BPZ Energy Announces New Corvina CX15-14D Well Online

Houston, Dec. 22, 2014 (GLOBE NEWSWIRE) -- BPZEnergy (NYSE: BPZ) (BVL: BPZ), an independent oil and gasexploration and production company, today provided initialproduction rates from the Corvina CX15-14Ddevelopment well completed in early December.  The well wasdrilled to a total measured depth of 7,845 feet and completed insix weeks.  For the last 10 days, the well has averagedapproximately 600 bopd, or 306 bopd net to BPZ.  For the last24 hours, the well has averaged 645 bopd, or 329 bopd net toBPZ. 

The CX15-14D well is located to the west of thesix previously drilled CX-15 wells.  The well encounteredcontinuity of sands and higher reservoir pressures, asexpected.  Following this reservoir trend, the CX15-8D development well spud on December 11 andtargets an area southwest of the CX15-14D.  Estimated totalmeasured depth of this new well is 9,600 feet which will target theUpper Zorritos formation where sands from other Corvina wells areproducing, as well as evaluate the potential of the deeper MiddleZorritos.  The CX15-8D well results are expected in February2015. 

The Albacora A-27D developmentwell, drilled to approximately 14,500 feet, is expected to beplaced on production this month, and due to testing of potentialnew deeper zones, results are now expected in January 2015. 

Block Z-1 production from theCorvina and Albacora fields for the fourth quarter period throughDecember 21, 2014 has averaged approximately 5,326 bopd gross, or2,716 bopd net to BPZ, which is above third quarter levels. Production for the last 24 hours has averaged 5,513 bopd gross, or2,812 bopd net to BPZ.

Manolo Zuniga, President and CEOcommented, "We are very pleased to bring another wellonline at the Corvina field and look forward to the Albacora A-27Dwell results and its potential impact on reserves.  Workcontinues on the 2015 capital and exploratory budget, which weexpect to share once finalized. Given the lower oil priceenvironment we are carefully reviewing our 2015 plans."

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 100% working interests inBlocks XIX, XXII and XXIII which total 1.6 million acres. Insouthwest 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 from disclosing estimates ofoil and gas resources that do not constitute "reserves" in our SECfilings, including any estimates of prospective resources includedin this press release.   We may use certain terms in thispress release such as "prospective" resources which imply theexistence of quantities of resources which the SEC guidelinesstrictly prohibit U.S. publicly registered companies from includingin reported reserves in their filings with the SEC.  Withrespect to "probable" and "possible" reserves, we are required todisclose the relative uncertainty of such classifications ofreserves when they are included in our SEC filings. The definitionof prospective resources has been excerpted from the PetroleumResources Management System approved by the Society of PetroleumEngineers (SPE) Board of Directors, March 2007.  Prospectiveresources are those quantities of petroleum estimated, as of agiven date, to be potentially recoverable from undiscoveredaccumulations by application of future development projects. Prospective resources have both an associated chance of discoveryand a chance of development.  Prospective resources arefurther subdivided in accordance with the level of certaintyassociated with recoverable estimates assuming their discovery anddevelopment and may be sub-classified based on projectmaturity.  Further, the reserves estimates contained in thispress release are not designed to be, nor are they intended torepresent, an estimate of the fair market value of thereserves.

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: Rick Menniti         Chief Financial Officer         1-281-752-1245         rick_menniti@bpzenergy.com                  A. Pierre Dubois         Director, Investor Relations & Corporate Communications         1-281-752-1240         pierre_dubois@bpzenergy.com

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