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

The second development well, the CX15-2D, was spud on November 5, 2013.  The well will be drilled near the existing CX11-18XD well to a measured depth of approximately 9,000 feet.  The well is anticipated to be completed in January 2014.

Albacora Field

Development drilling at the Albacora 18D continues with a current depth of approximately 9,600 feet at the top of the Zorritos formation.  The well is anticipated to be completed by year-end 2013.  The A-18D well is located near the A-14XD well, which is currently on production.

Exploration

The process to obtain an environmental permit for exploration drilling at Block Z-1 on the mapped shallow water prospects is underway.

Onshore Blocks (100% Working Interests)

Block XXIII

Right of way permits for well sites and access roads have been received, and construction of roads has begun.  Three shallow exploratory wells will be drilled at Block XXIII, with spudding of the first well expected to occur by year-end 2013, or early 2014. 

Block XIX

The process to obtain an environmental permit for the additional 3-D seismic acquisition is underway.  The 3-D survey, which is expected be acquired in 2014, will coincide with Block XXII seismic program to minimize mobilization costs.

Block XXII

The confirmation 2-D seismic acquisition program is expected to begin in 2014 for the evaluation of potential drilling locations in the block.  The process to obtain an environmental permit for exploration drilling is underway with drilling expected to begin in late 2014.

New Vice President, Exploration and Production

The Company has named Estuardo Alvarez-Calderon Vice President, Exploration and Production, effective November 1, 2013.  Estuardo will be responsible for managing the exploration and engineering teams in Houston and Lima and ensuring the execution of exploration and production programs in all BPZ Energy blocks.  He joined BPZ in 2007 as Exploration Manager and most recently served as Director of Exploration, Subsurface and New Ventures.  Prior to joining BPZ Energy, he was employed by Occidental Petroleum Corporation for over 28 years in both Houston and Peru, where he held several positions including New Ventures Manager for Latin America and Exploration Manager for Peru. 

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