This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

BPZ Energy Reports New Production From CX15-2D Offshore Well And 2014 Capital Plan

Stocks in this article: BPZ

Houston, Feb. 11, 2014 (GLOBE NEWSWIRE) -- BPZ Energy (NYSE: BPZ) (BVL: BPZ), an independent oil and gas exploration and production company, today provided an operations update, including results from the second well drilled from the CX-15 platform and estimates for the Company's 2014 capital plan.


Offshore Block Z-1 (51% working interest)

The CX15-2D development well at the Corvina field was completed at the end of January 2014.  This new well has produced an average of approximately 775 barrels of oil per day (bopd) gross, or net production to BPZ of approximately 395 bopd over the past seven days with negligible water cut and naturally flowing.  Three intervals totaling approximately 80 feet were perforated.  For the last 24 hours the CX15-2D well has averaged gross production of approximately 700 bopd, or net production to BPZ of 360 bopd. 

Current Block Z-1 gross production is approximately 5,425 bopd, or net production to BPZ of 2,765 bopd, equally divided between the Corvina and Albacora fields. 

The new Corvina CX15-3D development well was spud on February 9, 2014 with a targeted total measured depth of 7,750 thousand feet and completion of the well expected in April 2014. 

At the Albacora field, the A-19D development well has reached targeted total measured depth of 12,450 feet and logs are currently being run with completion expected in March 2014. 

Onshore (100% working interest)

At Block XXIII onshore, the Caracol 1X exploration well has reached total depth of 3,450 feet, logs have been run to determine testing intervals, and casing has now been set to test the selected intervals.  Access roads and well sites for the two other exploration drilling locations at Block XXIII are now completed.   


Offshore (51% working interest)

The Company's 51% share of Block Z-1 capital investments is budgeted at $71 million, which is expected to be fully covered by remaining carry of $81 million under the Carry Agreement with Pacific Rubiales as of December 31, 2013.  The 2014 capital plan includes development drilling of six wells at Corvina starting with the CX15-3D, and two wells at Albacora including the A-19D, along with associated projects and engineering.  Drilling of additional wells at Albacora in 2014 is subject to ongoing review of the drilling campaign results.  

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs