BPZ Energy Completes Amended SEC Filings

BPZ Energy, Inc. (OTC:BPZI) has completed its previously announced accounting restatement and filed its amended reports with the Securities and Exchange Commission ("SEC").

BPZ Energy has filed its amended annual report on Form 10-KSB/A for the year ended December 31, 2005 and an amended Form 8-K/A, updating its previous filings on March 31, 2006 and January 17, 2006, respectively. In addition, the Company has filed its quarterly reports on Form 10-Q for the periods ended March 31, 2006 and June 30, 2006 and its Form S-1 registration statement seeking registration of the common shares issued in private placements completed in July 2005, March 2006 and June 2006. The Company is now current with all of its required SEC filings.

As previously noted, the Company has been in communication with the SEC in an effort to resolve all matters raised by them, prior to filing its amended and restated financial statements. As a result of this effort, the Company believes it has reached a final consensus concerning its accounting and financial reporting issues relating to its September 2004 reverse merger with Navidec, Inc. and the Company's relationship with Navidec Financial Services ("NFS"), a former subsidiary of Navidec, Inc.

BPZ Energy is now in a position to resume its efforts to obtain a listing of its common stock on a national stock exchange. The Company will immediately begin to update its pending application with the American Stock Exchange and expects the application to be reviewed once the SEC declares the Company's Form S-1 registration statement effective. The Company cannot assure such listing, nor does it control the timing.