BPZ Energy Commences Drilling of CX11-18XD Corvina Well.

HOUSTON -- BPZ Resources, Inc. d/b/a BPZ Energy (AMEX:BZP) today announced the spudding of the CX11-18XD Corvina well. The Corvina field is in the Company's offshore Block Z-1 located in northwest Peru.

The CX11-18XD well will be positioned up dip from the CX11-21XD well, which tested 60 million cubic feet of gas per day and 5,900 barrels of oil per day. This well will further develop the Upper Zorritos oil sands currently producing on the CX11-21XD well, and will test if the lower sands are also oil-bearing in this up dip location. The Company plans to drill to a total depth of approximately 8,800 feet (measured depth) and anticipates reaching total depth in approximately 60 days, with completion and testing operations following thereafter.

Manolo Zuniga, President and Chief Executive Officer, commented, "This well will not only allow us to continue developing the oil sands discovered by the 21XD well and appraised by the 14D well, but also give us the opportunity to prove up additional oil reserves in the Corvina field. Our operations team in Peru is doing an excellent job conducting both drilling and production operations in a safe and efficient manner from the CX11 platform."

About BPZ Energy

Houston based BPZ Energy is an oil and gas exploration and production company which has exclusive license contracts 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 "expect," "will", "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 efforts, 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.

U.S. investors are urged to consider closely the disclosure in our SEC filings, available from us at 580 Westlake Park Blvd., Suite 525 Houston, Texas 77079; Telephone: [phone]. You can also obtain these filings from the SEC by calling 1-800-SEC-0330.