BPZ Energy Reaches Total Depth on CX11-15D Well in the Corvina Field

BPZ Resources, Inc. (NYSE Alternext US: BPZ) today announced the Company recently reached total depth on the CX11-15D well in the Corvina field located in the offshore Block Z-1 in northwest Peru. The well was drilled to approximately 6,459 feet vertical depth and 9,385 feet measured depth. Notably, the 15D well was drilled, logged, cased, and cemented one month ahead of schedule. This well targeted the up dip field area farther away from the CX-11 platform where the already Proven oil sands and gas sands are expected to further extend. The Company will conduct a series of drill stem tests (DST) in the prospective oil and gas sands in order to appraise the field in this up dip area.

Manolo Zúiga, President and Chief Executive Officer commented, “Successfully drilling, logging, and casing this well ahead of schedule and under budget was outstanding, as it puts us on the right path in our cost restructuring plan, which we announced in our last release. The 15D well’s primary objective is to prove if the known oil sands and gas sands continue up dip in the formation, thus extending the size of the field. This should allow us to move a portion of the Probable oil reserves shown in our latest reserves report into the Proven category, while at the same time validating the need for a second and possibly a third platform at Corvina. Accordingly, we may conduct several drill stem tests on this well due to the excellent oil and gas shows seen in the respective sands. If the DSTs test oil at commercial rates, we will proceed to complete and put this well on production under the ongoing long-term testing program, thus allowing the Company to continue ramping up production while collecting important data for the optimum development of the Corvina field.”

About BPZ Energy

Houston based BPZ Energy is an oil and gas exploration and production company which has exclusive license contracts for oil and gas exploration and production covering approximately 2.4 million acres in four properties in northwest Peru. It also owns a minority working interest in a producing property in southwest Ecuador. The Company is currently executing the development of the Corvina oil discovery, the redevelopment of the Albacora oil field, and the exploration of Block XIX, in parallel with the execution of an integrated gas-to-power strategy, which includes generation and sale of electric power in Peru and the development of a regional gas marketing strategy. The Company’s website at www.bpzenergy.com provides additional information about the Company’s plans, including photographs and other information with respect to its operations.

Forward Looking Statements

This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward looking statements are based on our current expectations about our company, our properties, our estimates of required capital expenditures and our industry. You can identify these forward-looking statements when you see us using words such as “expect,” “will,” “anticipate,” “indicate,” “estimate,” “believes,” “plans” and other similar expressions. These forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward looking statements. Such uncertainties include the success of our project financing efforts, including final documentation and execution of debt financing documents with IFC, accuracy of well test results, well refurbishment efforts, successful production of indicated reserves, and the successful management of our capital development project, and other normal business risks. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements.

The U.S. Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only “Proved” reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The Company is prohibited from disclosing other categories of reserves in its SEC filings. We use certain terms in this press release such as “Indicated” “Probable” or “Possible” oil and gas reserves, as well as similar terms such as “barrels of oil per day” and “oil sands” suggesting such reserves, which the SEC’s guidelines strictly prohibit us from including in filings with the SEC. The reserve quantities reflected above were certified by Netherland Sewell and Associates, Inc. using the 1997 definitions and standards of the Society of Petroleum Engineers and World Petroleum Congresses which we are prohibited from disclosing in any of our SEC filings. These definitions and standards may result in estimates of proved reserves which are materially different from those disclosed in the Company’s filings with the SEC.