BPZ Energy Completes CX11-16X and Starts Testing Operations

BPZ Energy says that the workover operations on the shut-in Corvina CX11-16X well were completed on May 9, 2007. The workover took less than the scheduled six weeks to complete. The Company conducted a thorough examination of the well bore and concluded that the existing 5 1/2" production casing is in good condition; while the cement log indicated that no additional remediation work is required.

Testing operations began on Friday, May 11, 2007. A total of four Drill Stem Tests (DST's) are currently planned on the well, and each DST will take approximately four to seven days to complete. The Company will announce the testing results after all four tests have been completed.

Other Developments

The Company expects to begin a 200 km 2-D seismic shoot on Block XIX in Peru in early June 2007. This is an onshore block adjacent to the Company's Block Z-1 where the Corvina field is located. A contract for the 2-D shoot has been signed with the Peruvian subsidiary of PGS Onshore, Inc., an international seismic company which has crews and equipment already in the area. Field work on this 2-D seismic shoot should be completed early in the third quarter and processing of the data will begin immediately thereafter. This seismic acquisition is part of the work commitment required to retain the Company's rights under the Block XIX license contract.

Manolo Zuniga, President and CEO of BPZ Energy, said, "Completion of the workover on the CX11-16X well represents another step forward for BPZ Energy. I am very pleased with the efficient and timely manner in which this workover was completed and look forward to completing the planned DST's over the next few weeks."