Houston-based BPZ Energy is an independent oil and gas exploration and production company with exclusive license contracts covering approximately 2.2 million acres in four blocks in northwest Peru. The Corvina oil field in offshore Block Z-1 is the Company’s core producing asset while the Albacora oil field is targeted to begin commercial production by end of calendar 2011. BPZ’s primary initiatives onshore have been focused on the acquisition of seismic data for assessing the petroleum systems in the three onshore blocks: Blocks XIX, XXIII and XXII. During calendar 2011, the Company is expected to drill the Pampa la Gallina oil prospect, its first exploratory well onshore in Block XIX. The Company is also executing a gas marketing and gas-to-power strategy to aide in monetizing the Company’s gas potential.
