Houston, Dec. 10, 2014 (GLOBE NEWSWIRE) -- BPZResources Inc. (the "Company") (NYSE: BPZ) (BVL: BPZ), todayannounced that on December 8, 2014, the Company receivednotification from the New York Stock Exchange (NYSE) that theCompany had fallen below the NYSE's continued listing standard,which requires a minimum average closing price of $1.00 per shareover 30 consecutive trading days. The NYSE has informed the Company that it hasuntil June 8, 2015 (the "Compliance Date") to bring its averageshare price back above $1.00. Under the NYSE rules, theCompany's common stock will continue to be listed on the NYSE atleast until the Compliance Date, subject to the Company'scompliance with other standard NYSE continued listing requirements. The Company will timely notify the NYSE that it intends tocure the deficiency. The Company's business operations, securities reportingrequirements, and debt obligations are unaffected by thisnotification. Manolo Zuniga, President and CEO of BPZ Energystated, "We do not believe that BPZ's current stock price isindicative of the value of the Company. The Company isconsidering available options to regain compliance and is pursuingvarious strategies to remain a listed company. We continueworking to increase production and reduce costs. Two newwells are being completed and we expect to report production ratesthis month. Current efforts are also focused on a review ofstrategic and financing alternatives to enable us to execute ourbusiness plan. We intend to remain a going concern." 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 which has license contracts coveringapproximately 1.9 million net acres in offshore and onshorePeru. The Company holds a 51% working interest in offshoreBlock Z-1, which it is developing in partnership with PacificRubiales Energy Corp. The Company also holds 100% workinginterests in three onshore blocks. 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. ###
CONTACT: A. Pierre Dubois Director, Investor Relations & Corporate Communications BPZ Energy 281-752-1240 email@example.com