BPZ Announces Greg Smith as Director of Investor Relations and Corporate Communications.

HOUSTON -- BPZ Energy, Inc. (AMEX:BZP) announced today that Greg Smith has joined the Company as Director of Investor Relations and Corporate Communications.

Immediately prior to joining BPZ Energy, Mr. Smith was the publisher of the Oil & Gas Financial Journal, a publication of PennWell Corporation. Prior to PennWell, he was the Group Publisher at Hart Energy Publishing where he worked on publications specific to the oil, gas, power and pipeline markets. Mr. Smith has over 16 years experience in the oil and gas sector.

Management Comments

Mr. Manolo Zuniga, President and CEO of BPZ Energy, commented that "the hiring of Mr. Smith as BPZ's Director of Investor Relations shows the Company's commitment to its investors and the investment community in general. Mr. Smith should help the Company broaden its investor base and market liquidity."

In the past few years, Mr. Smith successfully launched a finance magazine in the oil and gas market, started an investment symposium for small and mid cap producers, and was instrumental in establishing an online presence for his products. Mr. Smith also managed Hart's Energy Markets Magazine, the premier journal for gas and power markets internationally. Mr. Smith has firmly established himself in the oil, gas and power sector and built contacts that will further the success of BPZ Energy.

Mr. Smith will work closely with Ed Caminos, CFO of BPZ Energy, to assure the market is up to date on all activities at the Company. "Having a dedicated IR Director will provide an important service to our investors and help keep the analyst community informed of developments in the recent oil discovery in the Corvina field, our gas-to-power strategy, as well as the rest of our activities in Peru and Ecuador," said Mr. Caminos.

Brad Holmes, who has been assisting BPZ Energy with the Investor Relations efforts for several years on a part time basis, will continue as a consultant during the transition.

Mr. Smith can be reached directly at [e-mail] or by phone at [phone].

About BPZ Energy

Houston based BPZ Energy, Inc. is an oil and gas exploration and production company which has exclusive rights and license agreements for oil and gas exploration and production covering approximately 2.4 million acres in four properties in northwest Peru. It also owns a minority working interest in a producing property in southwest Ecuador. The Company is currently executing an integrated gas-to-power strategy, which includes generation and sale of electric power in Peru and sales of gas into Ecuador for third-party power generation, in parallel with the development of the Corvina oil discovery and the redevelopment of the Albacora oil field. The Company's website at www.bpzenergy.com provides additional information about the Company's plans, including photographs and other information with respect to its operations.