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Bpz Resources, Inc. (BPZ) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2013

Bpz Resources, Inc.

CIK: 1023734 Ticker: BPZ

Exhibit 99.1

 

 

     

 

News Release

 

Investor and Media Contact:

A. Pierre Dubois

Investor Relations & Corporate Communications

BPZ Energy

(281) 752-1240

pierre_dubois@bpzenergy.com

 

 

 

BPZ Energy Reports Third Quarter 2013 Financial Results and

 

Provides Update on Development Drilling

 

HOUSTON, TX – November 7, 2013 –

BPZ Energy, (NYSE: BPZ) (BVL: BPZ), an independent oil and gas exploration and production company, today reported third quarter and nine-month 2013 financial results as well as an operational update.

 

President and CEO Manolo Zuniga commented, “I am pleased to report initial results from the new Corvina CX-15 platform at Block Z-1. I congratulate the teams for placing the CX15-1D well on production, which is the first well in a multi-well development drilling program underway at the Corvina field. The CX15-1D well is being evaluated with one of four intervals open during the last 10 days, and gross production of approximately 500 bopd over the last 24 hours. We have also started drilling the CX15-2D well this week while we continue to evaluate the CX15-1D well. At Albacora drilling is underway at the A-18D development well. In addition to the ongoing drilling at Corvina and Albacora, we are still on track to begin exploration drilling onshore at Block XXIII by the end of this year.”

 

Financial Summary

 

For the third quarter ended September 30, 2013, the Company reported an operating loss of $10.9 million and net loss of $15.3 million, or $0.13 loss per share, compared with an operating loss of $13.2 million and a net loss of $17.1 million, or $0.15 loss per share, for the same period last year. Third quarter 2013 operating results improved mainly due to lower lease operating expense, lower geological geophysical and engineering expense, and lower depreciation, depletion and amortization expense, partially offset by lower revenue from lower net production.

 

For the nine months ended September 2013, the Company reported an operating loss of $30.8 million and net loss of $47.7 million, or $0.41 loss per share, compared with an operating loss of $38.9 million, and a net loss of $52.9 million or $0.46 loss per share for the same period last year. The improved operating result for the nine months ended September 30, 2013, compared to the same period last year, was mainly due to lower geological, geophysical and engineering expenses, lower lease operating expenses, lower depreciation, depletion and amortization expenses and lower general and administrative expenses, partially offset by the impact on operating loss from lower revenue due to lower net production.

 

 
 

The following information was filed by Bpz Resources, Inc. (BPZ) on Friday, November 8, 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-Q Quarterly 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-Q Quarterly Report

Consolidated Balance Sheets (current Period Unaudited)
Consolidated Balance Sheets (current Period Unaudited) (parentheticals)
Consolidated Statements Of Cash Flows (unaudited)
Consolidated Statements Of Operations (unaudited)
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 (details)
Note 10 - Debt
Note 10 - Debt (details)
Note 10 - Debt (details) - Convertible Debt Interest Expense
Note 10 - Debt (details) - Debt
Note 10 - Debt (details) - Debt (parentheticals)
Note 10 - Debt (details) - Estimated Remaining Cash Payments
Note 10 - Debt (details) - Summary Of Interest Expense
Note 10 - Debt (tables)
Note 11 - Derivative Financial Instruments
Note 11 - Derivative Financial Instruments (details)
Note 11 - Derivative Financial Instruments (details) - Amount Of Gain (loss) On Derivative Instruments Recognized In Income
Note 11 - Derivative Financial Instruments (tables)
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (details)
Note 12 - Stockholders' Equity (details) - Earnings (loss) Per Share Of Common Stock
Note 12 - Stockholders' Equity (details) - Stock-based Compensation Costs
Note 12 - Stockholders' Equity (tables)
Note 13 - Fair Value Measurements And Disclosures
Note 13 - Fair Value Measurements And Disclosures (details)
Note 13 - Fair Value Measurements And Disclosures (details) - Assets And Liabilities Measured On A Recurring Basis
Note 13 - Fair Value Measurements And Disclosures (details) - Fair Value Of Company’s Fixed Rate Debt
Note 13 - Fair Value Measurements And Disclosures (details) - Fair Value Of Company’s Fixed Rate Debt (parentheticals)
Note 13 - Fair Value Measurements And Disclosures (tables)
Note 14 - Oil Revenue
Note 14 - Oil Revenue (details)
Note 14 - Oil Revenue (details) - Royalty Costs
Note 14 - Oil Revenue (tables)
Note 15 - Standby Costs
Note 15 - Standby Costs (details)
Note 16 - Other Operating Expense
Note 16 - Other Operating Expense (details)
Note 17 - Income Tax
Note 17 - Income Tax (details)
Note 17 - Income Tax (details) - Breakdown Of Income Taxes
Note 17 - Income Tax (tables)
Note 18 - Business Segment Information
Note 18 - Business Segment Information (details)
Note 19 - Commitments And Contingencies
Note 19 - Commitments And Contingencies (details)
Note 2 - Divestiture
Note 2 - Divestiture (details)
Note 20 - Legal Proceedings
Note 3 - Receivables, Accounts Payable And Accrued Liabilities
Note 3 - Receivables, Accounts Payable And Accrued Liabilities (details)
Note 3 - Receivables, Accounts Payable And Accrued Liabilities (details) - Summary Of Accounts Payable
Note 3 - Receivables, Accounts Payable And Accrued Liabilities (details) - Summary Of Accounts Receivable
Note 3 - Receivables, Accounts Payable And Accrued Liabilities (details) - Value-added Tax Receivable
Note 3 - Receivables, Accounts Payable And Accrued Liabilities (tables)
Note 4 - Inventory
Note 4 - Inventory (details) - 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 (details)
Note 5 - Prepaid And Other Current Assets And Other Non-current Assets (details) - Debt Issue Cost Amortized Into Interest Expense
Note 5 - Prepaid And Other Current Assets And Other Non-current Assets (details) - Other Non-current Assets
Note 5 - Prepaid And Other Current Assets And Other Non-current Assets (details) - 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 (details)
Note 6 - Property, Equipment And Construction In Progress (details) - Interest And Depreciation Expense Capitalized To Construction In Progress
Note 6 - Property, Equipment And Construction In Progress (details) - Property, Equipment And Construction In Progress
Note 6 - Property, Equipment And Construction In Progress (tables)
Note 7 - Asset Retirement Obligation
Note 7 - Asset Retirement Obligation (details)
Note 7 - Asset Retirement Obligation (details) - Asset Retirement Obligations
Note 7 - Asset Retirement Obligation (tables)
Note 8 - Investment In Ecuador Property
Note 8 - Investment In Ecuador Property (details)
Note 8 - Investment In Ecuador Property (details) - Carrying Value Of Investment Property
Note 8 - Investment In Ecuador Property (details) - Income (expense) From The Investment In The Ecuador Property
Note 8 - Investment In Ecuador Property (tables)
Note 9 - Restricted Cash And Performance Bonds
Note 9 - Restricted Cash And Performance Bonds (details)
Note 9 - Restricted Cash And Performance Bonds (details) - Restricted Cash
Note 9 - Restricted Cash And Performance Bonds (details) - Restricted Cash (parentheticals)
Note 9 - Restricted Cash And Performance Bonds (tables)
Ticker: BPZ
CIK: 1023734
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-13-014264
Submitted to the SEC: Fri Nov 08 2013 1:44:02 PM EST
Accepted by the SEC: Fri Nov 08 2013
Period: Monday, September 30, 2013
Industry: Crude Petroleum And Natural Gas

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