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Houston, Feb. 27, 2014 (GLOBE NEWSWIRE) --
BPZ Energy (NYSE: BPZ) (BVL: BPZ), an independent oil and gas exploration and production company, today announced its year-end 2013 certified oil reserves.
The following discussion includes BPZ Energy's 51% interest in oil reserves for offshore Block Z-1. Reserves are presented under the usual categories of proved developed producing (PDP), proved undeveloped (PUD), total proved, probable, and possible reserve estimates. These estimates were prepared by the Company's independent reserve auditors Netherland Sewell & Associates, Inc. A full presentation of proved reserves estimated in accordance with Securities and Exchange Commission rules will be included in the 2013 annual report on Form 10-K, expected to be filed in March 2014.
Manolo Zúñiga, president and CEO of BPZ Energy commented, "With two drilling rigs working offshore we continue our efforts to increase oil production at the Corvina and Albacora oil fields. The two new gross development oil wells completed late last year increased our certified PDP reserves by approximately 90%, and this year we expect to do even better. Having completed the Corvina CX15-2D last month and with results for the Albacora 19D and Corvina CX15-3D wells expected in March and April, respectively, we are on schedule this year to drill at least eight of the 21 certified gross PUD locations.
While our total proved and probable oil reserves remained relatively flat this past year, we are gearing up our efforts to grow reserves once again with permit in hand to explore in the shallow waters of Block Z-1, starting with Delfin which is located nearby to Corvina.
Onshore, testing of the Caracol 1X exploration well is underway, followed by back-to-back drilling of two additional exploration wells in this Block XXIII. We also continue our efforts to obtain the permits to drill, possibly later this year, the conventional and unconventional Muerto formation plays in Block XXII. We expect all of these plans will be positive catalysts in our efforts to grow production, cash flow, and reserves."