BPZ Energy Provides Block Z-1 Update
HOUSTON, April 2, 2013 (GLOBE NEWSWIRE) -- BPZ Energy (NYSE:BPZ) (BVL:BPZ), an
independent oil and gas exploration and production company, today provided an
update on offshore Block Z-1.
Platform monitoring and control system modifications to facilitate operation
of the CX-15 platform before new drilling can begin are being worked on by the
Block Z-1 partners. Temporary equipment is tracking platform response to
weather and ocean conditions as well as draft, while engineering and
installation of the modified onboard monitoring and control system is
completed. As a precaution, an anchoring system currently under construction
in Peru will be installed to provide redundancy to the spud can, which anchors
the platform. These modifications are expected to be completed at the same
time that the joint technical team completes its review of the available new
Corvina 3D seismic data to update the field's geological interpretation.
The Company will provide an additional update on the CX-15 drilling campaign
in the next two weeks.
As per the Block Z-1 joint venture agreement, Pacific Rubiales assumed the
role of Technical Operations Manager as of April 1, 2013.As a result, BPZ
Energy offshore field operations personnel have been transferred to Pacific
Rubiales to facilitate the transition and maintain continuity of operations.
BPZ remains Operator of the Block Z-1 license contract with a 51% interest,
maintaining responsibility for administrative, regulatory, government and
community related duties.
Manolo Zúñiga, President and CEO, commented, "I am pleased with the way the
technical teams of BPZ and Pacific Rubiales are working together to improve
the technical understanding of our joint opportunities.We have also been
working diligently to facilitate the transition as our partner assumes the
role of Technical Operations Manager.All these efforts are aimed at beginning
the CX-15 drilling campaign and further exploiting the potential of Block
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.The Company holds a 51% working interest and Pacific Rubiales Energy
Corp. holds a 49% working interest in offshore Block Z-1, for which current
activity includes the development of the Corvina oil discovery, as well as the
redevelopment of the Albacora 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
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
Our actual results could differ materially from those anticipated in these
forward looking statements. Such uncertainties include successful operation 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, 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
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, in
compliance 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
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