BPZ Energy Completes $6 Million Private Placement

BPZ Energy, Inc. (OTC Bulletin Board: NVDC) reports that it has closed its private placement that began on July 27, 2004. The offering, which was substantially over-subscribed, was completed on $6,000,000/3,000,000 shares. The Company intends to use the net proceeds of this offering to develop its existing oil & gas properties, to acquire new properties, and for general working capital purposes, as management deems appropriate.

Closing of the private placement comes on the heels of the recently announced merger between Navidec, Inc. and BPZ Energy, Inc. Under the terms of the merger, BPZ Energy became a wholly owned subsidiary of Navidec in a tax-free share exchange. Navidec will change its name to BPZ Energy, Inc. BPZ Energy is an oil and gas exploration and production company headquartered in Houston, Texas. BPZ Energy has exclusive ownership interests in over 2.7 million acres in Northwest Peru besides other interests in Ecuador and elsewhere, covering both on shore and off shore concessions. BPZ Energy believes it has identified several structures in its Peruvian holdings that may contain reserves of one billion barrels of oil and several trillion cubic feet of natural gas.