Houston, June 4, 2014 (GLOBE NEWSWIRE) -- BPZEnergy (NYSE: BPZ) (BVL: BPZ), an independent oil and gasexploration and production company, today provided the followingoperations update.  

Offshore Block Z-1 (51%BPZ)

Second quarter 2014 gross production from theBlock Z-1 development drilling program has averaged approximately5,435 barrels of oil per day (bopd), or 2,772 bopd net to BPZthrough June 3, 2014.

Albacora Field

The new A-21D development was completed inmid-May 2014 and the well has averaged 885 bopd gross, or 451 bopdnet to BPZ for the past ten days.  For the last 24 hours theA-21D well has averaged gross production of approximately 790 bopd,or net production to BPZ of 403 bopd.

The A-26D development well was spud on May 16,2014 and has a targeted measured depth of 12,800 feet.  Thewell is expected to be completed by the end of July 2014.

Corvina Field

Development drilling of the Corvina CX15-5D wellcontinues with results expected in July 2014.

Onshore Block XXIII (100%BPZ)

Additional testing is expected to begin soon atthe Caracol 1X well as the workover rig is now on site. Testing will then be conducted at the Cardo 2X and Piedra Candela3X wells with the same rig.  The three-well testing program isexpected to be completed by the end of September 2014.

ABOUT BPZ ENERGY

BPZ Energy is an independent oil and gasexploration and production company with license contracts covering1.9 million net acres in four blocks located in northwestPeru.  Current operations in these blocks range fromearly-stage exploration to production.  The Company holds a51% working interest in offshore Block Z-1, where developmentdrilling is currently underway at the Corvina and Albacorafields.  Onshore the Company holds three 100%-owned blockswith exploration drilling currently underway at Block XXIII. In southwest Ecuador, the Company owns a non-operating net profitsinterest in a producing property.  BPZ Energy trades as BPZResources, Inc. on both the New York Stock Exchange and the Bolsade Valores in Lima under ticker symbol "BPZ".  Please visit 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. These forwardlooking statements are based on our current expectations about ourcompany, our properties, our estimates of required capitalexpenditures and our industry. You can identify theseforward-looking statements when you see us using words such as"will," "expected," "estimated," and "prospective," and othersimilar expressions.  These forward-looking statements involverisks and uncertainties.

Our actual results could differ materially fromthose anticipated in these forward looking statements. Suchuncertainties include successful operation of our new platform inCorvina, 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, successful installation ofrequired permanent processing facilities, receipt of all requiredpermits, the successful management of our capital expenditures, andother normal business risks.  We undertake no obligation topublicly update any forward-looking statements for any reason, evenif new information becomes available or other events occur in thefuture.

CAUTIONARY STATEMENT REGARDING CERTAININFORMATION RELEASES

The U.S. Securities and Exchange Commission(SEC) permits oil and gas companies, in their filings with the SEC,to disclose only "reserves" that a company anticipates to beeconomically producible by application of development projects toknown accumulations, and there exists or is a reasonableexpectation there will exist, the legal right to produce, or arevenue interest in the production, installed means of deliveringoil and gas or related substances to market, and all permits andfinancing required to implement the project. We are prohibited fromdisclosing estimates of oil and gas resources that do notconstitute "reserves" in our SEC filings, including any estimatesof contingent and prospective resources included in this pressrelease.  With respect to "probable" and "possible" reserves,we are required to disclose the relative uncertainty of suchclassifications of reserves when they are included in our SECfilings. Further, the reserves estimates contained in this pressrelease are not designed to be, nor are they intended to represent,an estimate of the fair market value of the reserves.

The Company is aware that certain informationconcerning its operations and production is available from time totime from Perupetro, an instrumentality of the Peruvian government,and the Ministry of Energy and Mines ("MEM"), a ministry of thegovernment of Peru.  This information is available from thewebsites of Perupetro and MEM and may be available from otherofficial 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. regulatory requirements.

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. regulatory requirements.

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