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Houston, TX (GLOBE NEWSWIRE) -- BPZ Resources, Inc. (NYSE:BPZ) announced today that the A-14XD well in its Albacora field was reopened after receiving the required Extended Well Testing (EWT) and gas flaring permits.

The A-14XD well, which had an effective rate of production in the second quarter of approximately 1,510 barrels of oil per day (bopd) and averaged approximately 1,400 bopd during June, was shut-in on July 12, 2010. The EWT and gas flaring permits are valid for six months and include limits on the amount of gas that can be flared during that period. The Company believes that the allocated amount of gas to be flared under the permit should allow the well to be produced under the same conditions as before, for most, if not all, the permitted six month period. The Company intends to request an additional EWT period in due time to allow for the well to stay open until the appropriate gas reinjection equipment is commissioned. On this regard, the Company is already conducting the initial engineering study on the Albacora field to assess the equipment needs to inject the associated gas and efficiently transition the field into commercial production in order to minimize potential future production interruptions due to EWT regulations.

In addition, the Company is awaiting a decision from the Ministry regarding its previously submitted application for EWT permits for the six wells located in its Corvina field. Further updates to the permitting of these Corvina wells will be announced once notification is received from the Ministry.

About BPZ Energy
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 2.2 million acres in four properties in northwest Peru. It also owns a minority working interest in a producing property in southwest Ecuador. The Company is currently executing the development of the Corvina oil discovery, the redevelopment of the Albacora oil field, and the exploration of Block XIX, in parallel with the execution of an integrated gas-to-power strategy, which includes generation and sale of electric power in Peru and the development of a regional gas marketing strategy. The Company's website at www.bpzenergy.com provides additional information about the Company's plans, including photographs and other information with respect to its operations.

Forward Looking Statements

This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.These forward looking statements are based on our current expectations about our company, our properties, our estimates of required capital expenditures and our industry. You can identify these forward-looking statements when you see us using words such as "expect," "will", "anticipate," "indicate," "estimate," "believes," "plans" and other similar expressions. These forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward looking statements. Such uncertainties include the success of our project financing efforts, accuracy of well test results, well refurbishment efforts, successful production of indicated reserves, satisfaction of well test period requirements, successful installation of required permanent processing facilities, receipt of all required permits, and the successful management of our capital expenditures, and other normal business risks. Investors should be aware that a well's productivity decreases over time and the rates mentioned in our releases will decline accordingly. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements.

SOUCE: BPZ Resources, Inc.

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