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Company News: Page (1) of 1 - 05/09/12 Email this story to a friend. email article Print this page (Article printing at MyDmn.com).print page

BPZ Energy Provides First Quarter 2012 Financial Results and Operational Update By Globenewswire

HOUSTON, May 9, 2012 (GLOBE NEWSWIRE) -- BPZ Energy, (NYSE:BPZ) (BVL:BPZ), an independent oil and gas exploration and production company, today provided a financial and operational update for the first quarter ended March 31, 2012. For the first quarter 2012, the Company reported an operating loss of $18.9 million and a net loss of $27.3 million, or $0.24 per share, compared to operating income of $0.3 million and a net loss of $8.1 million, or $0.07 per share, for the same period last year.



The first quarter 2012 operating loss was mainly due to higher geological, geophysical and engineering (GG&E) expenses compared to the same period last year. During the recent quarter, GG&E expense was $24.3 million related to the offshore 3D seismic acquisition activity underway at Block Z-1. During the first quarter of 2011, GG&E expense was $6.3 million related to the onshore seismic data acquisition plan for Blocks XXII and XXIII.



Earnings before interest, income taxes, depletion, depreciation and amortization, exploration expense and non-recurring charges (EBITDAX) was $16.8 million for the first quarter of 2012 compared to $16.9 million for the same period last year. A reconciliation table to net loss, the most directly comparable GAAP measure to EBITDAX, and the rationale for this non-GAAP financial measure is included later in the release.
















































































































































































































BPZ Resources, Inc. and Subsidiaries

Consolidated Statements of Operations (Unaudited)

(In thousands, except per share data)

 

 

 

 

Three Months

Ended March 31,

 

2012

2011

Net revenue:

 

 

Oil revenue, net

 $ 36,475

 $ 37,716

Other revenue

 78

 989

Total net revenue

 36,553

 38,705

 

 

 

Operating and administrative expenses:

 

 

Lease operating expense

 11,368

 10,752

General and administrative expense

 7,131

 9,031

Geological, geophysical and engineering expense

 24,290

 6,257

Depreciation, depletion and amortization expense

 11,506

 10,046

Standby costs

 1,190

 2,329

 

 

 

Total operating and administrative expenses 

 55,485

 38,415

 

 

 

Operating income (loss)

 (18,932)

 290

 

 

 

Other income (expense):

 

 

Income from investment in Ecuador property, net

 (47)

 (47)

Interest expense 

 (6,210)

 (3,735)

Loss on derivatives

 (6,368)

 (4,302)

Interest income 

 3

 231

Other income (expense)

 (47)

 206

 

 

 

Total other expense, net 

 (12,669)

 (7,647)

 

 

 

Loss before income taxes 

 (31,601)

 (7,357)

 

 

 

Income tax expense (benefit)

 (4,310)

 736

 

 

 

Net loss 

 $ (27,291)

 $ (8,093)

 

 

 

Basic net loss per share

 $ (0.24)

 $ (0.07)

Diluted net loss per share 

 $ (0.24)

 $ (0.07)

 

 

 

Basic weighted average common shares outstanding

115,513

115,180

Diluted weighted average common shares outstanding

115,513

115,180


Production and Revenue Summary



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