BPZ Energy Reports Completion of CX11-21XD Corvina Well.

HOUSTON -- BPZ Energy, Inc. (AMEX:BZP) announced today that its Corvina CX11-21XD well has been temporarily completed as an oil producing well after two additional Drill Stem Tests (DST) were conducted. A final production test after completion yielded 5,900 barrels of crude oil per day (bopd) with 920 psia of wellhead pressure. The Company intends to recomplete the well as a dual oil and gas producer once the necessary equipment has been procured.

The two additional DST's were conducted in the Upper Zorritos formation, bringing the total number of DST's conducted on the well to six.

DST #6 tested at the rate of 20 Million cubic feet per day (MMcfpd) with 920 psia of wellhead pressure from 14 feet of gas pay in the top portion of the Upper Zorritos just below the DST #4 gas sands that, as previously announced, tested at the rate of 40 MMcfpd. The cumulative tested gas rate is 60 MMcfpd and the total gas pay is now estimated to be 170 feet. Critical knowledge for the future identification of potential hydrocarbon pay in the Corvina field was acquired during DST #4 and confirmed during DST #6.

DST #5 tested a zone in the Upper Zorritos below the sands that tested crude oil in DST #3. The DST #5 sands produced water as well as natural gas though at non-commercial rates. This DST, nevertheless, allowed the Company to calibrate its petrophysical model.

An additional 20 feet of oil pay opened in the zone that discovered crude oil in the Corvina Field was tested during the above-mentioned final production test. The overall oil pay is now estimated at 110 feet. The excellent permeability of the oil producing sands has also been established through the interpretation of the high quality pressure and rate data acquired during these tests.

As previously reported, the Company is now in the process of executing an early oil production project. However, the Company's CX11-21XD well will later be recompleted as a dual oil and gas producer to supply gas to the Company's proposed 160 MW power plant. The Company plans to initially have three wells available to supply gas to its proposed 160 MW power plant once power generation operations start.

The Company has begun workover operations on the CX11-16X shut in well, and anticipates that these operations will take approximately six to eight weeks to complete. After completing the workover, the Company plans on drilling their second new well in the Corvina field.

Management Comments

Manolo ZASiga, President and CEO of BPZ Energy, said: "The two additional DST's and the final oil test after completion have clearly shown that the CX11-21XD well is an outstanding well that has tested on a combined basis 16,500 barrels of oil equivalent per day. The 60 MMcfpd of total gas tested by this single well exceeds the 40 MMcfpd of feedstock gas required by our future power plant. Moreover, our early Corvina oil production project will potentially allow the Company to establish cash flow sooner." He went on to say: "I would like to thank all our investors, employees, and contractors, all of whom made this crude oil discovery possible."

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, in parallel to the development of the Corvina oil field and the redevelopment of the Albacora oil field. 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.

Forward-Looking Statements

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 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.

The U.S. Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only "Proved" reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The Company is prohibited from disclosing other categories of reserves in its SEC filings. We use certain terms in this press release such as "feet of pay", "barrels per day", "cubic feet per day" and similar expressions suggesting quantities of oil and gas reserves that the SEC's guidelines strictly prohibit us from including in filings with the SEC. 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. These definitions and standards may result in estimates of proved reserves which are materially different from those disclosed in the Company's filings with the SEC.