Houston, Sept. 30, 2013 (GLOBE NEWSWIRE) -- BPZ Resources, Inc.,(NYSE: BPZ) (BVL: BPZ), today announced that Raymond James &Associates, Inc., as underwriter of the Company's previouslyreported offering of $125 million of its 8.50% Convertible SeniorNotes due 2017 (the "Notes"), has exercised in full its option topurchase an additional $18.8 million aggregate principal amount ofthe Notes. In addition, the International Finance Corporation(IFC) holds the right to participate in the offering for up to 45days after being notified of the terms of the offering, which, ifexercised would increase the size of the offering. Net proceeds from the sale of the Notes as a result of theoption exercise, after deducting the discounts and offeringexpenses, were approximately $16.3 million. The Companyclosed the offering of these Notes under the underwriter's optionon September 30, 2013. Expected use of proceeds includesgeneral corporate purposes, including to fund its exploration andproduction efforts or other projects or to reduce or refinance itsoutstanding debt. The Company also announced that it had repaid the remaining $36million principal balance on its $40 million secured bank facilitywith Credit Suisse. Interest on the Notes will be paid semi-annually on April 1 andOctober 1 of each year. The Notes willbe convertible byholders under certain circumstances and during certain periods intoshares of the Company's common stock at an initial conversion rateof 249.5866 shares of common stock per $1,000 principal amount ofNotes, which is equivalent to an initial conversion price ofapproximately $4.01 per share of common stock, subject toadjustment. Upon conversion, holders will receive, at theCompany's discretion, cash, shares of the Company's stock, or acombination thereof. Raymond James & Associates, Inc. acted as sole book-runningmanager of this offering. The 2017 Notes offering is beingmade only by means of a prospectus, forming a part of the Company'seffective shelf registration statement, related prospectussupplement and other related documents. You may obtain thesedocuments at no cost by visiting EDGAR on the U.S. Securities andExchange Commission website at www.sec.gov. Alternatively,copies of the prospectus supplement and accompanying prospectusrelating to this offering may be obtained from Raymond James &Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716,Attention: Equity Syndicate (telephone: 800-248-8863 or email atthe following address: prospectus@RaymondJames.com).
This announcement is neither an offer to sell nor a solicitationof an offer to buy any of these securities and shall not constitutean offer, solicitation or sale in any jurisdiction in which suchoffer, solicitation or sale is unlawful.BPZ ENERGY Houston-based BPZEnergy, which trades as BPZ Resources, Inc. under ticker symbolBPZ on the New York Stock Exchange and the Bolsa de Valores inLima, is an independent oil and gas exploration and productioncompany which has license contracts covering approximately 2.0million net acres in offshore and onshore Peru. The Companyholds a 51% interest in offshore Block Z-1, which it is developingin partnership with Pacific Rubiales Energy Corp. BPZ Energyalso holds 100% working interests in three onshore blocks inPeru. Please visit the Company's website at http://www.bpzenergy.com for more information. FORWARD LOOKING STATEMENT This Press Release contains forward-looking statementswithin the meaning of the Private Securities Litigation Reform Actof 1995, Section 27A of the Securities Act of 1933 and Section 21Eof the Securities Exchange Act of 1934. These forward lookingstatements are based on our current expectations about our company,our properties, our estimates of required capital expenditures andour industry. You can identify these forward-looking statementswhen you see us using words such as "anticipates," "intends,""will," "expects," and other similar expressions. Theseforward-looking statements involve risks anduncertainties. Our actual results could differ materially from thoseanticipated in these forward looking statements. Such uncertaintiesinclude the anticipated use of the proceeds from the offering, thesuccess of our project financing efforts, accuracy of well testresults, results of seismic testing, well refurbishment efforts,successful production of indicated reserves, receipt of allrequired permits, the successful management of our capitalexpenditures, and other normal business risks. We undertakeno obligation to publicly update any forward-looking statements forany reason, even if new information becomes available or otherevents occur in the future. ###
CONTACT: A. Pierre Dubois Investor Relations & Corporate Communications BPZ Energy 281-752-1240 email@example.com