BPZ Resources Inc (NYSE:BPZ) Records Promising Exploration Results


Dallas, Texas 02/06/2014 (FINANCIALSTRENDS) BPZ Resources Inc (NYSE:BPZ) the Houston based oil and exploration company operates in the South American continent, specifically in Peru and Ecuador.  Interestingly, it also uses section s of the natural gas production as resource fuel for the captive power generation it is involved in Peru. Needless to say, the power generation includes gas-fired processes. The operations are handled through a sequence of subsidiaries – BPZ Exploration and Production, as well as the wholly owned subsidiary BPZ Energy International Holdings, LP besides the BPZ Energy LLC.

BPZ Resources Inc (NYSE:BPZ) currently trades at $2.03 and holds market cap of $238.58 million. The infra-trading rates varied between low of $1.92 and high of $2.05. The stock also has a 52 week high of $3.21 and low of $1.58. The volume for the stock is 786,642 and EPS at -0.29. Beta for the stock reads $2.59.

BPZ Resources Inc (NYSE:BPZ) has recently seen substantial rise in the prices following the drilling report which appears hugely promising. The onshore as well as offshore drilling projects for Peru and Ecuador have reported that the Albocora offshore filed has an average of 2,100 bbl per day. The Bloc Z-1 average production in recent weeks has been in the range of 4,900 barrels per day. Of this nearly 53% was reportedly from Albacora, and the rest from Corvina fields.

BPZ Resources Inc (NYSE:BPZ) has also seen fresh action in one of the better yield onshore blocks. The XXIII block is reportedly begun exploration since January 5, 2014.

BPZ Resources Inc (NYSE:BPZ) has ownership valued at 51% of the offshore Block Z-1 and is currently in developing partnership for this location with Pacific Rubiales Energy Corp. It has to be noted that BPZ Resources holds full ownership, besides working interest in the other three onshore blocks in Block XXIII. The exploration drilling process is expected to stream more production in the coming quarters.

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