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

Bpz Resources, Inc.

CIK: 1023734 Ticker: BPZ

 

Exhibit 99.1

 

 



Investor and Media Contact:
A. Pierre Dubois
Investor Relations & Corporate Communications
BPZ Energy
(281) 752-1240
pierre_dubois@bpzenergy.com


BPZ Energy Provides Fourth Quarter and Year Ended December 31, 2012 Financial and Operational Results


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:


 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Began preparations for the new development drilling campaign.

 

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

 

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

 

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

 

Completed 2D and 3D onshore seismic interpretation.

 

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

Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parentheticals)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders’ Equity
Accounting Policies, By Policy (policies)
Document And Entity Information
Note 1 - Basis Of Presentation And Significant Accounting Policies
Note 1 - Basis Of Presentation And Significant Accounting Policies (detail)
Note 10 - Debt And Capital Lease Obligations
Note 10 - Debt And Capital Lease Obligations (detail)
Note 10 - Debt And Capital Lease Obligations (detail) - Convertible Debt Interest Expense
Note 10 - Debt And Capital Lease Obligations (detail) - Debt And Capital Lease Obligations
Note 10 - Debt And Capital Lease Obligations (detail) - Debt And Capital Lease Obligations (parentheticals)
Note 10 - Debt And Capital Lease Obligations (detail) - Debt Maturities
Note 10 - Debt And Capital Lease Obligations (detail) - Estimated Remaining Cash Payments
Note 10 - Debt And Capital Lease Obligations (detail) - Summary Of Interest Expense
Note 10 - Debt And Capital Lease Obligations (tables)
Note 11 - Derivative Financial Instruments
Note 11 - Derivative Financial Instruments (detail)
Note 11 - Derivative Financial Instruments (detail) - Amount Of (gain) Loss On Derivative Instruments Recognized In Income
Note 11 - Derivative Financial Instruments (tables)
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (detail)
Note 12 - Stockholders' Equity (detail) - Earnings (loss) Per Share Of Common Stock
Note 12 - Stockholders' Equity (detail) - Espp Valuation Assumptions
Note 12 - Stockholders' Equity (detail) - Stock Options Outstanding
Note 12 - Stockholders' Equity (detail) - Stock-based Compensation Costs
Note 12 - Stockholders' Equity (detail) - Summary Of Restricted Stock Activity
Note 12 - Stockholders' Equity (detail) - Summary Of Stock Option Activity
Note 12 - Stockholders' Equity (detail) - Valuation Assumptions
Note 12 - Stockholders' Equity (tables)
Note 13 - Fair Value Measurements And Disclosures
Note 13 - Fair Value Measurements And Disclosures (detail)
Note 13 - Fair Value Measurements And Disclosures (detail) - Assets And Liabilities Measured On A Recurring Basis
Note 13 - Fair Value Measurements And Disclosures (detail) - Fair Value Information Regarding Fixed Rate Debt
Note 13 - Fair Value Measurements And Disclosures (detail) - Fair Value Information Regarding Fixed Rate Debt (parentheticals)
Note 13 - Fair Value Measurements And Disclosures (tables)
Note 14 - Affiliate And Related Party Transactions
Note 14 - Affiliate And Related Party Transactions (detail)
Note 15 - Oil Revenue
Note 15 - Oil Revenue (detail)
Note 15 - Oil Revenue (detail) - Royalty Costs
Note 15 - Oil Revenue (tables)
Note 16 - Other Expense
Note 16 - Other Expense (detail)
Note 17 - Standby Costs
Note 17 - Standby Costs (detail)
Note 18 - Income Tax
Note 18 - Income Tax (detail)
Note 18 - Income Tax (detail) - Income Tax Expense (benefit)
Note 18 - Income Tax (detail) - Income Tax Rate Reconciliation
Note 18 - Income Tax (detail) - Source Of Net Loss Before Income Tax Expense (benefit)
Note 18 - Income Tax (detail) - Summary Of Deferred Taxes
Note 18 - Income Tax (tables)
Note 19 - Business Segment Information
Note 19 - Business Segment Information (detail)
Note 2 - Divestiture
Note 2 - Divestiture (detail)
Note 20 - Commitments And Contingencies
Note 20 - Commitments And Contingencies (detail)
Note 21 - Legal Proceedings
Note 22 - Operating Leases And Purchase Obligations
Note 22 - Operating Leases And Purchase Obligations (detail)
Note 22 - Operating Leases And Purchase Obligations (detail) - Minimum Commitment Payments
Note 22 - Operating Leases And Purchase Obligations (tables)
Note 23 - Subsequent Events
Note 23 - Subsequent Events (detail)
Note 24 - Quarterly Results Of Operations (unaudited)
Note 24 - Quarterly Results Of Operations (unaudited) (detail)
Note 24 - Quarterly Results Of Operations (unaudited) (detail) - Quarterly Results Of Operations (unaudited)
Note 24 - Quarterly Results Of Operations (unaudited) (tables)
Note 3 - Value-added Tax Receivable
Note 3 - Value-added Tax Receivable (detail)
Note 3 - Value-added Tax Receivable (detail) - Value-added Tax Receivable
Note 3 - Value-added Tax Receivable (tables)
Note 4 - Inventory
Note 4 - Inventory (detail) - Inventory
Note 4 - Inventory (tables)
Note 5 - Prepaid And Other Current Assets And Other Non-current Assets
Note 5 - Prepaid And Other Current Assets And Other Non-current Assets (detail)
Note 5 - Prepaid And Other Current Assets And Other Non-current Assets (detail) - Debt Issue Cost Amortized Into Interest Expense
Note 5 - Prepaid And Other Current Assets And Other Non-current Assets (detail) - Other Non-current Assets
Note 5 - Prepaid And Other Current Assets And Other Non-current Assets (detail) - Prepaid And Other Current Assets
Note 5 - Prepaid And Other Current Assets And Other Non-current Assets (tables)
Note 6 - Property, Equipment And Construction In Progress
Note 6 - Property, Equipment And Construction In Progress (detail)
Note 6 - Property, Equipment And Construction In Progress (detail) - Interest And Depreciation Expense Capitalized To Construction In Progress
Note 6 - Property, Equipment And Construction In Progress (detail) - Property, Equipment And Construction In Progress
Note 6 - Property, Equipment And Construction In Progress (tables)
Note 7 - Investment In Ecuador Property
Note 7 - Investment In Ecuador Property (detail)
Note 7 - Investment In Ecuador Property (detail) - Carrying Value Of Investment Property
Note 7 - Investment In Ecuador Property (detail) - Income (expense) From The Investment In The Ecuador Property
Note 7 - Investment In Ecuador Property (tables)
Note 8 - Restricted Cash And Performance Bonds
Note 8 - Restricted Cash And Performance Bonds (detail)
Note 8 - Restricted Cash And Performance Bonds (detail) - Restricted Cash
Note 8 - Restricted Cash And Performance Bonds (detail) - Restricted Cash (parentheticals)
Note 8 - Restricted Cash And Performance Bonds (tables)
Note 9 - Asset Retirement Obligation
Note 9 - Asset Retirement Obligation (detail)
Note 9 - Asset Retirement Obligation (detail) - Asset Retirement Obligations
Note 9 - Asset Retirement Obligation (tables)
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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