BPZ Resources Inc (NYSE:BPZ) Reports 2013 Proven Oil Reserves

Posted by Lynn Eisler March 5, 2014 0 Comment 1230 views

BPZ Resources Inc (NYSE:BPZ), the Huston based oil and gas drilling firm released its year ending gas reserve figures which were audited and certified by independent evaluators ahead of its 4Q and full year operational results announcement scheduled for 6th March. The oil and gas producer also used the data from the proven resources report when it presented to investors at the “BPZ Resources, Inc at Raymond James Financial Inc Institutional Investors Conference” which was held on 4th March.

The proven reserves report put together by independent agency Netherland Sewell & Associates also included information from the Off shore partly held property of Block Z-1 in which BPZ Resources Inc (NYSE:BPZ) holds close to 51 percent controlling stake.

CEO Speak

Expressing his happiness at the impressive increase in the proven reserves that BPZ Resources Inc (NYSE:BPZ) has developed in the past year, Mr Manuel Pablo Zuniga-Pflucker who is the President and Chief Executive Officer has been quoted to have said that, “With two drilling rigs working offshore we continue our efforts to increase oil production at the Corvina and Albacora oil fields. The two new gross development oil wells completed late last year increased our certified PDP reserves by approximately 90%, and this year we expect to do even better.”

Focus Areas For 2014

He went on to spell out his focus areas for the current fiscal by pointing out that the drilling activities having been completed at its “Corvina CX15-2D ,Albacora 19D and Corvina CX15-3D” reserves at the past year, he will concentrate on drilling a minimum of 8 new wells among the chosen 21 locations in which the reserves have been identified and certified.

New 2013 Proven Reserves

The “2013 Year-End Total Proved Oil Reserves” for all its holdings and JV stood at 16.1 million barrels of oil equivalent which was slightly higher than 2012 reserves. The Probable oil reserves stood at 27 million barrels of oil equivalent where as possible oil reserves stood at 18 million barrels.

About Lynn Eisler

Lynn Eisler is a national news reporter focusing on economic issues, data analysis and the financial health of state and local governments. Lynn has been honored with the H.L. Mencken Award for Investigative Reporting, the Champion of Justice Award for reporting on the drug war, and the John Hancock Award for business reporting. Lynn was also a Knight Medical School Fellow at the University of Michigan.

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