BPZ Energy Announces Successful Oil Test On CX11-14D Well

Houston, TX - BPZ Energy, Inc. announced recently that the first drill stem test (DST 1) was conducted on the CX11-14D well in the Corvina field of offshore Block Z-1 in northwest Peru. The DST 1 perforated and tested the Upper Zorritos formation at approximately 7,150 feet. The well tested positive for oil at approximately 1,700 barrels of oil per day (bopd), with no water, using a 5/8 inch choke.

Manolo Zúñiga, President and Chief Executive Officer, commented, "The oil test in this well confirms the presence of oil down dip from the CX11-21XD which, as previously announced, tested 5,900 bopd and 60 million cubic feet of gas per day. The absence of water during this successful test indicates that the oil pool in the Corvina field most likely extends down dip of the CX11-14D." Mr. Zúñiga added, "We are continuing to test additional zones to prove up other prospective oil and gas sands and are quite pleased that this well proved to be outstanding on its first test."

The Company will release additional test results in approximately two weeks.

SOURCE: BPZ Energy, Inc.