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 Albacora A-22D well was drilled to a measured depth of 13,730 feet. The well tested water with no oil shows from the three targeted zones which are productive in the main part of the field. These results establish the southeastern extent of the field. A reinterpretation of all Albacora well and seismic data is underway to further update the field's geologic model.

A workover has begun on the Albacora A-27D well to perforate additional untested zones. This is expected to optimize production in the well, and also provide additional data for further evaluation of the deeper Zorritos reservoirs.

Block Z-1 production from the Corvina and Albacora fields for April has averaged 4,325 barrels of oil per day (bopd) gross, or 2,206 bopd net to BPZ Energy.

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