BPZ Resources Inc. Begins Voluntary Chapter 11 Proceeding

Houston, March 9, 2015 (GLOBE NEWSWIRE) -- BPZResources, Inc. (OTC: BPZR) announced today that it has filed avoluntary petition in the United States Bankruptcy Court for theSouthern District of Texas  (the "Bankruptcy Court") seekingrelief under the provisions of Chapter 11 of Title 11 of the UnitedStates Bankruptcy Code (the "Bankruptcy Code").  None of theCompany's direct or indirect subsidiaries has filed forreorganization under Chapter 11.

The Company will continue to operate itsbusiness as debtors-in-possession under the jurisdiction of theBankruptcy Court.  Its subsidiaries will continue to operatein the ordinary course. The Company is seeking approval from theBankruptcy Court for a variety of "first day" motions, includingauthority to maintain bank accounts and other customary relief.

President and Chief Executive Officer, ManoloZuniga, stated, "Given the industry downturn and our inability tofind a suitable financing resolution to our current debt maturityand interest payments, it has become necessary to pursue theChapter 11 process.  Our efforts to negotiate additionalfinancing to fund business activities and pursue identifiedstrategic alternatives were further impeded when oil pricesplummeted and production growth faltered, creating additionalobstacles to our restructuring efforts.  We will provideupdates on this process as they become available."

Additional information can be found on the BPZ website at www.bpzenergy.com and www.kccllc.net/bpz.

ABOUT BPZ ENERGY

BPZ Energy, which trades as BPZ Resources, Inc.under ticker symbol BPZR on the OTC marketplace, is an independentoil and gas exploration and production company which has licensecontracts covering approximately 1.9 million net acres in offshoreand onshore Peru.  The Company holds a 51% working interest inoffshore Block Z-1, which it is developing in partnership withPacific Rubiales Energy Corp.  The Company also holds 100%working interests 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: the availability and access, in general, offunds to meet principal and interest payment obligations under ourdebt and to fund our operations and necessary capital expenditures,either through cash on hand, cash flows from operating activities,further borrowings and alternative financing sources and, inparticular, our ability to fund debt obligations; the outcome ofour discussions with certain note holders regarding restructuringour bonds; our ability to comply with all covenants in ourindentures, any violation of which, if not cured in a timelymanner, could trigger a default of our other obligations undercross-default provisions;  our ability to repay debt prior toor when it becomes due and/or successfully access the capital orcredit markets to refinance that debt through new issuances,exchange offers or otherwise, including restructuring our balancesheet and leverage position, especially given recent volatility anddisruption in the oil and gas industry; successful operation of ournew platform in Corvina; the success of our project financingefforts; accuracy of well test results; results of seismic testing;well refurbishment efforts; successful production of indicatedreserves; satisfaction of well test period requirements; successfulinstallation of required permanent processing facilities; receiptof all required permits; the successful management of our capitalexpenditures; and other normal business risks.  We undertakeno obligation to publicly update any forward-looking statements forany reason, even if new information becomes available or otherevents occur in the future.

CAUTIONARY STATEMENT REGARDING CERTAININFORMATION RELEASES

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         Director, Investor Relations & Corporate Communications         BPZ Energy         1-281-752-1240         pierre_dubois@bpzenergy.com

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