BPZ

Post Reply
rcgord

BPZ

Post by rcgord »

Dan

What do you like about BPZ. Stock has been killed recently. What is upside?
k1f
Posts: 455
Joined: Tue May 04, 2010 9:47 am

Re: BPZ

Post by k1f »

The IV BPZ board has a (mostly) sane discussion of the issues. jimisjim and others have followed closely the vagaries of production and infrastructure issues. Right now sentiment is glum because of the lagging production and natgas hangups. As w/ ATPG, the reserves are in the ground, but realizing them will probably take more time than forecast, and that has bears flashing teeth. Maybe Dan or someone has more concrete data. (kf)
dan_s
Posts: 34471
Joined: Fri Apr 23, 2010 8:22 am

Re: BPZ

Post by dan_s »

I took notes at today's luncheon and I will be sending a revised Company Profile to our Premium Members tomorrow.

We had several shareholders at the luncheon and it was a lively Q&A period.

Dan
Dan Steffens
Energy Prospectus Group
dan_s
Posts: 34471
Joined: Fri Apr 23, 2010 8:22 am

Re: BPZ

Post by dan_s »

This is the first step (since our luncheon) that BPZ has taken to get the offshore Block Z-1 permitted for going commercial by year-end. If BPZ can get the Corvina Field declared "Commercial" by November 30 (their plan) it will be a major step forward for this small-cap. - Dan

HOUSTON, July 26, 2010 (GLOBE NEWSWIRE) -- BPZ Resources, Inc. (NYSE:BPZ - News) announced today that the A-14XD well in its Albacora field was reopened after receiving the required Extended Well Testing (EWT) and gas flaring permits.



The A-14XD well, which had an effective rate of production in the second quarter of approximately 1,510 barrels of oil per day (bopd) and averaged approximately 1,400 bopd during June, was shut-in on July 12, 2010. The EWT and gas flaring permits are valid for six months and include limits on the amount of gas that can be flared during that period. The Company believes that the allocated amount of gas to be flared under the permit should allow the well to be produced under the same conditions as before, for most, if not all, the permitted six month period. The Company intends to request an additional EWT period in due time to allow for the well to stay open until the appropriate gas reinjection equipment is commissioned. On this regard, the Company is already conducting the initial engineering study on the Albacora 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 EWT regulations.



In addition, the Company is awaiting a decision from the Ministry regarding its previously submitted application for EWT permits for the six wells located in its Corvina field. Further updates to the permitting of these Corvina wells will be announced once notification is received from the Ministry.



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 2.2 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.
Dan Steffens
Energy Prospectus Group
Post Reply