BPZ Energy Reports Year-end 2013 Reserves

Houston, Feb. 27, 2014 (GLOBE NEWSWIRE) -- BPZEnergy (NYSE: BPZ) (BVL: BPZ), an independent oil and gasexploration and production company, today announced its year-end2013 certified oil reserves.

The following discussion includes BPZ Energy's51% interest in oil reserves for offshore Block Z-1.  Reservesare presented under the usual categories of proved developedproducing (PDP), proved undeveloped (PUD), total proved, probable,and possible reserve estimates.  These estimates were preparedby the Company's independent reserve auditors Netherland Sewell& Associates, Inc.  A full presentation of proved reservesestimated in accordance with Securities and Exchange Commissionrules 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 BPZEnergy commented, "With two drilling rigs working offshorewe continue our efforts to increase oil production at the Corvinaand Albacora oil fields.  The two new gross development oilwells completed late last year increased our certified PDP reservesby approximately 90%, and this year we expect to do evenbetter.  Having completed the Corvina CX15-2D last month andwith results for the Albacora 19D and Corvina CX15-3D wellsexpected in March and April, respectively, we are on schedule thisyear to drill at least eight of the 21 certified gross PUDlocations. 

While our total proved and probable oil reservesremained relatively flat this past year, we are gearing up ourefforts to grow reserves once again with permit in hand to explorein the shallow waters of Block Z-1, starting with Delfin which islocated nearby to Corvina. 

Onshore, testing of the Caracol 1X explorationwell is underway, followed by back-to-back drilling of twoadditional exploration wells in this Block XXIII.  We alsocontinue our efforts to obtain the permits to drill, possibly laterthis year, the conventional and unconventional Muerto formationplays in Block XXII.  We expect all of these plans will bepositive catalysts in our efforts to grow production, cash flow,and reserves."  

2013 RESERVES

Year-end 2013 crude oil reserves covering theCorvina and Albacora fields are as follows.
2013 Year-EndTotal Oil Reserves(Mmbo) TotalCombined Corvina Albacora
Proved Developed Producing (PDP) 3.2 2.0 1.2
Proved Undeveloped (PUD) 12.9 10.7 2.2
Proved Total (P1) 16.1 12.7 3.4
Probable (P2) 27.2 16.3 10.9
Possible (P3) 18.0 6.7 11.3

Proved reserves of 16.1 million barrels of oil(Mmbo) were relatively flat in 2013 compared to 2012 levels. The decrease in proved oil reserves of 0.3 Mmbo was due to netproduction of approximately 0.5 Mmbo offset by the net impact ofapproximately 0.2 Mmbo related to positive reserve changes due toextensions, discoveries and other additions, reduced byrevisions.

The number of gross PUD locations at year-end2013 was 17 at Corvina and 4 at Albacora.  The previouslyannounced 2014 budget included six wells at Corvina and two atAlbacora, with additional wells subject to ongoing review of thedrilling campaign results.

The relocation of Corvina geological faultsbased on 3D seismic interpretation reduced Corvina probable andpossible oil reserves, while in Albacora probable oil reservesimproved based on the new 3D map.  Total probable reservesdeclined by 1.4 Mmbo, which included a Corvina reduction of 6.2Mmbo, offset by an increase at Albacora of 4.8 Mmbo.  Possiblereserves were lower by 10.2 Mmbo, mainly due to Corvinareductions.  The Corvina probable and possible oil reservevolumes, which were removed, are now mapped in a separate untestedfault block which lies between Corvina and Delfin.  Thisseparate fault block would need to be drilled and tested in thefuture for those volumes to be considered as reserves.

ABOUT BPZ ENERGY

Houston-based BPZ Energy, which trades as BPZResources, Inc. under ticker symbol BPZ on the New York StockExchange and the Bolsa de Valores in Lima, is an independent oiland gas exploration and production company which has licensecontracts covering approximately 1.9 million net acres in offshoreand onshore Peru.  The Company holds a 51% working interest inoffshore Block Z-1, which it is developing in partnership withPacific Rubiales Energy Corp.  The Company also holds 100%working interests in three onshore blocks, where explorationdrilling is underway at Block XXIII.  Please visit theCompany's website at www.bpzenergy.com for moreinformation.

FORWARD LOOKING STATEMENT

This Press Release contains forward-lookingstatements within the meaning of the Private Securities LitigationReform Act of 1995, Section 27A of the Securities Act of 1933 andSection 21E of the Securities Exchange Act of 1934.  Theseforward looking statements are based on our current expectationsabout our company, our properties, our estimates of requiredcapital expenditures and our industry. You can identify theseforward-looking statements when you see us using words such as"anticipates," "intends," "will," "expects," and other similarexpressions.  These forward-looking statements involve risksand uncertainties.

Our actual results could differ materiallyfrom those anticipated in these forward looking statements. Suchuncertainties include the success of our project financing efforts,accuracy of well test results, results of seismic testing, wellrefurbishment efforts, successful production of indicated reserves,satisfaction of well test period requirements, 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.

 CAUTIONARY STATEMENT REGARDINGCERTAIN INFORMATION RELEASES

The Company is aware that certaininformation concerning its operations and production is availablefrom time to time from Perupetro, an instrumentality of thePeruvian government, and the Ministry of Energy and Mines ("MEM"),a ministry of the government of Peru. This information is availablefrom the websites of Perupetro and MEM and may be available fromother official sources of which the Company is unaware.  Thisinformation is published by Perupetro and MEM outside the controlof the Company and may be published in a format different from theformat used by the Company to disclose such information, incompliance with SEC and other U.S. regulatoryrequirements.

Additionally, the Company's joint venturepartner in Block Z-1, Pacific Rubiales Energy Corp. ("PRE"), is aCanadian public company that is not listed on a U.S. stockexchange, but is listed on the Toronto (TSX), Bolsa de Valores deColombia (BVC) and BOVESPA stock exchanges.  As such PRE maybe subject to different information disclosure requirements thanthe Company.  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 theformat required, and at the times required, by the SEC and asdetermined to 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         1-281-752-1240         pierre_dubois@bpzenergy.com