BPZ Energy says that the Company's third well, the CX11-14D, located in the offshore Corvina field of Block Z-1, reached total depth of 7,950 feet (measured depth) on August 18, 2007, slightly ahead of the 60-day timeline previously set. The well has been logged and casing running procedures have commenced. Multiple prospective pay zones have been encountered in the Upper Zorritos and Cardalitos formations. Testing will initiate shortly thereafter and will take approximately four weeks, depending on the number of tests ultimately conducted. Results will be released after the testing of all selected zones is completed, unless otherwise warranted.
Manolo Zuniga, President and Chief Executive Officer said, "This third well is another important milestone for the Company. The results from this well will not only be significant to the gas-to-power project, but will also play a crucial role in defining the location for drilling of the Company's fourth well, which is slated for later this year. We are very pleased to be on schedule with our drilling operations on the CX11-14D well. After testing several zones for both oil and gas, we will release those results as quickly as possible."
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