BPZ Energy Spuds CX11-14D Corvina Well

BPZ Energy has spud the CX11-14D Corvina well. The Corvina field is in the Company's offshore Block Z-1 located in northwest Peru.

The drilling rig was moved to a new slot on the CX11 platform, after successfully re-completing the CX11-16X well. The necessary equipment has been installed and drilling operations initiated. The CX11-14D well is positioned approximately one kilometer to the southwest of the previously drilled CX11-21XD well, with its prospective sands estimated to be found about 200 feet downdip from those tested in the CX11-21XD well. The Company plans on drilling to a total depth of 7,750 feet (measured depth) into the Upper Zorritos formation and expects drilling, including coring operations within the prospective formations, to take approximately 60 days. Completion and testing operations will begin as soon as the well reaches total depth.

The CX11-14D well has been engineered to allow the Company to appraise the oil and gas producing zones discovered in the CX11-21XD well, as well as to investigate the potential of the Cardalitos formation which is located right above the Upper Zorritos formation. Depending upon the results of the testing, the well could be dually completed as an oil and gas producer. Production test results and well log data from this new well will be delivered to the Company's independent reserve engineering firm so they can update the reserve report they are currently preparing based on the Company's first two Corvina wells, as previously announced.

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