BPZ Energy Announces Increases in Oil Reserves at the Corvina Field

BPZ Resources, Inc. (NYSE Alternext US: BPZ) announced today that independent estimates by Netherland Sewell and Associates, Inc. (NSAI) as of December 31, 2008, for gross Proved (1P), Proved + Probable (2P) and Proved + Probable + Possible (3P) oil reserves from the Company’s Block Z-1 Corvina offshore field located in northwest Peru have increased 41%, 78% and 35%, respectively, as compared with the oil reserves reported by the Company as of February 29, 2008. These increases are mostly due to the drilling and test results of well CX11-20XD. NSAI’s reserves report estimated Proved, Probable, and Possible oil reserves based on definitions and guidelines set forth in the 1997 Petroleum Resources Management System approved by the Society of Petroleum Engineers (SPE), as mandated by Natixis and IFC for the financing the Company expects to close soon after the New Year.

The Company has also requested NSAI to certify oil reserves on the Corvina field under the Securities and Exchange Commission (SEC) definitions and standards which will be included in the Company’s 2008 10-K filing.

The potential reserves in Corvina, as of December 31, 2008, are now approximately 80 million barrels of oil (Mmbo). These reserves were derived from 178 Mmbo of estimated oil-in-place (OIP), which represents an increase of 21% over the previously reported OIP of 147 Mmbo.