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Bpz Resources, Inc. (BPZ) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

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 Reports Fourth Quarter and Year Ended December 31, 2013 Results and

Production from New Albacora A-19D Well

Corrected Press Release

 

HOUSTON,TX ‒ March 6, 2014 ‒

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, 2013 along with recent results on the Albacora A-19D well.

 

Full year 2013 and year-to-date 2014 highlights for BPZ Energy include:

 

Initiated the Block Z-1 development drilling campaign at both the Corvina CX-15 and Albacora platforms.

 

Brought production online from a total of four new wells at the Corvina and Albacora fields.

 

Achieved the first million barrels of production from five wells at Block Z-1.

 

Received permits for exploration drilling at Z-1 shallow water prospects Delfin, Piedra Redonda and Raya.

 

Drilled and began testing the Caracol 1X well, the first of three scheduled onshore exploration wells at Block XXIII.

 

Finished the year with $81.3 million of remaining carry at Block Z-1.

 

Repaid bank debt of $82.2 million and ended the year with a cash and cash equivalents balance of $57.4 million.

 

Issued new $143.8 million of Convertible Notes due in 2017, and retired $85.0 million of Convertible Notes due in 2015.

 

Lowered general and administrative expenses by 16%, compared to 2012.

 

Received special recognition in 2013 for the second year in a row as a Peruvian socially responsible company.

 

 

BPZ Energy President and CEO Manolo Zúñiga commented, “With a stronger foundation established by our team to grow the Company, we recommenced development drilling at Block Z-1 in the fourth quarter of 2013 and since that time four wells have been placed on production.  The Albacora A-18D which was placed on production at year-end has produced an average of 1,960 bopd gross since that time, and approximately 1,670 bopd gross over the last 24 hours.  The most recently completed well, the Albacora A-19D, has produced an average of 1,498 bopd gross over the last five days, and approximately 2,106 bopd gross over the last 24 hours.  As a result of the increased drilling activity, year to date 2014 average gross production is approximately 4,834 bopd.

 

We recently spud the Albacora A-21D well, which will have a target measured depth of 12,100 feet. Drilling continues at the Corvina CX15-3D well, with results expected in April 2014.

 

With exploration permits in hand for our three shallow water prospects at Z-1, planning continues for the drilling of selected locations with expectations that we could drill Delfin later this year. Onshore at Block XXIII, the Caracol 1X exploration well has tested dry gas with formation water from two intervals, and we are now testing two upper intervals which had oil shows. After we complete this phase of testing, we will move the rig to the second Block XXIII well location, the Cardo 1X, to begin exploration drilling. Once permits are received, we also intend to drill at onshore Block XXII, where we are pursuing conventional and unconventional oil plays.

  

 
 

The following information was filed by Bpz Resources, Inc. (BPZ) on Friday, March 7, 2014 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 Stockholders' 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 (details)
Note 10 - Debt Obligations
Note 10 - Debt Obligations (details)
Note 10 - Debt Obligations (details) - Convertible Debt Interest Expense
Note 10 - Debt Obligations (details) - Debt
Note 10 - Debt Obligations (details) - Debt (parentheticals)
Note 10 - Debt Obligations (details) - Debt Maturities
Note 10 - Debt Obligations (details) - Estimated Remaining Cash Payments
Note 10 - Debt Obligations (details) - Summary Of Interest Expense
Note 10 - Debt Obligations (tables)
Note 11 - Derivative Financial Instruments
Note 11 - Derivative Financial Instruments (details)
Note 11 - Derivative Financial Instruments (details) - Reconciliation Of Changes In Fair Value
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) - Espp Valuation Assumptions
Note 12 - Stockholders' Equity (details) - Stock Options Outstanding
Note 12 - Stockholders' Equity (details) - Stock-based Compensation Costs
Note 12 - Stockholders' Equity (details) - Summary Of Restricted Stock Activity
Note 12 - Stockholders' Equity (details) - Summary Of Stock Option Activity
Note 12 - Stockholders' Equity (details) - Valuation Assumptions
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 - Affiliate And Related Party Transactions
Note 14 - Affiliate And Related Party Transactions (details)
Note 15 - Revenue
Note 15 - Revenue (details)
Note 15 - Revenue (details) - Royalty Costs
Note 15 - Revenue (tables)
Note 16 - Standby Costs
Note 16 - Standby Costs (details)
Note 17 - Other Operating Expense
Note 17 - Other Operating Expense (details)
Note 18 - Income Tax
Note 18 - Income Tax (details)
Note 18 - Income Tax (details) - Income Tax Expense (benefit)
Note 18 - Income Tax (details) - Income Tax Rate Reconciliation
Note 18 - Income Tax (details) - Source Of Net Loss Before Income Tax Expense (benefit)
Note 18 - Income Tax (details) - Summary Of Deferred Taxes
Note 18 - Income Tax (details) - Unrecognized Tax Benefits
Note 18 - Income Tax (tables)
Note 19 - Business Segment Information
Note 19 - Business Segment Information (details)
Note 2 - Divestiture
Note 2 - Divestiture (details)
Note 20 - Commitments And Contingencies
Note 20 - Commitments And Contingencies (details)
Note 21 - Legal Proceedings
Note 22 - Operating Leases And Purchase Obligations
Note 22 - Operating Leases And Purchase Obligations (details)
Note 22 - Operating Leases And Purchase Obligations (details) - Minimum Commitment Payments
Note 22 - Operating Leases And Purchase Obligations (tables)
Note 23 - Quarterly Results Of Operations (unaudited)
Note 23 - Quarterly Results Of Operations (unaudited) (details)
Note 23 - Quarterly Results Of Operations (unaudited) (details) - Quarterly Results Of Operations (unaudited)
Note 23 - Quarterly Results Of Operations (unaudited) (tables)
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 - Investment In Ecuador Property
Note 7 - Investment In Ecuador Property (details)
Note 7 - Investment In Ecuador Property (details) - Carrying Value Of Investment Property
Note 7 - Investment In Ecuador Property (details) - 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 (details)
Note 8 - Restricted Cash And Performance Bonds (details) - Restricted Cash
Note 8 - Restricted Cash And Performance Bonds (details) - Restricted Cash (parentheticals)
Note 8 - Restricted Cash And Performance Bonds (tables)
Note 9 - Asset Retirement Obligation
Note 9 - Asset Retirement Obligation (details)
Note 9 - Asset Retirement Obligation (details) - Asset Retirement Obligations
Note 9 - Asset Retirement Obligation (tables)
Ticker: BPZ
CIK: 1023734
Form Type: 10-K Annual Report
Accession Number: 0001437749-14-003934
Submitted to the SEC: Wed Mar 12 2014 1:14:49 PM EST
Accepted by the SEC: Wed Mar 12 2014
Period: Tuesday, December 31, 2013
Industry: Crude Petroleum And Natural Gas

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