BPZ Energy Reports Completion of CX11-16X Workover and Start of Testing Operations.

HOUSTON -- BPZ Energy, Inc. (AMEX:BZP) announced today the workover operations on the shut-in Corvina CX11-16X well were completed on May 9, 2007. The workover took less than the scheduled six weeks to complete. The Company conducted a thorough examination of the well bore and concluded that the existing 5 1/2" production casing is in good condition; while the cement log indicated that no additional remediation work is required.

Testing operations began on Friday, May 11, 2007. A total of four Drill Stem Tests (DST's) are currently planned on the well, and each DST will take approximately four to seven days to complete. The Company will announce the testing results after all four tests have been completed.

Other Developments

The Company expects to begin a 200 km 2-D seismic shoot on Block XIX in early June 2007. This is an onshore block adjacent to the Company's Block Z-1 where the Corvina field is located. A contract for the 2-D shoot has been signed with the Peruvian subsidiary of PGS Onshore, Inc., an international seismic company which has crews and equipment already in the area. Field work on this 2-D seismic shoot should be completed early in the third quarter and processing of the data will begin immediately thereafter. This seismic acquisition is part of the work commitment required to retain the Company's rights under the Block XIX license contract.

Management Comments

Manolo Zuniga, President and CEO of BPZ Energy, said, "Completion of the workover on the CX11-16X well represents another step forward for BPZ Energy. I am very pleased with the efficient and timely manner in which this workover was completed and look forward to completing the planned DST's over the next few weeks."

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 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 Section 27A of the Securities Act of 1933 and Section 21E 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," "anticipate," "estimate," "at such time," "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 accuracy of our test results and ultimate certification of oil and gas reserves, success of our project financing efforts, well refurbishment efforts 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.