BPZ Energy, Inc. has completed all seven drill stem tests (DST) on the CX11-14D well in the Corvina field of offshore Block Z1 in northwest Peru. The Company tested a cumulative total of 104 million cubic feet per day (mmcf/d) of gas and 2,400 barrels of oil per day (bopd).

The first six tests were conducted in the Upper Zorritos formation, with the first two testing the oil zone and the other four the gas zone, while the seventh test targeted the Cardalitos formation located immediately above the Upper Zorritos. No formation water was produced in any of the seven tests and the quality of the tested oil and gas was similar to that of the Company’s other two Corvina wells.

As previously announced, DST #1 and #2 cumulatively tested 2,400 bopd. The Company also previously reported that DST #3 tested 25 mmcf/d but is revising this result to 26 mmcf/d.

DST #4 tested a set of low resistivity sands that resulted in minor indications of gas. As expected, DST #5 and #6 tested the bulk of the gas from two sets of gas sands at the top of the Upper Zorritos formation, with DST #5 recording rates of 36 mmcf/d and DST #6 testing an additional 42 mmcf/d. DST #7 tested the Cardalitos formation at 0.1 mmcf/d.

The Company will now dual complete the CX11-14D well. Final oil and gas tests will be performed after the CX11-14D is completed to leave the well ready for production. The Company will then start drilling operations on the CX11-18XD well.