HOUSTON, Oct. 16, 2014 (GLOBE NEWSWIRE) -- BPZ Resources, Inc., (NYSE: BPZ) (BVL: BPZ),
("BPZ" or the "Company"), today announced that it has withdrawn its
previously announced private placement offer of $150 million in
senior secured notes due 2019 due to adverse market conditions.
President and CEO Manolo Zuniga commented, "The
current market conditions have led us to conclude that our offering
of the senior secured notes is not in the best interests of the
Company at this time. We continue to monitor market
conditions, as well as review other options which would provide
capital for the Company. A cash position of approximately $79
million at the end of third quarter 2014 and continued production
and cash flow growth this year gives us confidence that we will
obtain necessary financing in a timely manner."
ABOUT BPZ ENERGY
BPZ Energy, which trades as BPZ Resources, Inc.
under ticker symbol BPZ on the New York Stock Exchange and the
Bolsa de Valores in Lima, is an independent oil and gas exploration
and production company with license contracts covering 1.9 million
net acres in four blocks located in northwest Peru. Current
operations in these blocks range from early-stage exploration to
production. The Company holds a 51% working interest in
offshore Block Z-1, where development drilling is currently
underway at the Corvina and Albacora fields. Onshore the
Company holds 100% working interests in three blocks. In
southwest Ecuador, the Company owns a non-operating net profits
interest in a producing property. Please visit www.bpzenergy.com for more
information.
FORWARD LOOKING STATEMENT
This Press Release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These forward
looking statements are based on our current expectations about our
company, our properties, our estimates of required capital
expenditures and our industry. You can identify these
forward-looking statements when you see us using words such as
"anticipates," "intends," "will," "expects," and other similar
expressions. These forward-looking statements involve risks and
uncertainties.
Our actual results could differ materially from
those anticipated in these forward looking statements. Such
uncertainties include the anticipated use of the proceeds from the
offering, the success of our project financing efforts, accuracy of
well test results, results of seismic testing, well refurbishment
efforts, successful production of indicated reserves, receipt of
all required permits, the successful management of our capital
expenditures, and other normal business risks. We undertake no
obligation to publicly update any forward-looking statements for
any reason, even if new information becomes available or other
events occur in the future.
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CONTACT: A. Pierre Dubois
Director, Investor Relations & Corporate Communications
BPZ Energy
1-281-752-1240
pierre_dubois@bpzenergy.com