HOUSTON, Oct. 16, 2014 (GLOBE NEWSWIRE) -- BPZ Resources, Inc., (NYSE: BPZ) (BVL: BPZ),("BPZ" or the "Company"), today announced that it has withdrawn itspreviously announced private placement offer of $150 million insenior secured notes due 2019 due to adverse market conditions. President and CEO Manolo Zuniga commented, "Thecurrent market conditions have led us to conclude that our offeringof the senior secured notes is not in the best interests of theCompany at this time. We continue to monitor marketconditions, as well as review other options which would providecapital for the Company. A cash position of approximately $79million at the end of third quarter 2014 and continued productionand cash flow growth this year gives us confidence that we willobtain necessary financing in a timely manner." ABOUT BPZ ENERGY BPZ Energy, which trades as BPZ Resources, Inc.under ticker symbol BPZ on the New York Stock Exchange and theBolsa de Valores in Lima, is an independent oil and gas explorationand production company with license contracts covering 1.9 millionnet acres in four blocks located in northwest Peru. Currentoperations in these blocks range from early-stage exploration toproduction. The Company holds a 51% working interest inoffshore Block Z-1, where development drilling is currentlyunderway at the Corvina and Albacora fields. Onshore theCompany holds 100% working interests in three blocks. Insouthwest Ecuador, the Company owns a non-operating net profitsinterest in a producing property. 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"anticipates," "intends," "will," "expects," and other similarexpressions. These forward-looking statements involve risks anduncertainties.
Our actual results could differ materially fromthose anticipated in these forward looking statements. Suchuncertainties include the anticipated use of the proceeds from theoffering, the success of our project financing efforts, accuracy ofwell test results, results of seismic testing, well refurbishmentefforts, successful production of indicated reserves, receipt ofall required permits, the successful management of our capitalexpenditures, and other normal business risks. We undertake noobligation 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 Director, Investor Relations & Corporate Communications BPZ Energy 1-281-752-1240 email@example.com