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BPZ Energy Provides Operations Update and Announces Participation in IPAA OGIS Conference in New York

(April 02, 2014)

Houston, April 2, 2014 (GLOBE NEWSWIRE) -- BPZ
Energy
(NYSE:BPZ) (BVL:BPZ) today provided an operations update
and announced that Manolo Zuniga, president and CEO will be
presenting at the IPAA Oil and Gas Investor Symposium in New York
City on April 7, 2014 at 2:00 pm EDT.  The live webcast will
be accessible at the Company's website at www.bpzenergy.com in the Investor
Relations, Events & Presentations section.  An updated
presentation is now also available on the BPZ Energy website.


Offshore Block Z-1 (51%
BPZ)

First quarter 2014 average gross production from
Block Z-1 was approximately 5,045 barrels of oil per day (bopd), or
2,571 bopd net to BPZ Energy, compared with fourth quarter 2013
average gross production of 2,723 bopd, or 1,389 bopd net to BPZ
Energy.  As of March 31, 2014 gross production was
approximately 4,650 bopd, or 2,372 bopd net to BPZ Energy.

Corvina Field


Development drilling of the Corvina CX15-3D well
continues. After reaching total measured depth of approximately
6,870 feet in the Zorritos formation, the drill pipe became stuck
in the wellbore.  It was decided to sidetrack the well at
approximately 5,300 feet and drill the remaining section to target
depth of 7,750 feet.  Results are expected in April
2014. 

At Corvina, five additional wells are budgeted
for 2014, after the CX15-3D well is completed.

Albacora Field

The A-18D oil well, which was completed at the
end of 2013, has been currently shut in due to gas intrusion. 
The well is being evaluated to determine the necessary steps which
are expected to restore oil production.

Drilling of the A-21D development well continues
with intermediate casing now set.  Conventional cores will be
taken in the Zorritos formation.  Drilling results are
expected in May 2014. 

Two additional wells have now been added to the
2014 Albacora drilling budget, bringing the total to four wells,
including the A-19D and A-21D.


Onshore Block XXIII (100% BPZ)

Testing continues on the Caracol 1X well, the
first in a three-well exploration campaign.  As previously
reported, two Heath Formation intervals at approximately 1,500 feet
in depth tested gas with formation water.  Subsequently, an
upper interval in the Zorritos Formation with oil shows was
perforated and later stimulated. Testing of this interval, along
with other prospective intervals, will continue with a workover
rig.

In the interim, the drilling rig has been moved
to the Cardo 2X location to continue the exploration campaign.
 The Cardo 2X well was spud in late March 2014, and it is
estimated that total depth will be 4,600 feet. 


ABOUT BPZ ENERGY

BPZ Energy is an independent oil and gas
exploration and production company with license contracts covering
1.9 million net acres in four blocks located in northwest
Peru.  Current operations in these blocks range from
early-stage exploration to production.  The Company holds a
51% working interest in offshore Block Z-1, where development
drilling is currently underway at the Corvina and Albacora
fields.  Onshore the Company holds three 100%-owned blocks
with exploration drilling currently underway at Block XXIII. 
In southwest Ecuador, the Company owns a non-operating net profits
interest in a producing property.  BPZ Energy trades as BPZ
Resources, Inc. on both the New York Stock Exchange and the Bolsa
de Valores in Lima under ticker symbol "BPZ".  Please visit
www.bpzenergy.com for more
information.


FORWARD LOOKING STATEMENT

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 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
"will," "expected," "estimated," and "prospective," 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 successful operation of our new platform in
Corvina, the success of our project financing efforts, accuracy of
well test results, results of seismic testing, well refurbishment
efforts, successful production of indicated reserves, satisfaction
of well test period requirements, successful installation of
required permanent processing facilities, receipt of all required
permits, the successful management of our capital expenditures, 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.


CAUTIONARY STATEMENT REGARDING CERTAIN
INFORMATION RELEASES

The U.S. Securities and Exchange Commission
(SEC) permits oil and gas companies, in their filings with the SEC,
to disclose only "reserves" that a company anticipates to be
economically producible by application of development projects to
known accumulations, and there exists or is a reasonable
expectation there will exist, the legal right to produce, or a
revenue interest in the production, installed means of delivering
oil and gas or related substances to market, and all permits and
financing required to implement the project. We are prohibited from
disclosing estimates of oil and gas resources that do not
constitute "reserves" in our SEC filings, including any estimates
of contingent and prospective resources included in this press
release.  With respect to "probable" and "possible" reserves,
we are required to disclose the relative uncertainty of such
classifications of reserves when they are included in our SEC
filings. Further, the reserves estimates contained in this press
release are not designed to be, nor are they intended to represent,
an estimate of the fair market value of the reserves.

The Company is aware that certain information
concerning its operations and production is available from time to
time from Perupetro, an instrumentality of the Peruvian government,
and the Ministry of Energy and Mines ("MEM"), a ministry of the
government of Peru.  This information is available from the
websites of Perupetro and MEM and may be available from other
official sources of which the Company is unaware.  This
information is published by Perupetro and MEM outside the control
of the Company and may be published in a format different from the
format used by the Company to disclose such information, in
compliance with SEC and other U.S. regulatory requirements.

Additionally, the Company's joint venture
partner in Block Z-1, Pacific Rubiales Energy Corp. ("PRE"), is a
Canadian public company that is not listed on a U.S. stock
exchange, but is listed on the Toronto (TSX), Bolsa de Valores de
Colombia (BVC) and BOVESPA stock exchanges.  As such PRE may
be subject to different information disclosure requirements than
the Company.  Information concerning the Company, such as
information concerning energy reserves, may be published by PRE
outside of our control and may be published in a format different
from the format the Company uses to disclose such information,
incompliance with SEC and other U.S. regulatory requirements.

The Company provides such information in the
format required, and at the times required, by the SEC and as
determined to be both material and relevant by management of the
Company.  The Company urges interested investors and third
parties to consider closely the disclosure in our SEC filings,
available from us at 580 Westlake Park Blvd., Suite 525, Houston,
Texas 77079; Telephone: (281) 556-6200.  These filings can
also be obtained from the SEC via the internet at www.sec.gov.



###

CONTACT: A. Pierre Dubois
Investor Relations & Corporate Communications
BPZ Energy
281-752-1240
pierre_dubois@bpzenergy.com

Page: 1


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