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Houston, March 6, 2014 (GLOBE NEWSWIRE) --
BPZ Energy (NYSE:BPZ) (BVL:BPZ), an independent oil and gas exploration and production company, today provided summary financial and operational results for the fourth quarter and full year ended December 31, 2013 along with recent results on the Albacora A-19D well.
Full year 2013 and year-to-date 2014 highlights for BPZ Energy include:
· Initiated the Block Z-1 development drilling campaign at both the Corvina CX-15 and Albacora platforms.
· Brought production online from a total of four new wells at the Corvina and Albacora fields.
· Achieved the first million barrels of production from five wells at Block Z-1.
· Received permits for exploration drilling at Z-1 shallow water prospects Delfin, Piedra Redonda and Raya.
· Drilled and began testing the Caracol 1X well, the first of three scheduled onshore exploration wells at Block XXIII.
· Finished the year with $81.3 million of remaining carry at Block Z-1.
· Repaid bank debt of $82.2 million and ended the year with a cash and cash equivalents balance of $57.4 million.
· Issued new $143.8 million of Convertible Notes due in 2017, and retired $85.0 million of Convertible Notes due in 2015.
· Lowered general and administrative expenses by 16%, compared to 2012.
· Received special recognition in 2013 for the second year in a row as a Peruvian socially responsible company.
BPZ Energy President and CEO Manolo Zúñiga commented, "With a stronger foundation established by our team to grow the Company, we recommenced development drilling at Block Z-1 in the fourth quarter of 2013 and since that time four wells have been placed on production. The Albacora A-18D which was placed on production at year-end has produced an average of 1,960 bopd gross since that time, and approximately 1,670 bopd gross over the last 24 hours. The most recently completed well, the Albacora A-19D, has produced an average of 1,498 bopd gross over the last five days, and approximately 2,106 bopd gross over the last 24 hours. As a result of the increased drilling activity, year to date 2014 average gross production is approximately 4,834 bopd.
We recently spud the Albacora A-21D well, which will have a target measured depth of 12,100 feet. Drilling continues at the Corvina CX15-3D well, with results expected in April 2014.