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Bpz Resources, Inc. (BPZ) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

Bpz Resources, Inc.

CIK: 1023734 Ticker: BPZ

Exhibit 99.1

 

 

 

News Release

 

 

 

Contact:

Greg Smith

 

 

Director of Investor Relations and

 

 

Corporate Communications

 

 

281-752-1240

 

BPZ Energy Announces 2008 SEC Reserves; Provides Operations Update

 

Houston---February 5, 2009---BPZ Resources, Inc. (NYSE Alternext US: BPZ) today announced that its total net proved reserves as of December 31, 2008 consisted of 17.1 million barrels of crude oil (Mmbo).  The reserves report was prepared under the rules of the Securities and Exchange Commission (SEC) 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.  This is approximately a 44% increase over the Company’s proved reserves reported as of December 31, 2007.  The report also estimates the present value of the future net cash flows of the Company’s proved oil and gas reserves at the end of 2008, using a discount rate of 10% (PV-10) and a referential oil price of $37.80.  The Company’s reserves categorized by proved developed producing and proved undeveloped and associated Standardized Measure of future net cash flow are set forth below:

 

Net Proved Crude Oil and Natural Gas Reserves and Future Net Cash Flows

 

As of December 31, 2008

 

(Quantities in barrels)

 

 

 

Actual

 

Proved Developed Producing

 

4,223,398

 

Proved Undeveloped

 

12,930,405

 

Total Proved Reserves

 

17,153,803

 

Standardized Measure of Discounted Future Net Cash Flows, Discounted @ 10%

 

$

298,611,297

 

 

The Company previously announced the oil reserves from the Corvina field as of December 31, 2008, were approximately 25 million barrels of crude oil based on definitions and guidelines set forth in the 1997 Petroleum Resources Management System approved by the Society of Petroleum Engineers (SPE), which also constituted an approximate increase of 40% against the prior year estimates using the same SPE guidlines.  The primary difference between SPE and SEC oil reserve estimates is the number of proved undeveloped locations permitted under the respective guidelines for each well that has been completed.  The credit facility currently under negotiation is based on Corvina oil reserves using the SPE estimates as mandated by the bank.  The Corvina field requires 14 wells to drain the corresponding proved reserves under the guidelines set forth by the SEC, while under the SPE guidelines for Corvina the larger proved area requires a total of 20 wells to drain the corresponding proved reserves.

 


The following information was filed by Bpz Resources, Inc. (BPZ) on Thursday, February 5, 2009 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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Ticker: BPZ
CIK: 1023734
Form Type: 10-K Annual Report
Accession Number: 0001104659-09-013236
Submitted to the SEC: Mon Mar 02 2009 6:19:30 AM EST
Accepted by the SEC: Mon Mar 02 2009
Period: Wednesday, December 31, 2008
Industry: Crude Petroleum And Natural Gas

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