Jan. 2013 - BPZ Energy's development program at its Corvina field off Peru has experienced delays over the past few months due to unusually strong currents. Subsea connections between the CX-11 and CX-15 platforms have been largely completed but the strong currents prevented the mobilization of the Petrex 28 drilling to the CX-15 platform. Drilling from the platform should now commence in early February. The gas compressor and water injection equipment at the Albacora field have been commissioned and are now on-line with initial production rates of 344 bopd.

Sep. 2012 - The second phase of the 3D seismic acquisition program at Block Z-1 is now underway. Data has already been acquired at the Corvina field, including all of the proved undeveloped area to be targeted by the new CX-15 platform. The seismic vessel is expected to begin acquiring data at the Albacora field during the month of October. Processing and interpretation of all 3D seismic data acquired thus far at Block Z-1 continues.

Jul. 2012 - BPZ Energy has announced that an extension to their gas flaring permit has been granted by the Peruvian Ministry of Energy and Mines. The permit will cover flaring operations at the Company's Albacora field through December 28, 2012. Gas is flared off when sufficient amounts of gas aren't being reinjected or sold. At this time, the reinjection equipment at Albacore is sitting idle while the environmental permit to allow for reinjection is finalized.

Apr. 2012 - BPZ Energy has formed an unincorporated joint venture with Pacific Rubiales to explore and develop Block Z-1 offshore Peru. The agreement calls for Pacific Rubiales to pay $150 million in cash and is subject to a commitment of $185 million for BPZ's share of capital and exploratory expenditures in Z-1, for their assumption of a 49 percent participating interest in Block Z-1. The block spans 555,000 acres and holds two producing fields, Corvina and Albacora, which averaged 3,880 bopd in the first quarter of 2012. BPZ Energy said it also contains several prospects and leads in water depths ranging from 200 to 1,000 feet. Under the terms of the agreement, BPZ will remain as operator, holding a 51% participating interest, while Pacific Rubiales assumes a 49% participating interest.

Mar. 2012 - BPZ Energy reported that production from the Corvina and Albacora offshore fields has average about 3,920 bopd from Feb. 2012 to date. The 3D seismic survey acquisition on the offshore Block Z-1 has been underway for four weeks and should be completed in the second quarter of 2012 followed by processing and interpretation of the data. Furthermore, work on the new CX-15 platform continues with installation scheduled for the third quarter of 2012. The CX-15 drilling program, which will be the second platform installation at the Corvina field, will target 23 million barrels of proved undeveloped reserves (PUD). The PUD estimates increased in the 2011 reserve report by one million barrels, stated the operator.

Nov. 2011 - BPZ Energy received an environmental permit to acquire about 370,658 acres (1,500 square kilometers) of 3D seismic data for offshore Block Z-1. The seismic survey is slated to begin 1Q12. BPZ stated this survey should provide detailed mapping of the identified structures, including the Corvina and Albacora fields, as well as future exploration prospects. Block Z-1, located offshore northwest Peru, is wholly owned and operated by BPZ Resources.

Jan. 2011 - The A-14XD well in the Albacora field flowed at an average rate of 988 bopd in December, stated the operator, BPZ energy. The well is producing under extended well testing and gas flaring permits, which will expire in January 2011. If the permits are not granted an extension, the well will be shut-in until BPZ installs the necessary production equipment on the platform. This work is scheduled for late 2011. The Albacora oil field, located on Block Z-1 offshore northwest Peru, is wholly owned and operated by BPZ Resources, Inc.

Oct. 2010 - BPZ Resources has reported that its A-17D well on the Albacora field is a dry hole. As a result, the company has suspended drilling operations on the field until a 3D seismic acquisition program in Block Z-1 is completed. During the drilling downtime, BPZ will move forward with its plans to fabricate and install permanent production and injection facilities on the Albacora platform, which will allow for continued production from the field once drilling operations resume. The Albacora oil field, located on Block Z-1 offshore northwest Peru, is wholly owned and operated by BPZ Resources, Inc.

Jul. 2010 - BPZ has reopened the A-14XD well, which was shut-in on July 12, in its Albacora field after receiving the required Extended Well Testing and gas flaring permits. The permits are valid for six months and include limits on the amount of gas that can be flared during that period. BPZ believes that the allocated amount of gas to be flared under the permit should allow the well to produce under the same conditions as before, for most of the allocated time. BPZ intends to request an additional EWT period to allow for the well to stay open until the appropriate gas re-injection equipment is commissioned. In the mean time, the company is conducting an engineering study on the field to assess the equipment needs to inject the associated gas and efficiently transition the field into commercial production, in order to minimize potential future production interruptions due to the EWT regulations. The Albacora oil field, located on Block Z-1 offshore northwest Peru, is wholly owned and operated by BPZ Resources, Inc.

Sep. 2009 - BPZ Resources announced the commencement of drilling in the Albacora field in offshore Block Z-1 in northwest Peru. The A-14XD will be drilled from the Company's recently refurbished "A" platform to a depth of approximately 15,000 feet (4,572 meters). This well is designed as a twin to the 8X-2 discovery well drilled in 1972 by Tenneco, which tested oil, gas and condensate. The refurbished platform also has three shut in oil wells that were drilled by Belco Oil & Gas in 1977 and produced for a short period of time. The A-14XD well will fulfill the Company's current license contract exploration commitment in Block Z-1, as the Company intends to test the Lower Zorritos formation in the Albacora Field for the first time.