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Bpz Resources, Inc. (BPZ) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Bpz Resources, Inc.

CIK: 1023734 Ticker: BPZ

Exhibit 99.1

 

 

News Release

 

BPZ Energy Provides Fourth Quarter and Year Ended December 31, 2011

 

Financial and Operational Results

 

HOUSTON,TX — March 8, 2012 — BPZ Energy (NYSE:BPZ) (BVL:BPZ), an independent oil and gas exploration and production company, today provided summary financial and operational results for the fourth quarter and full year ended December 31, 2011.

 

During 2011 and year-to-date, the Company:

 

·                  Installed reinjection equipment on the Albacora field platform

·                  Implemented gas cap reinjection at the Corvina field

·                  Started artificial lift programs in both offshore fields

·                  Began fabrication of the new Corvina CX-15 platform

·                  Completed seismic interpretation of new data at onshore Blocks XXII and XXIII

·                  Began acquisition of a 3-D seismic survey in offshore Block Z-1

·                  Launched the strategic partnering process on Block Z-1

·                  Obtained $115 million of financings

·                  Listed common shares on the Bolsa de Valores in Lima, and

·                  Continued the team transformation with appointment of a new Chief Financial Officer

 

Commenting on the results, President and CEO Manolo Zúñiga said, “In early 2011 we implemented five strategic initiatives to further strengthen the foundation of our Company.  These include completion of the permanent production facilities at Albacora, continued optimization of production at the Corvina and Albacora fields, developing 23 million barrels of Corvina proved undeveloped reserves from a new CX-15 platform, exploring onshore and offshore, and launching a partnering process to unlock asset value.

 

I am pleased to report that we are progressing on all our initiatives.  At Albacora, reinjection equipment is now installed and tested.  Production continues at the field during the final permitting process which will allow commissioning of the equipment.  The Albacora A-14XD well production was successfully restored during January 2012.  Work continues to further optimize Albacora production, including the implementation of an artificial lift program.

 

At Corvina, an expanded workover program to implement a gas cap reinjection program to correct steep production declines has yielded positive field performance results.  We are encouraged by this reservoir management initiative.  As a result of the well work activities at both fields, lease operating expenses were higher during 2011, compared to 2010.”

 


The following information was filed by Bpz Resources, Inc. (BPZ) on Monday, March 12, 2012 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: 0001104659-12-018171
Submitted to the SEC: Wed Mar 14 2012 1:09:23 PM EST
Accepted by the SEC: Wed Mar 14 2012
Period: Saturday, December 31, 2011
Industry: Crude Petroleum And Natural Gas

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