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Executives

A. Pierre Dubois - Head of Investor Relations and Corporate Communications

Manuel Pablo Zúñiga-Pflücker - Chief Executive Officer, President and Director

Richard S. Menniti - Chief Financial Officer and Principal Accounting Officer

Analysts

Neal Dingmann - SunTrust Robinson Humphrey, Inc., Research Division

John Freeman - Raymond James & Associates, Inc., Research Division

Curtis Ryan Trimble - Global Hunter Securities, LLC, Research Division

BPZ Resources (BPZ) Q3 2013 Earnings Call November 8, 2013 11:00 AM ET

Operator

Good day, everyone, and welcome to the BPZ Energy Third Quarter 2013 call to review financial and operational results. This call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Mr. Pierre Dubois, Investor Relations, BPZ Energy. Mr. Dubois, please go ahead, sir.

A. Pierre Dubois

Well, thank you, Shannon, and good morning, everyone. Today, on our call I have joining me, Manolo Zúñiga, President and Chief Executive Officer; and Rick Menniti, Chief Financial Officer. Our format for the call today will include opening remarks by Manolo, followed by a financial summary provided by Rick. We will then open up the call to a question-and-answer session.

Before we move forward, I'd like to provide you with the customary cautionary statements. This call and related earnings release contain forward-looking statements. These statements are based on current expectations about our company, our properties, our estimates of required capital expenditures and our industry.

Our actual results could differ materially from those anticipated in these forward-looking statements. Such uncertainties include the success of our project financing efforts, accuracy of well tests, refurbishment efforts, successful production of indicated reserves, satisfaction of the well test period requirements, installation of required processing facilities, receipt of required permits, acquisition of seismic data, the successful management of our capital expenditures and other normal business risks associated with our business and the global economy.

With respect to any oil and gas reserve estimates discussed on this call, we are prohibited from disclosing estimates of oil and gas resources that do not constitute reserves in our SEC filings. With respect to probable and possible reserves, we are required to disclose the relative uncertainty of such classifications. Further, the reserve estimates and referential price information contained in the earnings call and release are not designed to be nor are they intended to represent an estimate of the fair market value of any unproved reserves.

In connection with the information conveyed in the call today, please also consider the additional disclaimers and information contained in the company's SEC filings.

And with that, I'd like to turn the call over to Manolo.

Manuel Pablo Zúñiga-Pflücker

Thank you, Pierre, and good morning, everyone. By now, you have seen our latest financial and operational summary, which we issued last night. I am glad to report that we have positive early results from the new Corvina CX-15 platform at Block Z-1, and I would like to congratulate the teams for placing the CX 15-1D well on production, which is the first of several development wells we plan to drill at the Corvina field.

In yesterday's release, we reported that the 1B well is being evaluated with only 1 of 4 prospective oil intervals opened during the last 10 days. The 1D has produced approximately 400 barrels of oil per day gross from this first open interval over the prior 48 hours with a choke of 22. This interval is producing pure oil, with no formation water and a normal gas to oil ratio, which implies we encounter original reservoir pressure on this specific interval. We have been opening up the choke slowly over the last 10 days to let the well clean itself. We're going to let it flow for a while longer before we evaluate the upper to already perforated intervals, which have been selectively completed with the sliding sleeves to manage the eventual breakthrough of the gas -- cap gas.

As we have been informing in the past, the CX-11 wells have been producing relatively large volumes of gas, which is being reinjected back into the gas cap for proper waste oil management. Hence, the tap of selective completion as the one done in the 1D will allow us to manage the reservoir by better controlling gas production from the gas cap. Also remember that we have had to work over some of the CX-11 wells to stop any future gas produced from the gas cap. So using the selective completion should help minimize the need for that type of workovers. I am, therefore, glad, we're using some of the experience acquired from the CX-11 drilling campaign. Another example of applying this experience is a site that we have already installed a gas leak mangrove to optimize future oil production from this well when needed.

As with line unit, will be used to open this sliding sleeves and evaluate these 2 upper intervals to determine the optimal well productivity while drilling operations are underway in the adjacent well slot. We expect to start the evaluation of one of these upper intervals in the next few days. Regarding the fourth and lower interval, which is closer to the water contact, we expect it will be perforated at a later time once the upper intervals are evaluated and will be produced comingle[ph] with the other open intervals.

I am also pleased to report that earlier this week, we spud the CX 15-2D development well and operations are going as planned. The 2D well is located at deep near the producing CX11-18XD oil well, which encountered good oil sands. The CX11-19B well is also close by, which currently is our best oil producer from the CX-11 platform. We need to keep in mind that new wells here are near existing producers may end up with some quite depleted oil sands.

We expect to drill and complete future Covina wells in less time at a lower cost. As you will recall, we've previously mentioned that on the first CX-15 well, we would take some cores, as well as set an extra string of casing as a precaution for any shallow gas. The cores are being analyzed now and fortunately, we did not encounter any shallow gas. So in the future, we will not need that extra casing stream, which will reduce future well costs.

Going to Albacora. The well we are drilling there currently is at the measured depth of approximately 9,500 feet, putting us on top of the Zorritos formation. Our target total depth is approximately 12,600 feet. We spud this well at the end of September, so some time in January, we should have well results to share with you.

So it is very early in the renewed development drilling campaign at Block Z-1, and we have a lot of running room to grow production. Exploration will play an important role to grow reserves, so we are working diligently to obtain the drilling permit to appraise several shallow water prospects mapped with a new 3-D seismic. Onshore, as you know, we also have 3 100% owned onshore blocks in Peru. We are still on track to spud our first well in the northern part of Block XXIII by year end. We have received the right-of-way permits, so construction has begun on the access road and well site for the first of 3 relatively shallow wells. These wells are located on the large anticline map with 3-D seismic we acquired a couple of years ago.

On blocks 19 and 22, we continue with the process to obtain the permits to carry out 3-D and 2-D seismic surveys, respectively. We plan to conduct these surveys sequentially in 2014 so as to minimize cost related to the mobilization of the seismic crews. As previously reported, the company has received approval from Perupetro to conduct a limited 3-D seismic survey in Block XIX to further evaluate whether another large anticline exists on that portion of the block, so this survey will be part of the current Peruvian minimum work commitment to retain the block.

In Block XXII, we plan to carry out the confirmation to this survey on 3 prospects located in the southern area of the block to define final drilling locations. The process to obtain an environmental permit for exploration drilling is also underway, with exploration drilling expected to begin in late 2014.

To conclude, I'm pleased to announce that we have named Estuardo Alvarez-Calderon as our VP of Exploration and Production. Estuardo couldn't be with us today as he was invited to give a talk today at the Denver International Petroleum Society. Estuardo is a geologist, with 34 years of experience, 28 of those with Occidental Petroleum in Peru and Houston, in different roles, including Exploration Manager for Peru, and New Ventures Manager for all of Latin America. Estuardo has been with us since 2007 and his experience will be valuable as we endeavor to add reserves and grow production.

With that said, I will hand over the call now to Rick, who will provide a summary of financial results. Rick?

Richard S. Menniti

Thank you, Manolo, and good morning, everyone. Before I provide my remarks, I would like to remind everyone that a copy of our earnings release is available on our website under the Investor Relations section, along with other company financial information. We will file our third quarter 10-Q this afternoon.

In our discussion today, please bear in mind that our 2013 results take into account the formation of the unincorporated joint venture with Pacific Rubiales in 2012 to explore and develop the offshore Block Z-1. As a result of the December 2012 closing, the company's 9-month year-to-date 2013 results reflect the company's net share production, revenues and certain expenses, while in 2012, we reflect the gross 100% interest we had in the Block Z-1.

In the press release we issued last night, we included various tables, including consolidated income statement, which also reflects second quarter 2013 results, to assist with comparisons given all periods in 2013 are on the same net basis of reporting.

For the third quarter 2013, the company reported an operating loss of $11 million and a net loss of $15 million or loss of $0.13 per share. This compares to an operating loss of $13 million and a net loss of $17 million or loss of $0.15 per share for the same period in 2012.

For the 9 months of 2013, the company reported an operating loss of $31 million and a net loss of $48 million or a loss of $0.41 per share compared to an operating loss of $39 million and a net loss of $53 million or a loss of $0.46 per share for the same period in 2012.

Earnings before interest, income taxes, depletion, depreciation, amortization and exploration expense or EBITDAX was a $67,000 loss for the third quarter of 2013 compared to a positive EBITDAX of $7 million for the third quarter of 2012. EBITDAX was lower at a $4 million loss for the 9 months of 2013 compared to a positive $34 million for the same period last year.

For both the 3 and 9 month 2013 periods, the large decline in EBITDAX was due to the sale of 49% of Block Z-1. I'm going to focus the rest of my comments on third quarter results. We'll be more than happy to answer questions on both the 9 months or third quarter results during the Q&A portion of the call.

For the 3 months ended September 30, 2013, our 51% share of production from the offshore Corvina and Albacora fields in Block Z-1, our net production was approximately 122,000 barrels or 1,330 barrels of oil per day compared to 134,000 barrels or 1,451 barrels of oil per day for the same period in 2012. The decrease in oil production is due to the natural declines in production in both the producing fields in Block Z-1.

For the third quarter 2013, oil revenue after royalty payments decreased by $16 million to $13 million from $29 million for the same period in 2012. The decrease in 2013 net oil revenue is due to a decrease of oil sold to 123,000 barrels due to the Block Z-1 sale, along with lower net oil production. During the recent quarter, the average per barrel sales price we received was $101.46. If we look at how the third quarter 2013 compares with the second quarter 2013, oil revenue after royalty payments was down some $300,000 on 13,000 less barrels sold. This volume decline was partially offset by a $7.52 increase in net realized pricing.

I'll now take you through our third quarter expenses. Total operating and administrative expenses of $23 million in the third quarter 2013 decreased by $19 million as compared to the same period in 2012. The decrease was across most categories. In terms of the various components of these expenses, lease operating expense was lower by $9 million mainly due to the participation of our partner in 49% of Block Z-1 expenses and lower costs associated with workover activity.

General and administrative costs were fairly flat after the slight increase in stock compensation expense. Geological, geophysical and engineering expenses decreased $6.2 million compared to the same period in 2012 due to the majority of Block Z-1 3-D seismic acquisition program having occurred in 2012.

For the third quarter of 2013, other net expenses increased $4 million from the same period in 2012 to $10 million. This increase was driven by expenses associated with the repayment of the $40 million secured debt facility and the convertible notes exchange partially offset by a lower loss on derivatives. If we look at third quarter 2013 compared to second quarter 2013, total operating administrative expenses were down by $2 million mainly due to the lower workover activity. Other net expenses in third quarter 2013 were up $3 million compared to the second quarter 2013. This increase was due to the fees associated with the exchange of convertible notes and the loss on derivatives.

Turning now to liquidity and capital and exploratory expenditures for the third quarter ended September 30, the company had cash and cash equivalents of $79 million and a working cash flow surplus of $81 million. The company's total capital and exploratory expenses for the third quarter were $2 million, excluding capitalized interest of $2 million.

For the 9 months of 2013, the company's total capital and exploratory expenses was $3 million, excluding capitalized interest of $7 million, mainly related to geological, geophysical and exploration activity.

For Block Z-1, Pacific Rubiales provided 100% funding for the gross capital exploratory expenditures of $49 million for the 9 months 2013 period.

During the third quarter, we took steps to extend our debt maturity profile. In September, the company issued $144 million of 2017 convertible notes with an 8.5% coupon. Net proceeds were approximately $125 million. We repurchased $85 million of the 2015 convertible notes we had outstanding. We also repaid the remaining balance of $36 million of the $40 million secured debt facility. This repurchase repayment new issuance were part of the company's financing strategy to manage liquidity for operations and provide flexibility for future financing alternatives.

That concludes my financial summary. So now I'll turn the call over to the operator to open up the line for questions.

Question-and-Answer Session

Operator

[Operator Instructions] Our first question is from Neal Dingmann of SunTrust.

Neal Dingmann - SunTrust Robinson Humphrey, Inc., Research Division

Manolo, the CX15-1D, regarding the intervals, I guess, 2 things there. One, the timing. How do you foresee how long running this first interval? And then -- until you shut that. And then opening the other 2, and then would you co-mingle, at some point, those? You were talking about that a little bit, I just wanted -- not certain if you would eventually co-mingle those on that. And then I'm trying to -- any color you can give kind of the third point on that, any color -- we kind of -- obviously, you told what the rate was on this first one, are you more optimistic when you open the next 2? Will it be stronger than that or is there just no way to see at this point?

Manuel Pablo Zúñiga-Pflücker

Right now, as we mentioned, we are -- only have this interval open. Probably, as we mentioned in the -- in my talk, in the next few days, we will open one of the other upper intervals. We will evaluate that one, and then we decide to open another one. We will see how best to, as we mentioned, optimize the productivity of the well. And then later on, we will open also the deeper one. And then we will, as we mentioned, probably producing co-mingle. But we need to evaluate those just to be sure given that this well was drilled close to the 21 XD. And as I mentioned also in the talk, we have to always be careful about finding some depletion. So that's something always to look into. This is why we are being very careful with this well. As I mentioned also, we are using a lot of the past experiences to make sure that we optimize the productivity of this well. But right now, I'm extremely happy with the results of this initial evaluation on this type of interval.

Neal Dingmann - SunTrust Robinson Humphrey, Inc., Research Division

And, Manolo, did you say what's the timing of the Albacora well, when we can see the result there?

Manuel Pablo Zúñiga-Pflücker

In Albacora, the idea is to have the well completed by the end of the year, so results will be sometime in January. And I want to emphasize, that's some time. Again, in Albacora, we have -- we drill one very good well, the 14 XD, that is still producing very strongly. That well is approaching the million-barrel mark. And I imagine that when we complete this second well, we would like to evaluate them -- evaluate it as well. So it'll be sometime in January that we will have the results.

Neal Dingmann - SunTrust Robinson Humphrey, Inc., Research Division

Okay. Then lastly, I know you haven't set out your budget yet for 2014, but I'm sure you're constantly in contact with Pacific. I wanted any idea on just sort of that -- not just timing, but as far as magnitude of the drilling plan next year, if you've got any sense from them, I mean, are they just as encouraged? And any idea, I mean, how many wells or rigs we could expect next year?

Manuel Pablo Zúñiga-Pflücker

Well, right now the idea is to continue drilling in Corvina. So we can drill wells 1 every 2 months, so we could have 6 new wells next year. And in Albacora, the idea, it will be to also continue the drilling campaign. We will be, of course, always checking the results also, the ongoing campaign. But if we assume 3 months per well, we could have then 4 additional wells in next year. So all combined, the idea is to have by the year, a couple of official wells, 1 in Corvina, 1 in Albacora and then 10 next year between Corvina and Albacora.

Operator

Our next question is from John Freeman of Raymond James.

John Freeman - Raymond James & Associates, Inc., Research Division

On the -- a little bit more detail on the 1D well. I noted on the nearby 21 XD when you all originally tested that well, you tested 2 oil zones in the Upper Zorritos. Are the 2 intervals that you're looking at these upper 2 intervals, are those similar -- are those the same zones as what was in the 21 XD?

Manuel Pablo Zúñiga-Pflücker

On the 21 XD, we actually ended up opening 4 intervals. And so the one that we are testing right now, evaluating right now, is the same one as the deepest one on the 21 XD. The 1D well is ab deep from the 21 XD. So that one that we correlate with 21 XD produced good oil. Eventually, the water broke through. And I believe that is why we're finding this interval in the 1D with basically, original reservoir pressure, which is very good.

John Freeman - Raymond James & Associates, Inc., Research Division

So are there any intervals in this well that are different than the 4 that you tested which...

Manuel Pablo Zúñiga-Pflücker

No, they match very well with the ones in the 21 XD.

John Freeman - Raymond James & Associates, Inc., Research Division

Okay. And then can you give a sort of a rough estimate on what the oil and kind of completed well cost is going to be on this well, on the 1D?

Richard S. Menniti

John, this is Rick. Again, we drilled it through October and through September. As you see in our results, we had $13 million related to the drilling. We also saw that we had some mobilization cost that are going to be allocated to that well, another $2 million, and then we'll continue to look at our cost in October when we bring those out. So it'll be another months’ worth of drilling that will be added to what we've reported which could be in the range of $4 million to $6 million when it's all done in addition to that $13 million.

John Freeman - Raymond James & Associates, Inc., Research Division

Okay. And then the last question for me, when I think about sort of the timing on these additional Corvina wells, when they're drilled, since you're no longer going to be needing the additional casing string, which correct me if I'm wrong -- I think that saves like about a week or so. Is there anything else that I'm -- in addition to that, that allows you to reduce time on the next well?

Manuel Pablo Zúñiga-Pflücker

Well, the coring. Coring actually took quite a long time and added quite a bit of cost to this well. And you go very slowly when you're coring. So I think that and the fact that we don't have to put that very shallow casing stream should cut the well cost tremendously. And that's why we think that in the future, we should be working on about 2 months per well. Give or take a little bit, that's the idea, from 3 to 2 that, that will be outstanding.

John Freeman - Raymond James & Associates, Inc., Research Division

Sorry, just to be clear on this current well that you're drilling on the 2-D, there's no coring that's going to be taking place?

Manuel Pablo Zúñiga-Pflücker

No coring. That's right, that's right.

Operator

Our next question is from Adam Michael of Miller Tabak.

Unknown Analyst

This is actually Trevor [indiscernible] filling in for Adam. Real quick, with the wording in the press release, as far as the CX-15 platform mentioned 40-foot intervals, is that a net pay?

Manuel Pablo Zúñiga-Pflücker

No, it's actually an interval, we have not yet evaluated the detailed net pay.

Unknown Analyst

And how big are the other prospective intervals?

Manuel Pablo Zúñiga-Pflücker

I'd say that overall, we're close to 100 feet of intervals.

Unknown Analyst

I see. And switching over to Albacora. How thick is the upper Zorritos formation and how many intervals are in the A-18D are producing or have been produced?

Manuel Pablo Zúñiga-Pflücker

Well, the 18D is a new well in Albacora, it's the 14 XD is the one that we drilled about 3 years ago and put in production. That one -- that well has started producing from one single interval, and then we have added in the last couple of years, I believe, 2 additional intervals on that well. The Zorritos formation, the Upper Zorritos is a thick section. I think it's about 3,000 feet. In the note, in my talk just now, I mentioned the fact that we are at the top of the Zorritos at 9,500 feet and we're going to go [indiscernible] at 12,600. So right there, you are more than 3,000 feet of Zorritos. And mostly on the Upper Zorritos.

Unknown Analyst

Okay. And how many months did you say the 14 XD has been online?

Manuel Pablo Zúñiga-Pflücker

It was put on production, if I'm not mistaken, at the beginning of 2010.

Unknown Analyst

Okay. And on Block XXIII, can you provide any color on the prospects as far as the size of the structures and what you've learned from the seismic that is -- that has you excited about the potential?

Manuel Pablo Zúñiga-Pflücker

Well, In Block XXIII, in our investor presentations, we have a slide that shows this very large anticline. Inside Block XXIII is about 19 miles long, it probably continues into Block XIX. We did not have the 3-D seismic. One -- another reason to acquire some 3-D seismic on Block XIX that is adjacent to Block XXIII. So -- but it's quite large. The first prospect that we are going to drill is a good-sized prospect. I don't remember the exact acreage right now, but it's a good-sized prospect.

Unknown Analyst

With that seismic shoot, is it targeting the same type of oil prospects as the XXIII? The XIX?

Manuel Pablo Zúñiga-Pflücker

Yes, that's right. We -- the 2 main targets is the Heath Formation, which is a soft walk [ph] in the [indiscernible] basin. And then the Mancora formation that in the past, tested gas on the Piedra Redonda offshore field. And the Heath is the first production in Peru, came out of the Heath formation for oil.

Operator

[Operator Instructions] Our next question comes from Curtis Trimble of Global Hunter.

Curtis Ryan Trimble - Global Hunter Securities, LLC, Research Division

Can you give us an idea of what interval the distance is between the 1D and the 21 XD?

Manuel Pablo Zúñiga-Pflücker

I believe we are about 400 -- 350 meters, something like that.

Curtis Ryan Trimble - Global Hunter Securities, LLC, Research Division

Good. And in terms of pressured differences between similar zones that you've got, can you talk a little bit about that and maybe what that implies for the deliverability, reserve, expectations, et cetera?

Manuel Pablo Zúñiga-Pflücker

Well, as I mentioned in the -- in my talk, we -- this interval is the same as the one tested in the 21 XD. The deeper one in the 21 XD that tested oil, and we -- we're finding it with a reservoir pressure. My belief is that water, as it came in, replenished the pressure on that zone, which is good. And I have always said that I believe that the drive mechanism in Corvina is probably a mix of gas cap and weak aquifer. So it's all a matter of how well we manage the reservoir. And I think I mentioned more once that reservoir management is going to play a key role on our ability to improve the Corvina factors. So that's what we're doing, Curtis. The upper intervals also correlate with the 21XD, so when we opened them, we need to see how things are shaping up on those intervals. And the one below, of course, as we are active from the 21XD, it was not producing the 21XD, so it should be a good oil producer.

Curtis Ryan Trimble - Global Hunter Securities, LLC, Research Division

Got you. Was it lower...

Manuel Pablo Zúñiga-Pflücker

Until water comes in. Excuse me?

Curtis Ryan Trimble - Global Hunter Securities, LLC, Research Division

I'm sorry. The lower interval, was that included in the 100 feet of productive intervals that you mentioned earlier?

Manuel Pablo Zúñiga-Pflücker

It is, yes,

Curtis Ryan Trimble - Global Hunter Securities, LLC, Research Division

Looking forward overall on the standby cost and the other expenses, would you expect those to go away in the fourth quarter or are you going to have some residual carryover there as well?

Richard S. Menniti

This is Rick. At the moment, we wouldn't expect any further standby cost in the other, we don't have anything that we're anticipating at this time.

Operator

Our next question is from Edward [indiscernible] of [indiscernible].

Unknown Analyst

My line got cut off, so if you have gone through this already, I'm sorry. The well cost -- initially, well cost was $13 million for well cost?

Richard S. Menniti

This is Rick, Edward. For the drilling, so far, today, is $13 million for the CX15-1D.

Unknown Analyst

And then I believe I heard about another $4 million...

Richard S. Menniti

I said it could be $4 million to $6 million, because that only takes you through September, we're still drilling in October.

Unknown Analyst

Okay. I mean, I thought that was mobilization cost? I'm just trying to find out what the total cost of this well is. What is it, is it $13 million the total cost?

Richard S. Menniti

That's the total drilling cost through September. And then we had some additional drilling that occurred in October that we haven't reported yet, but we're estimating it could be between $4 million and $6 million.

Operator

I'm showing no further questions at this time. I would like to turn the conference back over to Manolo Zúñiga for closing remarks.

Manuel Pablo Zúñiga-Pflücker

Thank you, Shannon. I would like to thank everyone for joining us today and we look forward to updating you on our drilling, as well as the results of this first very good 1D well in Corvina. Thank you so much.

Operator

Thank you. Ladies and gentlemen, this concludes today's conference. Thank you for your participation. Have a wonderful day.

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