Bpz Resources, Inc. (BPZ) 10-K Annual Report Fri Mar 15 2013

HOUSTON,TX ‒ March 7, 2013 ‒ 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, 2012.

Highlights:

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Closed and transferred a 49% participating interest in Block Z-1 to Pacific Rubiales Energy Corp.

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Finished the year with $126 million of remaining carry at Block Z-1.

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Ended the year with a cash and cash equivalents balance of $84 million and restricted cash balances of $73 million.

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Reduced bank debt by $47 million and extended the final maturity dates.

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Lowered general and administrative expenses by 18% as compared to 2011.

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Achieved the first million barrels of production from the Corvina 21XD well at the CX-11 platform.

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Completed fabrication, delivery and installation of the CX-15 platform at Corvina.

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Began preparations for the new development drilling campaign.

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Installed and commissioned the water and gas reinjection equipment at Albacora.

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Finished acquisition of 1,600 square kilometers of 3D seismic data on Block Z-1, with processing and interpretation ongoing.

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Continued optimization of Corvina and Albacora field oil production, with the workover campaign at Corvina recently reinitiated.

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Completed 2D and 3D onshore seismic interpretation.

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Received special recognition as a socially responsible company from Peru 2021 and the Peruvian National Society of Mining, Petroleum and Energy.

BPZ Energy President and CEO Manolo Zúñiga commented, “During 2012 we achieved our key objectives which will enable us to return to drilling. These efforts included finalizing a joint venture partnership to accelerate development of Block Z-1. With the added operational, technical and financial resources we are better positioned to execute our business plan.”

“Offshore the development drilling campaign at the Corvina CX-15 platform targeting 12 million of net proved undeveloped reserves will commence soon. Processing and interpretation of the comprehensive 3D seismic data acquired at Block Z-1 continues, which will further refine our development drilling locations and our future offshore exploration campaign. Subject to confirmation from the new 3D data, we are prepared to return to drilling at Albacora later this year.”

The following information was filed by Bpz Resources, Inc. (BPZ) on Monday, March 11, 2013 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Bpz Resources, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.29: Material Contract

Exhibit 10.30: Material Contract

Exhibit 10.38: Material Contract

Exhibit 10.39: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 99.1: Additional Exhibits

Ticker: BPZ
CIK: 1023734
Form Type: 10-K Annual Report
Accession Number: 0001437749-13-002962
Submitted to the SEC: Fri Mar 15 2013 12:53:28 PM EST
Accepted by the SEC: Fri Mar 15 2013
Period: Monday, December 31, 2012
Industry: Crude Petroleum And Natural Gas

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Bpz Resources, Inc. (BPZ) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

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