BPZ Reaches Total Depth at Corvina Well Offshore Peru

BPZ Resources recently reached total depth on the CX11-15D well in the Corvina field located in the offshore Block Z-1 in northwest Peru.

The well was drilled to approximately 6,459 feet vertical depth and 9,385 feet measured depth. Notably, the 15D well was drilled, logged, cased, and cemented one month ahead of schedule. This well targeted the up dip field area farther away from the CX-11 platform where the already Proven oil sands and gas sands are expected to further extend. The Company will conduct a series of drill stem tests (DST) in the prospective oil and gas sands in order to appraise the field in this up dip area.

Manolo Zuniga, President and Chief Executive Officer commented, "Successfully drilling, logging, and casing this well ahead of schedule and under budget was outstanding, as it puts us on the right path in our cost restructuring plan, which we announced in our last release. The 15D well's primary objective is to prove if the known oil sands and gas sands continue up dip in the formation, thus extending the size of the field. This should allow us to move a portion of the Probable oil reserves shown in our latest reserves report into the Proven category, while at the same time validating the need for a second and possibly a third platform at Corvina. Accordingly, we may conduct several drill stem tests on this well due to the excellent oil and gas shows seen in the respective sands. If the DSTs test oil at commercial rates, we will proceed to complete and put this well on production under the ongoing long-term testing program, thus allowing the Company to continue ramping up production while collecting important data for the optimum development of the Corvina field."