 million secured debt facility.

At September 30, 2013, the long-term portion of debt was $205.1 million, which reflects the principal amount of the 2015 Convertible Notes and 2017 Convertible Notes minus the remaining unamortized discount.  The outstanding principal amount of the 2015 Convertible Notes is $85.9 million and outstanding principal amount of the 2017 Convertible Notes is $143.8 million, totaling $229.7 million of outstanding principal, before discount.

O perations Update

Offshore Block Z-1 (51% working interest)

Corvina Field CX-15 Platform

The CX15-1D well was completed in the Zorritos formation and continues to be evaluated.  Four prospective intervals have been identified in the oil zone, of which one 40 foot interval is now open.  This opened interval has averaged approximately 330 bopd over the past ten days, and over the last 24 hours it has averaged approximately 500 bopd, naturally flowing with no water production and normal gas oil ratio.  Other perforated intervals will be opened individually to assess optimal well productivity.  The CX15-1D well was drilled near the CX11-21XD to a measured depth of approximately 7,900 feet.

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