BPZ Energy Reports CX11-18XD Well at Total Depth

Business Wire, Jan 8, 2008

HOUSTON -- BPZ Resources, Inc, d/b/a BPZ Energy (AMEX:BZP), announced today that the Company's fourth well, the CX11-18XD, located in the offshore Corvina field of Block Z-1, reached total depth of 8,792 feet (measured depth) on January 1, 2008, approximately one month ahead of the previously announced schedule of 60 days. The well is being conditioned in preparation for logging and casing, testing will follow shortly thereafter. The Company plans to test previously proved oil sands as well as prospective oil zones. Testing is expected to take approximately four weeks, depending on the number of tests ultimately conducted.

Manolo Zuniga, President and Chief Executive Officer, commented, "This is yet another significant accomplishment by our operations team in Peru. The sands we encountered had excellent oil shows and further testing will define the potential of this section of the Corvina field." Mr. Zuniga continued, "In particular, we will test the well to prove up new oil zones in sands deeper in the Upper Zorritos formation. The mud log shows that the oil sands we encountered may be thicker than those found in the 21XD and 14D wells, which is in line with our geologic models."

Frederic Briens, Chief Operating Officer, added, "Reaching TD almost a month ahead of schedule gives us the opportunity to ramp up production faster than expected and accelerate the timeline of our Corvina drilling campaign."

About BPZ Energy

Houston-based BPZ Energy is an oil and gas exploration and production company which has exclusive license contracts for oil and gas exploration and production covering approximately 2.4 million acres in four properties in northwest Peru. It also owns a minority working interest in a producing property in southwest Ecuador. The Company is currently executing the development of the Corvina oil discovery and the redevelopment of the Albacora oil field, in parallel with the execution of an integrated gas-to-power strategy, which includes generation and sale of electric power in Peru and sales of gas into Ecuador for third-party power generation. The Company's website at www.bpzenergy.com provides additional information about the Company's plans, including photographs and other information with respect to its operations.

Forward Looking Statements

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 27E 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 "expect," "will", "anticipate," "estimate," "believes," "plans" 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 the success of our project financing efforts, including final documentation and execution of debt financing documents with IFC, accuracy of well test results, well refurbishment efforts, successful production of indicated reserves, and the successful management of our capital development project 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. We caution you not to place undue reliance on those statements.

The U.S. Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only "Proved" reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The Company is prohibited from disclosing other categories of reserves in its SEC filings. We use certain terms in this press release such as "tested", "potential pay" and "commercial quantities" or similar terms suggesting "Indicated" "Probable" or "Possible" oil and gas reserves that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged 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. You can also obtain these filings from the SEC by calling 1-800-SEC-0330.