BPZ Energy Completes Amended SEC Filings.

HOUSTON -- BPZ Energy, Inc. (OTC:BPZI) today completed its previously announced accounting restatement and filed its amended reports with the Securities and Exchange Commission ("SEC").

BPZ Energy has filed its amended annual report on Form 10-KSB/A for the year ended December 31, 2005 and an amended Form 8-K/A, updating its previous filings on March 31, 2006 and January 17, 2006, respectively. In addition, the Company has filed its quarterly reports on Form 10-Q for the periods ended March 31, 2006 and June 30, 2006 and its Form S-1 registration statement seeking registration of the common shares issued in private placements completed in July 2005, March 2006 and June 2006. The Company is now current with all of its required SEC filings.

As previously noted, the Company has been in communication with the SEC in an effort to resolve all matters raised by them, prior to filing its amended and restated financial statements. As a result of this effort, the Company believes it has reached a final consensus concerning its accounting and financial reporting issues relating to its September 2004 reverse merger with Navidec, Inc. and the Company's relationship with Navidec Financial Services ("NFS"), a former subsidiary of Navidec, Inc.

BPZ Energy is now in a position to resume its efforts to obtain a listing of its common stock on a national stock exchange. The Company will immediately begin to update its pending application with the American Stock Exchange and expects the application to be reviewed once the SEC declares the Company's Form S-1 registration statement effective. The Company cannot assure such listing, nor does it control the timing.

All of the Company's amended SEC filings, which contain the restated financial statements, are available on the SEC's website at www.sec.gov or on the Company's website at www.bpzenergy.com. Additionally, printed copies of these SEC filings are available from the Company upon request.

About BPZ Energy

Houston-based BPZ Energy, Inc. is an oil and gas exploration and production company with properties in northwest Peru and southwest Ecuador. It is 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. BPZ 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 working interest in a producing property in southwest Ecuador. 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.

This Press Release contains forward-looking statements 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," "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 as well as 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.