BPZ Closes $4.4MM Private Placement with IFC

BPZ Resources announced today that International Finance Corporation (IFC), the Company's largest shareholder, has exercised its preemptive right related to the recently announced February 2009 private placement to purchase 1.4 million shares of the Company's common stock resulting in gross proceeds of approximately $4.4 million.

This completes the recently announced February 2009 private placement, bringing the total shares issued in the offering to approximately 15.7 million and the gross proceeds received from the offering to approximately $48 million.

Manolo Zuniga, BPZ Energy's President and Chief Executive Officer commented, "IFC's support is important as they are our largest shareholder and have done extensive due diligence on the Company. Their participation provides additional funds to continue appraising Corvina and redeveloping Albacora, as well as signaling a vote of confidence to our shareholders."