BPZ Energy Updates Test Results from Corvina Field

Block Z-1
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BPZ Energy reported updated test results on the CX11-14D well in the Corvina field of offshore Block Z-1 in northwest Peru.

The Company previously announced that DST #1 tested 1,700 barrels of oil per day (bopd). The Company recently completed DST #2 where it tested a lower oil sand, and is pleased to announce the sand tested 700 bopd, bringing the cumulative total to 2,400 bopd with no formation water produced.

Additionally, the first of several tests to be performed on the gas zone at the top of the Upper Zorritos formation, DST #3, resulted in 25 million cubic feet per day (MMcf/d) of gas with no formation water. DST #3 tested the bottom part of the gas zone.

Manolo Zuniga, President and Chief Executive Officer, said, "The CX11-14D well has already proved to be another winner for us, and we still have additional tests to perform on prospective gas sands found higher up. As we expected, both oil and gas have been confirmed down dip from the CX11-21XD well. The absence of produced water in all tests indicates that the hydrocarbon bearing sands likely extend down dip from the CX11-14D well. Furthermore, with this first gas test, the Company now complies with IFC's requirement of having three wells, each capable of producing a minimum of 20 MMcf/d, in order to further advance the financing of our Corvina gas-to-power project."

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