Bpz Resources, Inc. (BPZ) 10-Q Quarterly Report May 2014

BPZ Energy, (NYSE: BPZ) (BVL: BPZ), an independent oil and gas exploration and production company, today provided first quarter 2014 financial results and an operational update.

Highlights:

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First quarter ended March 31, 2014 operating income of $2.1 million, compared with an operating loss of $7.2 million for the same period last year.

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Net loss of $3.6 million or $0.03 loss per share, compared to $12.8 million or $0.11 loss per share for the same period last year.

	●	The Company’s 51% share of oil production from the Corvina and Albacora fields at offshore Block Z-1 for first quarter ended March 31, 2014 was 2,566 barrels of oil per day (bopd), compared to 1,491 bopd for the same period in 2013.

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Improved first quarter 2014 results, compared to the same period last year, were primarily due to higher revenues from increased production at Block Z-1.

	●	Earnings before interest, income taxes, depletion, depreciation and amortization, exploration expense and non-recurring charges (EBITDAX), was a positive $9.6 million for the first quarter of 2014 compared to a positive $21 thousand for the same period last year. (EBITDAX is a non-GAAP measure. Please also see the reconciliation to net income table included at the end of the press release.)

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The CX15-3D development oil well was completed at the end of April 2014 and over the last seven days the well has produced an average of approximately 720 bopd gross, or 367 bopd net to BPZ.

Manolo Zuniga, President and CEO of BPZ Energy, commented “With the Corvina CX15-3D well recently coming online and the Albacora A-21D well currently being completed, our development drilling program at Block Z-1 is progressing nicely with recent gross production levels of approximately 5,750 bopd, or 2,930 bopd net to BPZ. In the first quarter, we began to see the positive financial impact from our development drilling with increasing production and cash flow as well as lower unit production costs. This is encouraging as we still have seven additional proved undeveloped locations, or PUDs, to drill this year. I am also pleased that we have finished drilling the first three onshore exploration wells at Block XXIII, and we secured a workover rig to test these wells.

Looking ahead, we expect to continue drilling at Corvina from the CX-15 platform throughout next year. As we continue to develop and prove up the boundaries of the Albacora field, additional drilling is also possible. In terms of other offshore opportunities we expect to begin appraising Delfin first, which has tested oil in the past. This project is currently in the planning phase with the first well expected to be spud in 2015. Onshore, we also expect to begin drilling next year at Block XXII, where we are pursuing conventional and unconventional plays.”

PRODUCTION AND REVENUE

The Company’s 51% share of oil production from the Corvina and Albacora fields at offshore Block Z-1 for the three months ended March 31, 2014 was 231 thousand barrels, or 2,566 bopd, compared to 134 thousand barrels, or 1,491 bopd, for the same period in 2013. The increased oil production is a result of the reinitiated drilling campaign at Block Z-1 which began in the second half of 2013, and is currently ongoing, partly offset by declines from previous wells drilled at the CX-11 and Albacora platforms.

The following information was filed by Bpz Resources, Inc. (BPZ) on Friday, May 9, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Ticker: BPZ
CIK: 1023734
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-14-008572
Submitted to the SEC: Fri May 09 2014 3:40:17 PM EST
Accepted by the SEC: Fri May 09 2014
Period: Monday, March 31, 2014
Industry: Crude Petroleum And Natural Gas

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Bpz Resources, Inc. (BPZ) SEC Filing 10-Q Quarterly report for the period ending Monday, March 31, 2014

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