BPZ Starts Drilling of CX11-18XD Corvina Well in Peru

BPZ Resources Inc., doing business as BPZ Energy, announced the spudding of the CX11-18XD Corvina well. The Corvina field is in the company's offshore Block Z-1 located in northwest Peru.

The CX11-18XD well will be positioned up dip from the CX11-21XD well, which tested 60 million cubic feet of gas per day and 5,900 barrels of oil per day. This well will further develop the Upper Zorritos oil sands currently producing on the CX11-21XD well, and will test if the lower sands are also oil-bearing in this up dip location. The company plans to drill to a total depth of approximately 8,800 feet (measured depth) and anticipates reaching total depth in approximately 60 days, with completion and testing operations following thereafter.

"This well will not only allow us to continue developing the oil sands discovered by the 21XD well and appraised by the 14D well, but also give us the opportunity to prove up additional oil reserves in the Corvina field," said President and CEO Manolo Zuniga. "Our operations team in Peru is doing an excellent job conducting both drilling and production operations in a safe and efficient manner from the CX11 platform."

Houston-based BPZ Energy is an oil and gas exploration and production company which has exclusive license contracts 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.