BPZ's First Corvina Well Reaches Total Depth

BPZ Energy, Inc.

BPZ Energy, Inc. reported Thursday that its first well in the Corvina Gas Field in Peru is at total depth. The CX11-21XD well reached total depth of 10,457 feet (9,234 feet true vertical depth) on November 14, 2006. Multiple prospective gas pay zones have been encountered in the Zorritos formation. Logging, completion, and testing procedures have commenced, and are expected to take between 15 and 30 days.

Manolo Zuniga, President and Chief Executive Officer, stated: "This is an important milestone for BPZ Energy. The successful drilling of our first well in the Corvina Gas Field demonstrates our technical capabilities and is a critical step in validating the Corvina Gas-to-Power project. Preliminary indications are excellent. After logging and completion operations are concluded, comprehensive testing of the gas producing sands will occur. We will continue to update shareholders on a regular basis."

Houston-based BPZ Energy, Inc. is an oil and gas exploration and production company with properties in northwest Peru and southwest Ecuador. It is 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. BPZ 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 working interest in a producing property in southwest Ecuador.