BPZ Energy Reports Production From New Albacora Well And Provides Offshore And Onshore Drilling Update

Houston, Jan. 8, 2014 (GLOBE NEWSWIRE) -- BPZ Energy (NYSE: BPZ) (BVL: BPZ), today provided an update on its multi-well development drilling campaign at Block Z-1 offshore as well as the onshore exploration program at Block XXIII.

President and CEO Manolo Zuniga commented , "I'm excited to have entered 2014 with good well results at the Albacora A-18D well, boosting current Block Z-1 gross production levels in excess of 4,900 barrels of oil per day, of which we have a 51% interest.  We look forward to continued production growth as we drill additional Z-1 development oil wells.  On the exploration front, I am pleased that we have started drilling onshore at Block XXIII, and plan to drill onshore at Block XXII later this year where we are targeting both conventional and non-conventional oil plays.  In the meantime, preparations are ongoing to drill the selected offshore Block Z-1 exploration prospects mapped with the new 3D seismic."    

OFFSHORE BLOCK Z-1 (51% working interest)

Albacora Field

The Albacora A-18D development well was completed on December 23, 2013.  This new well has produced an average of approximately 2,100 barrels of oil per day (bopd), or 1,071 bopd net over the past seven days with water cut of approximately 11% and naturally flowing.  Three intervals totaling approximately 130 feet were perforated.  For the last 24 hours the A-18D has averaged gross production of approximately 2,250 bopd (1,147 bopd net). 

The Albacora A-19D development well was spud on January 1, 2014 targeting a similar structural position as the A-18D well.  Targeted total measured depth for the 19D well is 12,400 feet.

Corvina Field

Development drilling of the CX15-2D well continues.  After reaching total measured depth at 8,750 feet two weeks ago, the drill pipe became stuck in the wellbore.  After several attempts to free the pipe, it was decided to sidetrack the well and redrill the last 2,300 foot section after evaluation of electric logs and observing good oil shows while drilling the targeted oil section.  Completion of the well is expected in late January 2014. 

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