BPZ Energy Updates on Block Z-1 Operations (Peru)

BPZ Energy, an independent oil and gas exploration and production company, yesterday provided an operational update for offshore Block Z-1.

For the first quarter ended March 31, 2013, average combined production from the Corvina and Albacora fields at offshore Block Z-1 was 1,491 net (2,924 gross) barrels of oil per day (bopd).

CORVINA FIELD

CX-15 Drilling Program

The previously announced modifications to the new CX-15 platform are still underway. Construction of a platform anchoring system which will provide redundancy to the existing platform spud can is almost complete. The joint technical team continues to interpret the available Corvina 3D seismic, and an additional update will be provided after meetings are held to verify the drilling locations.

CX-11 Workover Campaign

The workover of the Corvina CX-11, 14D well is progressing with a mini-frac having been performed. The workover rig is preparing to run a final completion string in the well.

ALBACORA

Early processing results of the 3D seismic data acquired over the Albacora field are expected to be received by the end of April. Joint technical teams will begin interpretation of this data looking to confirm drilling opportunities.

Manolo Zúñiga, president and CEO of BPZ Energy commented, “We are working with Pacific Rubiales to finalize certain modifications at the CX-15 platform, as well as carefully review all available 3D seismic data for Corvina, before we commence the development drilling program. In the interim, we continue to implement the workover campaign at the Corvina CX-11 platform, review 3D seismic at Albacora to guide our decision for future drilling at the field, and continue interpretation of the Phase I processed 3D data to help define our future exploration campaigns.”

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Press Release, April 17, 2013