BPZ Energy Announces Recommencement of Development Drilling at Albacora Field Platform

BPZ Energy Announces Recommencement of Development Drilling at Albacora Field
Platform

Houston, Sept. 30, 2013 (GLOBE NEWSWIRE) -- BPZ Energy(NYSE: BPZ) (BVL: BPZ),
today announced spudding of the A-18D development well at the Albacora field
platform, located in offshore Block Z-1 in Peru. Drilling and completion of
the well is expected to take up to twelve weeks. Targeted depth of the well
will be approximately 12,000 feet subsea.

BPZ Energy President and CEO Manolo Zuniga commented, "We are excited to
recommence drilling at the Albacora field, our second development drilling
program now underway at Block Z-1 with our partner Pacific Rubiales Energy
Corp. At the Corvina field, we expect to share the results of the first
development well at the CX-15 platform before the end of October. In the
meantime, the next Corvina and Albacora development well locations have
already been selected. 

We have also taken steps to optimize our balance sheet by issuing new
convertible bonds and retiring some existing shorter dated bonds which will
improve our debt maturity profile, and we repaid the remaining balance of our
secured bank facility as well. We look forward to continued execution of our
operational and financial plans to grow production, cash flow and achieve
profitability."

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 covering approximately 2.0 million net acres in offshore and
onshore Peru. The Company holds a 51% in offshore Block Z-1, which it is
developing in partnership with Pacific Rubiales Energy Corp. (TSX:PRE; BVC:
PREC; BOVESPA: PREB). The Company also holds 100% working interests in three
onshore blocks. 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 "anticipates," "intends," "will," "expects," 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 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, 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, 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: A. Pierre Dubois
         Investor Relations & Corporate Communications
         BPZ Energy
         281-752-1240
         pierre_dubois@bpzenergy.com
 
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