BPZ Energy continues to operate under provisions of Chapter 11 of the United States Bankruptcy Court Code while it seeks additional financing.

At offshore Block Z-1, the Corvina CX15-9D well was drilled to a total measured depth of approximately 7,730 feet. The 9D well failed to produce oil, therefore the geologic model is being reevaluated to better understand the impact of the well test results on this area of the field.

However, approximately 35 feet of gas pay was found in the upper Zorritos non-associated gas reservoir in the 9D well, which is where the 16X, 14D and 21XD wells at the CX-11 previously tested rates of gas between 20 and 40 million cubic feet per day in the non-associated gas reservoir. Activity on the 9D well has been suspended and the well is being considered for completion as a gas producer in the future.

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