BPZ Energy, Inc. (AMEX:BZP) today announced updated test results on the CX11-14D well in the Corvina field of offshore Block Z-1 in northwest Peru.
The Company previously announced that DST #1 tested 1,700 barrels of oil per day (bopd). The Company recently completed DST #2 where it tested a lower oil sand, and is pleased to announce the sand tested 700 bopd, bringing the cumulative total to 2,400 bopd with no formation water produced.
Additionally, the first of several tests to be performed on the gas zone at the top of the Upper Zorritos formation, DST #3, resulted in 25 million cubic feet per day (MMcf/d) of gas with no formation water. DST #3 tested the bottom part of the gas zone.
Manolo Zúñiga, President and Chief Executive Officer, said, "The CX11-14D well has already proved to be another winner for us, and we still have additional tests to perform on prospective gas sands found higher up. As we expected, both oil and gas have been confirmed down dip from the CX11-21XD well. The absence of produced water in all tests indicates that the hydrocarbon bearing sands likely extend down dip from the CX11-14D well. Furthermore, with this first gas test, the Company now complies with IFC's requirement of having three wells, each capable of producing a minimum of 20 MMcf/d, in order to further advance the financing of our Corvina gas-to-power project."
About BPZ Energy, Inc.
Houston based BPZ Energy, Inc. is an oil and gas exploration and production company which has exclusive rights and license agreements 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 an integrated gas-to-power strategy, which includes generation and sale of electric power in Peru and sales of gas into Ecuador for third-party power generation, in parallel with the development of the Corvina oil discovery and the redevelopment of the Albacora oil field. 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 27E 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," "anticipate," "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 effort, 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 "tested","barrels of oil per day" and "cubic feet of gas" or similar terms suggesting "Indicated" "Probable" or "Possible" oil and gas reserves that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our SEC filings, available from us at 580 Westlake Park Blvd., Suite 525 Houston, Texas 77079; Telephone: (281) 556-6200. You can also obtain these filings from the SEC by calling 1-800-SEC-0330.
