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Bpz Resources, Inc. (BPZ) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2007

Bpz Resources, Inc.

CIK: 1023734 Ticker: BPZ

 

Exhibit 99.1

 

 

 

 

 

News Release

 

 

 

 

Contact:

Greg Smith

 

 

Director of Investor Relations and

 

 

Corporate Communications

 

 

281-556-6200

 

 

 

 

BPZ Energy Announces 2007 SEC Proved Reserves and Financial Data

 

Houston---March 5, 2008---BPZ Resources, Inc. (AMEX:BZP) today announced that its total net proved reserves as of December 31, 2007 consisted of 11,939,732 barrels of crude oil. The report was prepared by the independent reserve engineering firm Netherland Sewell and Associates, Inc. (NSAI) covering a portion of the Company’s Block Z-1 Corvina offshore field located in northwest Peru.  The report did not include reserves attributed to the new wells drilled as part of the 2008 drilling program (primarily the 18XD).  The report estimates the present value of the future net cash flows before income taxes of the Company’s proved oil and gas reserves at the end of 2007 using a discount rate of 10% to be approximately $608.9 million.  The Company’s reserves separated by proved developed producing and proved undeveloped and associated revenue on a PV-10 basis before deduction for income taxes are set forth below:

 

SEC Proved Reserves

As of December 31, 2007

 

 

 

Reserves
(Mmbo)

 

PV-10 (pre-tax)
(million US$)

 

 

 

 

 

 

 

Proved Developed Producing

 

3.0

 

$

175.9

 

 

 

 

 

 

 

Proved Undeveloped

 

8.9

 

$

433.0

 

 

 

 

 

 

 

Total Proved

 

11.9

 

$

608.9

 

 


The following information was filed by Bpz Resources, Inc. (BPZ) on Wednesday, March 5, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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Bpz Resources, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2008 10-K Annual Report includes:

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SEC Filing Tools
Ticker: BPZ
CIK: 1023734
Form Type: 10-K Annual Report
Accession Number: 0001104659-08-017710
Submitted to the SEC: Fri Mar 14 2008 5:04:30 PM EST
Accepted by the SEC: Fri Mar 14 2008
Period: Monday, December 31, 2007
Industry: Crude Petroleum And Natural Gas

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