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BPZ Energy Announces Receipt of Peruvian Supreme Decree to Amend Block Z-1 License Agreement

BPZ Energy Announces Receipt of Peruvian Supreme Decree to Amend Block Z-1
License Agreement

HOUSTON, Dec. 31, 2012 (GLOBE NEWSWIRE) -- BPZ Energy (NYSE:BPZ) (BVL:BPZ), an
independent oil and gas exploration and production company, today announced
that the Peruvian Government has signed the Supreme Decree authorizing
Perupetro to execute the amendment to the Block Z-1 License to add Pacific
Rubiales Corp. (TSX:PRE) (BVC:PREC) (BOVESPA:PREB) to the Z-1 License
Contract.

President and CEO Manolo Zúñiga commented, "We appreciate the hard work of the
BPZ and Pacific Rubiales teams dedicated to this process that helped us obtain
the necessary approvals before year-end. With the contractual agreements
closed and the Supreme Decree now received, our partnership with Pacific
Rubiales enters the new year intently focused on production growth at Block
Z-1."

ABOUT BPZ ENERGY

Houston-based BPZ Energy, which trades as BPZ Resources, Inc. under ticker
symbol BPZ on the New York Stock Exchange and the Bolsa de Valores in Lima, is
an independent oil and gas exploration and production company which has
license contracts for oil and gas exploration and production covering
approximately 2.2 million gross acres in four properties in northwest Peru.In
partnership with Pacific Rubiales Energy Corp., the Company is currently
executing the development in offshore Block Z-1 of the Corvina oil discovery,
as well as the redevelopment of the Albacora oil field.

In addition, the Company is pursuing the exploration of onshore Blocks XIX,
XXII and XXIII, in parallel with the execution of an integrated gas-to-power
strategy, which includes generation and sale of electric power in Peru and the
development of a regional gas marketing strategy.The Company also owns a
non-operating net profits interest in a producing property in southwest
Ecuador.Please visit the Company's website at www.bpzenergy.com for more
information.

ABOUT PACIFIC RUBIALES

Pacific Rubiales, a Canadian-based company and producer of natural gas and
heavy crude oil, owns 100 percent of Meta Petroleum Corp., a Colombian oil
operator which operates the Rubiales, Piriri and Quifa oil fields in the
Llanos Basin in association with Ecopetrol, S.A., the Colombian national oil
company, and 100 percent of Pacific Stratus Energy Corp. which operates the La
Creciente natural gas field, and light oil assets from the recent acquisition
of PetroMagdalena Energy Corp.

The Company's common shares trade on the Toronto Stock Exchange and La Bolsa
de Valores de Colombia and as Brazilian Depositary Receipts on Brazil's Bolsa
de Valores Mercadorias e Futuros under the ticker symbols PRE, PREC, and PREB,
respectively.

FORWARD LOOKING STATEMENT

This Press Release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
These forward looking statements are based on our current expectations about
our company, our properties, our estimates of required capital expenditures
and our industry. You can identify these forward-looking statements when you
see us using words such as "will," "expected," "estimated," and "prospective,"
and other similar expressions.These forward-looking statements involve risks
and uncertainties.

Our actual results could differ materially from those anticipated in these
forward looking statements. Such uncertainties include successful installation
of our new platform in Corvina, the success of our project financing efforts,
accuracy of well test results, results of seismic testing, well refurbishment
efforts, successful production of indicated reserves, satisfaction of well
test period requirements, successful installation of required permanent
processing facilities, receipt of all required permits, receipt of final,
formal approval for our joint venture partner in Block Z-1, and the successful
management of our capital expenditures, and other normal business risks. We
undertake no obligation to publicly update any forward-looking statements for
any reason, even if new information becomes available or other events occur in
the future.

CAUTIONARY STATEMENT REGARDING CERTAIN INFORMATION RELEASES

The Company is aware that certain information concerning its operations and
production is available from time to time from Perupetro, an instrumentality
of the Peruvian government, and the Ministry of Energy and Mines ("MEM"), a
ministry of the government of Peru. This information is available from the
websites of Perupetro and MEM and may be available from other official sources
of which the Company is unaware. This information is published by Perupetro
and MEM outside the control of the Company and may be published in a format
different from the format used by the Company to disclose such information, in
compliance with SEC and other U.S. regulatory requirements.

Additionally, the Company's joint venture partner in Block Z-1, Pacific
Rubiales Energy Corp. ("PRE"), is a Canadian public company that is not listed
on a U.S. stock exchange, but is listed on the Toronto (TSX), Bolsa de Valores
de Colombia (BVC) and BOVESPA stock exchanges.As such PRE may be subject to
different information disclosure requirements than the Company.Information
concerning the Company, such as information concerning energy reserves, may be
published by PRE outside of our control and may be published in a format
different from the format the Company uses to disclose such information,
incompliance with SEC and other U.S. regulatory requirements.

The Company provides such information in the format required, and at the times
required, by the SEC and as determined to be both material and relevant by
management of the Company.The Company urges interested investors and third
parties 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 can also be obtained from the SEC via the
internet at www.sec.gov.

CONTACT: INVESTOR AND MEDIA CONTACT:
         A. Pierre Dubois
         Investor Relations & Corporate Communications
         BPZ Energy
         (281) 752-1240
         pierre_dubois@bpzenergy.com
 
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