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

Bpz Resources, Inc.

CIK: 1023734 Ticker: BPZ

Exhibit 99.1

 

 

BPZ Energy Reports First Quarter 2014 Results and New Production from CX15-3D Well

 

HOUSTON, TX – May 8, 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:

 

 

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.

 

 

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.

     
 

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.)

     
 

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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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 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) - 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) - 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 - Revenue
Note 14 - Revenue (details) - Royalty Costs
Note 14 - Revenue (tables)
Note 15 - Standby Costs
Note 15 - Standby Costs (details)
Note 16 - Income Tax
Note 16 - Income Tax (details)
Note 16 - Income Tax (details) - Source Of Net Loss Before Income Tax Expense (benefit) And Income Tax Expense (benefit)
Note 16 - Income Tax (tables)
Note 17 - Business Segment Information
Note 17 - Business Segment Information (details)
Note 18 - Commitments And Contingencies
Note 18 - Commitments And Contingencies (details)
Note 19 - Legal Proceedings
Note 2 - Divestiture
Note 2 - Divestiture (details)
Note 20 - Subsequent Event
Note 20 - Subsequent Event (details)
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) - 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: 0001437749-14-008572
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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