BPZ Completes Well, Adding It to Long-Term Testing Program at Corvina Field

BPZ Resources announced today the CX11-15D well in the offshore Corvina field in Block Z-1 in Northwest Peru has been completed and added to its ongoing long-term oil testing program. The Company proceeded to complete the well with a dual oil completion, targeting the two top oil zones in the short production string and two deeper oil zones in the long production string. The Company expects that the dual oil completion will improve reservoir management capabilities. The long production string targeting the deeper oil zones has been producing oil over the past three days and the Company expects to add the short production string later this week.

The Company also announced that it will immediately proceed with the planned work-over on the CX11-20XD well, which is expected to take approximately one month to complete. The work-over program includes one or two tests to assess the effectiveness of the remedial cement squeeze to be carried out. This work-over is focusing on eliminating the gas channeling which is currently interfering with the productivity of the oil well.

Also, the work on the flow lines from the platform to the floating production, storage and offloading barge (FPSO) is nearing completion. One flow line has been completed and work on the second line should be finalized before the end of April.

Manolo Zuniga, President and Chief Executive Officer commented, "The results in the 15D sidetrack are once again confirming our geologic model for Corvina although we encountered the top of the target Zorritos formation higher than anticipated, indicating that Corvina may have additional volumes of oil and gas in place. The long production string targeting the deeper oil zones has been producing oil over the past three days and the Company expects to add the short production string later this week, giving us the ability to provide the market more accurate data on the well. We dually completed this well with two sets of production tubing in the oil sands to maximize its production capacity and to provide more flexibility in our reservoir management program. With the 15D on production, the work on the flow lines almost complete, and expecting the work-over on the 20XD to bring it back to its original production performance, we will be in a position to take full advantage of Corvina's productive capacity and intend to complete the remainder of the Corvina drilling program. The next few wells drilled in Corvina from the CX-11 platform are going to target Proved Undeveloped locations with the goal of moving reserves to the Proved Developed Producing category." Mr. Zuniga added, "With each well drilled we gather important data, and with the ongoing testing program we gather valuable information that is helping us to continue appraising the size of the field as well as generate important cash flow for the Company."


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