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BPZ Resources, Inc. (BPZ)

  • Mon, Mar. 2, 3:56 PM
    • The NYSE says it is suspending trading in BPZ Energy (BPZ -36%) and will begin delisting proceedings, as the share price is "abnormally low" and no longer suitable for a listing on the exchange.
    • BPZ earlier said it is exercising a 10-day grace period for repaying the $62M in principal and interest owed on its convertible bonds, and that it is in talks with some of the bondholders about a potential restructuring of the debt.
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  • Tue, Feb. 10, 10:36 AM
    • BPZ Energy (BPZ -25.1%) is downgraded to Sell from Hold with a $0.20 stock price target at Miller Tabak, which says that with BPZ's bonds trading at $0.20-$0.25 on the dollar and a March 1 deadline for $60M of convertible bonds, it appears that BPZ's creditors do not feel there is a viable solution to BPZ's liquidity needs in the short-term.
    • The firm believes BPZ's proved developed producing reserves have real value, but no PV-10 value was provided for the PDPs in the recent press release.
  • Dec. 3, 2014, 2:36 PM
    • BPZ Resources (BPZ -29.6%) says it has hired advisers and formed a special Board committee to assist with analyzing various strategic alternatives and addressing its liquidity and capital structure.
    • BPZ is downgraded to Sell from Buy at Wunderlich, saying there is no way to reasonably forecast how the search for strategic alternatives will unfold or how long the process could take.
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  • Oct. 17, 2014, 12:13 PM
    • BPZ Energy (BPZ -3.8%) says it has withdrawn a private placement of $150M in senior secured notes due 2019 due to adverse market conditions.
    • BPZ says the company's ~$79M cash position at the end of Q3, continued production and cash flow growth this year has given it confidence that it would obtain necessary financing in a timely manner.
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  • Sep. 23, 2014, 12:17 PM
    • In an operations update, BPZ Energy (BPZ -1.5%) says that while it foresees lower Q3 production rates at Block Z-1, it expects output from new wells and improved rates resulting from its gas lift program will allow for improved levels of production and cash flow at year's end.
    • Brean Capital reiterates its Buy rating and $4 price target even as it cut its FY 2014 production expectations to 2,690 boe/day vs. its earlier outlook for 3.1K boe/day after BPZ says overall production so far in Q3 averaged 2,387 boe/day.
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  • Feb. 12, 2014, 3:49 PM
    • Shares of BPZ Resources (BPZ +3.4%) are strong after the company announced new production from its CX15-2D well offshore Peru.
    • The block is producing a total of 5,425 bbl/day from the Corvina and neighboring Albacora fields, where BPZ is operator with a 51% stake and Pacific Rubiales (PEGFF) holds 49%.
    • The well extends a "positive well streak" for BPZ, Global Hunter analysts say.
    • Also, BPZ plans $86M in capital spending for 2014, $71M to be directed offshore.
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  • Jan. 8, 2014, 11:36 AM
    • BPZ Energy (BPZ +13.1%) shares are surging after the producer of oil in Peru and Ecuador reported progress in its onshore an offshore drilling projects.
    • The first development well at the Albacora offshore field was completed Dec. 23 and has produced an average of ~2,100 bbl/day; total average output for the last seven days at Block Z-1 of ~4,900 bbl/day, with 53% coming from Albacora and the remainder from the Corvina field.
    • Commencement of the back to back three-well onshore exploration campaign at onshore block XXIII began Jan. 5.
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  • Jan. 8, 2014, 9:11 AM
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  • Sep. 24, 2013, 5:42 PM
  • Sep. 19, 2013, 3:15 PM
    • BPZ Resources (BPZ -10.8%) slumps after it prices an offering of ~$125M of its convertible senior notes due in 2017.
    • The proceeds will be used to repay debt and fund exploration, among other activities.
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  • Sep. 19, 2013, 12:45 PM
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  • Aug. 29, 2013, 5:31 PM
  • Jul. 23, 2013, 11:27 AM
    BPZ Energy (BPZ +2.2%) has spudded the first development well on the Corvina field CX-15 platform on Block Z-1 offshore Peru. Drilling and completion is expected to take as long as 12 weeks; targeted depth is 7,400 ft. subsea.
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  • Jul. 11, 2013, 11:57 AM
    BPZ Resources (BPZ +5.3%) rises notably in morning trading. In a still-embargoed article, SA Pro contributor Caiman Valores says the company is "one of the cheapest plays on proven reserves in its industry" with an enterprise-value to 1P ratio of 22.
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  • Mar. 5, 2013, 6:07 PM
    After-hours top gainers, as of 5:30 p.m.: HCI +11%. ELX +10%. HNR +8%. PAY +5%. BPZ +4%.
    After-hours top losers: AVAV -22%. HLS -11%. NAVB -7%. JMBA -6%. IMUC -5%.
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  • Mar. 1, 2013, 5:36 PM
    After-hours top gainers, as of 5:15 p.m.: OUTD +13%. AVD +8%. ITMN +7%. JAKK +7%. GTI +6%.
    After-hours top losers: CRIS -13%. BPZ -10%. AFCE -8%. CRM -7%. MKTG -7%.
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Company Description
BPZ Resources Inc is an independent oil and gas company engaged in the exploration, development and production of oil and natural gas in Peru and Ecuador.