BPZ starts production off Peru

Offshore staff

HOUSTON –BPZ Resources Inc. has started extended production testing at Corvina field offshore block Z-1, northwest Peru, through the CX11 platform. Two 6,000 bbl tankers leased from the Peruvian Navy are part of the development plan.

The tankers will deliver the Corvina oil to BPZ's recently refurbished 40,000 barrel transport barge, which will be moored adjacent to Petroperu's Talara refinery.

First production came from the CX11-21XD well, which reached a stabilized rate of 2,500 b/d of oil. The 21XD well was shut after the first tanker was filled with 5,000 barrels of oil and to allow the Company to finish the dual-completion of the CX11-14D well. The 14D well flowed at a stabilized rate of 1,900 b/d. No formation water was detected in either well.

11/15/2007