BPZ Energy Provides Block Z-1 Operations Update

BPZ Energy Provides Block Z-1 Operations Update

HOUSTON, April 16, 2013 (GLOBE NEWSWIRE) -- BPZ Energy (NYSE:BPZ) (BVL:BPZ),
an independent oil and gas exploration and production company, today provided
an operational update for offshore Block Z-1.

PRODUCTION

For the first quarter ended March 31, 2013, average combined production from
the Corvina and Albacora fields at offshore Block Z-1 was 1,491 net (2,924
gross) barrels of oil per day (bopd).

CORVINA FIELD

CX-15 Drilling Program

The previously announced modifications to the new CX-15 platform are still
underway. Construction of a platform anchoring system which will provide
redundancy to the existing platform spud can is almost complete.The joint
technical team continues to interpret the available Corvina 3D seismic, and an
additional update will be provided after meetings are held to verify the
drilling locations.

CX-11 Workover Campaign

The workover of the Corvina CX-11, 14D well is progressing with a mini-frac
having been performed.The workover rig is preparing to run a final completion
string in the well.

ALBACORA

Early processing results of the 3D seismic data acquired over the Albacora
field are expected to be received by the end of April. Joint technical teams
will begin interpretation of this data looking to confirm drilling
opportunities.

Manolo Zúñiga,president and CEO of BPZ Energy commented, "We are working with
Pacific Rubiales to finalize certain modifications at the CX-15 platform, as
well as carefully review all available 3D seismic data for Corvina, before we
commence the development drilling program.In the interim, we continue to
implement the workover campaign at the Corvina CX-11 platform, review 3D
seismic at Albacora to guide our decision for future drilling at the field,
and continue interpretation of the Phase I processed 3D data to help define
our future exploration campaigns."

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
information.

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 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
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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