BPZ Energy Announces Recommencement Of Development Drilling At Albacora Field Platform

Houston, Sept. 30, 2013 (GLOBE NEWSWIRE) -- BPZEnergy (NYSE: BPZ) (BVL: BPZ), today announced spudding ofthe A-18D development well at the Albacora field platform, locatedin offshore Block Z-1 in Peru. Drilling and completion of the wellis expected to take up to twelve weeks.  Targeted depth of thewell will be approximately 12,000 feet subsea.

BPZ Energy President and CEO Manolo Zuniga commented, "We areexcited to recommence drilling at the Albacora field, our seconddevelopment drilling program now underway at Block Z-1 with ourpartner Pacific Rubiales Energy Corp.  At the Corvina field,we expect to share the results of the first development well at theCX-15 platform before the end of October.  In the meantime,the next Corvina and Albacora development well locations havealready been selected.  

We have also taken steps to optimize our balance sheet byissuing new convertible bonds and retiring some existing shorterdated bonds which will improve our debt maturity profile, and werepaid the remaining balance of our secured bank facility as well. We look forward to continued execution of our operational andfinancial plans to grow production, cash flow and achieveprofitability."

ABOUT 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% in offshore Block Z-1, which it is developing inpartnership with PacificRubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA:PREB).  The Company also holds 100% working interests inthree onshore blocks.  Please visit the Company's website at www.bpzenergy.com for moreinformation.

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 success of our project financing efforts, accuracy ofwell test results, results of seismic testing, well refurbishmentefforts, successful production of indicated reserves, satisfactionof well test period requirements, receipt of all required permits,the successful management of our capital expenditures, and othernormal business risks.  We undertake no obligation to publiclyupdate any forward-looking statements for any reason, even if newinformation becomes available or other events occur in thefuture.

CAUTIONARY STATEMENT REGARDING CERTAIN INFORMATIONRELEASES

The Company is aware that certain information concerning itsoperations and production is available from time to time fromPerupetro, an instrumentality of the Peruvian government, and theMinistry of Energy and Mines ("MEM"), a ministry of the governmentof Peru.  This information is available from the websites ofPerupetro and MEM and may be available from other official sourcesof which the Company is unaware.  This information ispublished by Perupetro and MEM outside the control of the Companyand may be published in a format different from the format used bythe Company to disclose such information, in compliance with SECand other U.S. regulatory requirements.

Additionally, the Company's joint venture partner in BlockZ-1, Pacific Rubiales Energy Corp. ("PRE"), is a Canadian publiccompany that is not listed on a U.S. stock exchange, but is listedon the Toronto (TSX), Bolsa de Valores de Colombia (BVC) andBOVESPA stock exchanges.  As such PRE may be subject todifferent information disclosure requirements than theCompany.  Information concerning the Company, such asinformation concerning energy reserves, may be published by PREoutside of our control and may be published in a format differentfrom the format the Company uses to disclose such information, incompliance with SEC and other U.S. regulatoryrequirements.

The Company provides such information in the formatrequired, and at the times required, by the SEC and as determinedto be both material and relevant by management of theCompany.  The Company urges interested investors and thirdparties to consider closely the disclosure in our SEC filings,available from us at 580 Westlake Park Blvd., Suite 525, Houston,Texas 77079; Telephone: (281) 556-6200.  These filings canalso be obtained from the SEC via the internet at www.sec.gov .

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CONTACT: A. Pierre Dubois         Investor Relations & Corporate Communications         BPZ Energy         281-752-1240         pierre_dubois@bpzenergy.com

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