BPZ Begins Testing on Corvina Well

BPZ Energy, Inc. has begun testing the recently drilled CX11-21XD well in its Corvina gas field off the coast of Peru.

The Company successfully completed all pressure integrity tests of the well, replaced mud by completion brine in the wellbore, and connected the gas flare and surface equipment to the well. Consequently, the testing phase was initiated with a series of activities including the insertion of explosive charges in the tubing-conveyed perforating (TCP) guns, checking and assembling of the 3 1/2" pipes to be used as production string during the tests, and installation of the corresponding blow-out preventers.

As previously announced, the Company will conduct several drill stem tests (DST) in the prospective Upper and Lower Zorritos formations. The first DST will be conducted on the Lower Zorritos formation consisting of high permeability gas sands with limited quantities of mobile water. The second DST will be conducted in the bottom section of the Upper Zorritos formation. This second DST is targeting lesser quality sands with larger quantities of mobile water. A successful test could then help validate the vast majority of the prospective pay identified through petrophysical analyses. The third and final DST will be conducted in the top section of the Upper Zorritos. This section has highly permeable sands with no mobile water, thus representing potentially the best quality gas sands.

The Company expects testing to take approximately two to four weeks. The tests are designed to provide the Company and its independent reserve engineers with data on actual gas pay and well deliverability, leading to the quantification of reserves in the Corvina gas field.

Houston-based BPZ Energy, Inc. is an oil and gas exploration and production company with properties in northwest Peru and southwest Ecuador. It is executing its first project, 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. BPZ 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 working interest in a producing property in southwest Ecuador.

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