BPZ Energy Says Final Tests are in for CX11-14D Well Offshore Peru

BPZ has completed seven drill stem tests on the CX11-14D well in the Corvina field of offshore Block Z1 in northwest Peru. The well tested a cumulative total of 104 mmcf/d of gas and 2,400 bopd.

The first six tests were conducted in the Upper Zorritos formation, with the first two testing the oil zone and the other four the gas zone, while the seventh test targeted the Cardalitos formation located immediately above the Upper Zorritos. No formation water was produced in any of the seven tests and the quality of the tested oil and gas was similar to that of the Company's other two Corvina wells.

The DST #3 tested 25 mmcf/d but is revising this result to 26 mmcf/d, while DST #4 tested a set of low resistivity sands that resulted in minor indications of gas. As expected, DST #5 and #6 tested the bulk of the gas from two sets of gas sands at the top of the Upper Zorritos formation, with DST #5 recording rates of 36 mmcf/d and DST #6 testing an additional 42 mmcf/d. DST #7 tested the Cardalitos formation at 0.1 mmcf/d.

Manolo Zuniga, President and Chief Executive Officer stated, "We considered the CX11-14D well a success after the first three tests. Obviously the additional test results are very exciting, and make this the most productive well of the three we have completed thus far with a cumulative test rate of 117.5 million cubic feet equivalent per day. The production capacity of the Corvina field is now at 8,300 bopd and 184 mmcf/d." Mr. Zuniga continued, "We also tested the Cardalitos formation that, while not producing commercial volumes of gas for offshore operations, encourages us to keep evaluating its potential in our onshore blocks."

The Company will now dual complete the CX11-14D well. Final oil and gas tests will be performed after the CX11-14D is completed to leave the well ready for production. The Company will then start drilling operations on the CX11-18XD well.

Houston based BPZ Energy, Inc. is an oil and gas exploration and production company which 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 minority working interest in a producing property in southwest Ecuador. The Company is currently executing 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, in parallel with the development of the Corvina oil discovery and the redevelopment of the Albacora oil field.

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