BPZ Energy Provides Operational Update

BPZ Energy Provides Operational Update

HOUSTON, May 8, 2013 (GLOBE NEWSWIRE) -- BPZ Energy, (NYSE:BPZ) (BVL:BPZ), an
independent oil and gas exploration and production company, today provided an
offshore and onshore operations update.

OFFSHORE BLOCK Z-1

CX-15 Corvina Field

It is expected that CX-15 drilling operations will begin in early July, upon
completion of pre-drilling preparations currently underway. These preparations
include installation of a platform anchoring system, already constructed,
which will provide redundancy to the existing platform spud can.As a further
precaution, ocean floor disturbance around the platform spud can will also be
remediated with sand. Installation of the enhanced platform draft monitoring
equipment is complete, and improvement to control system instrumentation is
expected to be completed by late June.

Albacora Field

After review of 3D seismic results, the joint venture operating committee has
agreed to reinitiate the Albacora development drilling campaign.Spudding of
the first well is expected by early August 2013, once the Petrex 18 drilling
rig is mobilized to the platform, with drilling and completion of the well
estimated to take twelve weeks.

All planned 2013 capital and exploratory expenses in Block Z-1 are expected to
be fully carried by Pacific Rubiales Energy Corp.As of April 1, 2013, Pacific
Rubiales assumed the role of technical operations manager at Block Z-1.

CX-11 Workover Campaign

The final completion string is being run into the 14D well, with subsequent
plans to perforate a lower zone. Once complete, the workover rig will move to
the 15D well.

ONSHORE BLOCK XXIII

Permits for final drilling locations at Block XXIII are expected to be
received soon, with new exploration drilling of mapped shallow oil prospects
expected to begin in the second half of 2013.

Manolo Zúñiga, president and CEO of BPZ Energy commented, "This is a pivotal
year for our Company as we reinitiate offshore development drilling at
Corvina, return to drilling at Albacora, and begin exploration drilling at
Block XXIII.In the second half of this year, we could have three drilling
rigs and a workover rig running.This enhanced level of operational activity
will serve as a catalyst for increased production.The investment in 2D and 3D
seismic data acquired at Block Z-1 and Block XXIII has been instrumental in
laying the groundwork for these drilling campaigns, as well as future
exploration. In this respect, the joint venture technical teams continue to
review the acquired 3D seismic data on eight shallow water Block Z-1
prospects, which have been included in the recently initiated environmental
permitting process."

Conference Call Information

The Company has scheduled a conference call and webcast to discuss first
quarter 2013 results on Friday, May 10, 2013, at 10:00 a.m. CT (11:00 a.m.
ET.)

The live conference call may be accessed via the Investor Relations section of
the Company's website at http://www.bpzenergy.com or by accessing the
following dial-in numbers:

US and Canada Dial-In: (877) 293-5457
International Dial-In:  (707) 287-9344
Conference Code:       58851427   

A replay of the conference call will be available at the Investor Relations
section of the Company's website.

ABOUT BPZ ENERGY

BPZ Energy is an independent oil and gas exploration and production company
with license contracts covering 1.9 million net acres in four blocks located
in northwest Peru. Current operations in these blocks range from early-stage
exploration to production. The Company holds a 51% working interest in the
offshore Block Z-1, which is producing crude oil from the Corvina and Albacora
fields. Pacific Rubiales Energy Corp., with a 49% working interest, serves as
technical operations manager.

Onshore, the focus has been seismic data acquisition at Blocks XIX, XXII and
XXIII to lay the groundwork for future exploration drilling. As part of the
overall gas marketing strategy, we are also evaluating a gas-to-power plant
project in Peru. In southwest Ecuador, we own a non-operating net profits
interest in a producing property. BPZ Energy trades as BPZ Resources, Inc. on
both the New York Stock Exchange and the Bolsa de Valores in Lima under the
ticker "BPZ". Please visit our 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 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 be economically producible by application of
development projects to known accumulations, and there exists or is a
reasonable expectation there will exist, the legal right to produce, or a
revenue interest in the production, installed means of delivering oil and gas
or related substances to market, and all permits and financing required to
implement the project. We are prohibited from disclosing estimates of oil and
gas resources that do not constitute "reserves" in our SEC filings, including
the estimates of contingent and prospective resources included in this press
release. With respect to "probable" and "possible" reserves, we are required
to disclose the relative uncertainty of such classifications of reserves when
they are included in our SEC filings. Further, the reserves estimates
contained in this press release are not designed to be, nor are they intended
to represent, an estimate of the fair market value of the reserves.

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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