Houston, Jan. 22, 2015 (GLOBE NEWSWIRE) -- BPZEnergy (NYSE: BPZ) (BVL: BPZ), an independent oil and gasexploration and production company, today provided initialproduction rates from the Albacora A-27Ddevelopment well at offshore Block Z-1. The Company holds a51% participation in Block Z-1 and all referenced well productionin this release. The A-27D well was drilled to a total measureddepth of approximately 14,500 feet. For the last 10 days, thewell has averaged approximately 1,135 barrels of oil per day (bopd)gross. For the last 24 hours, the well has averagedproduction of approximately 905 bopd, 3,700 thousand cubic feet ofgas per day and 2 barrels of water per day. Gas is mostlyreinjected due to the lack of a local commercial market at thistime. The well is producing better than previous recent wellsdue to additional pay opened in the Lower Zorritos sands. Given the positive results of the A-27D, the new Albacora A-22D development well was spud onJanuary 10, 2015. Targeted measured depth of the A-22D wellis 14,445 feet, which will also test the Mid and Lower Zorritossands. Results are expected in April. The Corvina CX15-8D developmentwell is currently being completed with results expected in February2015. The 8D well location helps extend the Corvina field tothe southwest. Block Z-1 Production from theCorvina and Albacora fields for full year 2014 averaged 5,055gross, or 2,578 bopd net to BPZ, which represents an 83% increasecompared to full year 2013 production of 2,761 bopd gross, or 1,408bopd net. For the fourth quarter 2014, production averagedapproximately 5,276 bopd gross, or 2,691 bopd net, which was 10%above third quarter 2014 production, and 94% higher than fourthquarter 2013 production. The 2014 exit rate for productionwas approximately 5,200 bopd, or 2,652 bopd net. January 2015 production to date has averagedapproximately 5,443 bopd gross, or 2,776 bopd net. Manolo Zuniga, President and CEOcommented, "Given the positive results on the A-27D, weapproved drilling of the A-22D well also targeting the Mid andLower Zorritos formation, particularly the new deeper oil tested inthe last three wells. We have also decided to perforatedeeper sands in the Albacora A-21D and A-26D in the first quarterof 2015. These interventions should enable us to increaseproduction with minimal capital, and we continue to look for othersimilar opportunities. While this work has been approved, thefull 2015 capital plan is still under review as we work with ourBlock Z-1 partner to reduce costs, and with our advisors onfinancing alternatives." 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 Albacora fieldswith joint venture partner Pacific Rubiales Energy Corp. Onshore, the Company holds 100% working interests in Blocks XIX,XXII and XXIII which total 1.6 million acres. In southwest Ecuador,the Company owns a non-operating net profits interest in aproducing property. BPZ Energy trades as BPZ Resources, Inc.on both the New York Stock Exchange and the Bolsa de Valores inLima 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. ###
CONTACT: A. Pierre Dubois Director, Investor Relations & Corporate Communications 1-281-752-1240 firstname.lastname@example.org