BPZ Energy Annual Shareholders Meeting Scheduled for June 20, 2008

Business Wire, May 21, 2008

HOUSTON -- BPZ Resources, Inc. (AMEX:BZP) announced that the annual meeting of the shareholders will take place on Friday, June 20, 2008 at 10 am Central time. The meeting will be held at the Westlake Club, 570 Westlake Park Blvd., Houston, Texas, 77079.

The annual meeting will be webcast live beginning at 10 am on that date. A link for the webcast can be found on the Company's website at www.bpzenergy.com. At the request of Dr. Fernando Zuniga y Rivero, Chairman of the Board, Mr. Manolo Zuniga, President and Chief Executive Officer, will update shareholders on the Company's activities in Peru, specifically the Corvina oil production, the Albacora oil field redevelopment, and the Corvina gas-to-power project. Mr. Zuniga will also offer an overview of the numerous prospects identified and opportunities available for the Company in Peru.

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, the redevelopment of the Albacora oil field, and the exploration of Block XIX, in parallel with, the execution of an integrated gas-to-power strategy, which includes generation and sale of electric power in Peru and the development of a regional gas marketing strategy. 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.