BPZ Energy Announces CX11-14D Well at Total Depth.

HOUSTON -- BPZ Energy, Inc. (AMEX:BZP) announced today that the Company's third well, the CX11-14D, located in the offshore Corvina field of Block Z-1, reached total depth of 7,950 feet (measured depth) on August 18, 2007, slightly ahead of the 60 day timeline previously set. The well has been logged and casing running procedures have commenced. Multiple prospective pay zones have been encountered in the Upper Zorritos and Cardalitos formations. Testing will initiate shortly thereafter and will take approximately four weeks, depending on the number of tests ultimately conducted. Results will be released after the testing of all selected zones is completed, unless otherwise warranted.

Manolo Zuniga, President and Chief Executive Officer said, "This third well is another important milestone for the Company. The results from this well will not only be significant to the gas-to-power project, but will also play a crucial role in defining the location for drilling of the Company's fourth well, which is slated for later this year. We are very pleased to be on schedule with our drilling operations on the CX11-14D well. After testing several zones for both oil and gas, we will release those results as quickly as possible."

About BPZ Energy, Inc.

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.

Forward Looking Statements

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 27E 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 "will", "expect," "anticipate," "estimate," "believes," "plans" 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 success of our project financing effort, including final documentation and execution of debt financing documents with IFC, accuracy of well test results, well refurbishment efforts, successful production of indicated reserves, and the successful management of our capital development project 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. We caution you not to place undue reliance on those statements.