Houston, March 6, 2014 (GLOBE NEWSWIRE) -- BPZ Energy (NYSE:BPZ)
(BVL:BPZ), an independent oil and gas exploration and production
company, today provided summary financial and operational results
for the fourth quarter and full year ended December 31, 2013 along
with recent results on the Albacora A-19D well.
Full year 2013 and year-to-date 2014
highlights for BPZ Energy include:
· Initiated the Block Z-1 development drilling
campaign at both the Corvina CX-15 and Albacora platforms.
· Brought production online from a total of four new
wells at the Corvina and Albacora fields.
· Achieved the first million barrels of production
from five wells at Block Z-1.
· Received permits for exploration drilling at Z-1
shallow water prospects Delfin, Piedra Redonda and Raya.
· Drilled and began testing the Caracol 1X well, the
first of three scheduled onshore exploration wells at Block
XXIII.
· Finished the year with $81.3 million of remaining
carry at Block Z-1.
· Repaid bank debt of $82.2 million and ended the
year with a cash and cash equivalents balance of $57.4 million.
· Issued new $143.8 million of Convertible Notes due
in 2017, and retired $85.0 million of Convertible Notes due in
2015.
· Lowered general and administrative expenses by
16%, compared to 2012.
· Received special recognition in 2013 for the
second year in a row as a Peruvian socially responsible company.
BPZ Energy President and CEO Manolo
Zúñiga commented, "With a stronger foundation established
by our team to grow the Company, we recommenced development
drilling at Block Z-1 in the fourth quarter of 2013 and since that
time four wells have been placed on production. The Albacora
A-18D which was placed on production at year-end has produced an
average of 1,960 bopd gross since that time, and approximately
1,670 bopd gross over the last 24 hours. The most recently
completed well, the Albacora A-19D, has produced an average of
1,498 bopd gross over the last five days, and approximately 2,106
bopd gross over the last 24 hours. As a result of the
increased drilling activity, year to date 2014 average gross
production is approximately 4,834 bopd.
We recently spud the Albacora A-21D well, which
will have a target measured depth of 12,100 feet. Drilling
continues at the Corvina CX15-3D well, with results expected in
April 2014.
With exploration permits in hand for our three
shallow water prospects at Z-1, planning continues for the drilling
of selected locations with expectations that we could drill Delfin
later this year. Onshore at Block XXIII, the Caracol 1X
exploration well has tested dry gas with formation water from two
intervals, and we are now testing two upper intervals which had oil
shows. After we complete this phase of testing, we will move
the rig to the second Block XXIII well location, the Cardo 1X, to
begin exploration drilling. Once permits are received,
we also intend to drill at onshore Block XXII, where we are
pursuing conventional and unconventional oil plays.
I am very pleased with the progress of the
offshore development drilling program currently underway, which
along with the potential upside we have from exploration drilling
offshore and onshore, are expected to help us increase production,
cash flow and reserves."
FINANCIAL SUMMARY
For the fourth quarter ended December 31, 2013,
the Company reported an operating loss of $5.7 million and a net
loss of $10.0 million, or $0.09 loss per share, compared to
operating income of $10.2 million and net income of $13.8 million,
or $0.12 per share for the same period last year.
For the twelve months ended December 31, 2013,
the Company reported an operating loss of $36.4 million and a net
loss of $57.7 million, or $0.50 loss per share, compared to an
operating loss of $28.6 million and net loss of $39.1 million, or
$0.34 loss per share, for the same period last year.
The comparison of the fourth quarter and full
year 2013 results with the same periods in 2012 are impacted by the
sale of a 49% participating interest in the Block Z-1 License
Contract to Pacific Rubiales Energy Corp, which closed in December
2012 and positively impacted 2012 results with a before tax gain of
$26.9 million.
Earnings before interest, income taxes,
depreciation, depletion and amortization, exploration expense and
certain non-cash charges ("EBITDAX") was a positive $1.4 million
and a negative $2.6 million for the three and twelve months ended
December 31, 2013, respectively, compared to a positive $2.9
million and $36.5 million for the same periods last year,
respectively. EBITDAX is a non-GAAP measure. Please
also see the reconciliation to net loss included at end of the
press release.
RESERVE SUMMARY
As previously announced, the 2013 year-end net
total proved crude oil reserve estimate is 16.1 million barrels
covering the Company's Corvina and Albacora fields located in
offshore Block Z-1 in Peru. The reserves estimates were
prepared by the Company's independent reserve auditors Netherland,
Sewell & Associates, Inc. (NSAI).
A commodity price of $105.32 per barrel, used in
calculating the economic quantities of reserves, was based on the
12-month unweighted arithmetic average of the
first-day-of-the-month price for the period January 2013 through
December 2013. Please also see the Company's SEC filing on
Form 10-K for the year ended December 31, 2013, expected to be
filed March 12, 2014, for additional information.
| | | | |
| | Actual | | Estimated
Future Capital Expenditures |
| | (In MBbls) | | (In thousands) |
Proved Developed Producing | |
3,209 | |
$
4,027 |
Proved Developed Not Producing | |
- | |
- |
Proved Undeveloped | |
12,915 | |
99,276 |
Total | |
16,124 | |
$
103,303 |
| | | | |
Standardized Measure of Discounted Future
Net Cash Flows,
Discounted @ 10% (in thousands) | |
$
678,050 | | |
PRODUCTION
BPZ Energy maintains a 51% participating
interest in offshore Block Z-1, and the Company's respective share
of production is referenced as net oil production, while pro forma
net production assumes conveyance of the participating interest to
Pacific Rubiales on January 1, 2012.
Net oil production for the three months ended
December 31, 2013, from the Corvina and Albacora fields in Block
Z-1 was approximately 128 thousand barrels (MBbls), or 1,389
barrels of oil per day (bopd), compared to pro forma net production
139 MBbls, or 1,516 bopd for the same period in 2012.
For the full year ended December 31, 2013, net
oil production from Corvina and Albacora was approximately 514
MBbls, or 1,408 bopd, compared to pro forma net production 618
Mmbls, or 1,693 bopd for the same period in 2012.
The decrease in net oil production in the
year-over-year comparisons is due to natural declines in oil
production at both the Corvina and Albacora fields.
REVENUE
For the three months ended December 31, 2013,
oil revenues after royalty payments decreased by $13.0 million to
$12.0 million from $25.0 million for the same period in 2012.
During the recent quarter, net oil sales volumes and realized
pricing per barrel were 119 Mmbls and $100.99, compared to 245
Mmbls and $101.93 respectively, for the same quarter last
year.
For the year ended December 31, 2013, net oil
revenue decreased by $72.1 million to $50.6 million from $122.7
million for the same period in 2012. The decrease in net oil
revenue is due to a decrease in the amount of oil sold of 681
MBbls, and a decrease of $3.52, or 3.4%, in the average per barrel
sales price received.
Total sales for the year ended December 31, 2013
were 507 MBbls compared to 1,188 MBbls for the same period in
2012. The decrease in amount of oil sold in 2013 is due to
the December 2012 sale of a 49% participating interest in Block Z-1
to Pacific Rubiales (approximately 582 MBbls for the year ended
December 31, 2013) and lower oil production in the Corvina and
Albacora fields.
Net oil revenues are expected to increase in
2014 from higher production in 2014 compared to 2013 due to our
development drilling program in Block Z-1 that began in the second
half of 2013.
EXPENSE SUMMARY
Lease Operating Expense
For the three months ended December 31, 2013,
lease operating expense (LOE) decreased to $4.8 million ($40.30 per
barrel) compared to $14.1 million ($57.30 per barrel), for the same
period in 2012. The main reasons for the decrease were due to
the sale of a 49% participating interest in Block Z-1 in December
2012 and lower workover expenses of $1.6 million.
For the year ended December 31, 2013, lease
operating expenses decreased by $27.5 million to $25.0 million
($49.11 per Bbl) from $52.5 million ($44.16 per Bbl). The
decrease is due to a reduction in lease operating expenses of
approximately $25.7 million due to the sale of a 49% participating
interest in Block Z-1 in December 2012.
Additionally, repairs and maintenance expense
for 2013 decreased by $1.7 million due to fewer maintenance and
repairs on vessel support services, fuel costs decreased by $1.1
million, contract pumping services decreased by $0.9 million due to
reduced rent of hydraulic jet pumps used to assist oil production
and other lease operating expenses decreased by $0.3 million.
These decreases were offset by higher workover expenses of $2.2
million associated with the one major workover performed in 2013,
compared to the one major less costly workover in 2012.
General and Administrative
For the three months ended December 31, 2013,
total general and administrative (G&A) expenses decreased by
$1.3 million to $5.6 million compared with $6.9 million for the
same period in 2012. Stock-based compensation expense, a
subset of G&A expenses was $0.2 million for the recent quarter
compared to $0.8 million for the same period in 2012.
G&A expenses, excluding stock based
compensation, decreased $0.7 million to $5.4 million from $6.1
million for the three-month period in 2012. The decrease is
due to lower personnel, travel, and non-income tax costs.
For the year ended December 31, 2013, G&A
expenses decreased by $4.6 million to $24.1 million from $28.7
million for the same period in 2012. Stock-based compensation
expense, a subset of general and administrative expenses, was $2.8
million for the year ended December 31, 2013 and $2.8 million for
the same period in 2012.
G&A expenses, excluding stock based
compensation, decreased $4.6 million to $21.3 million from $25.9
million for the same period in 2012. The $4.6 million
decrease is due to lower salary and related costs of $1.9 million,
lower non-income taxes of $1.3 million, lower consulting costs of
$0.5 million and lower other general and administrative expenses of
$0.9 million.
Geological, Geophysical and Engineering
For the three months ended December 31, 2013,
geological, geophysical and engineering expenses (GG&E) were
$0.2 million compared to $8.0 million for the same period in
2012. For the year ended December 31, 2013, GG&E expenses
decreased by $41.6 million to $2.2 million compared to $43.8
million for the same period in 2012.
The decrease is due to the seismic acquisition activity
associated with the seismic data acquisition plan for Block Z-1
that occurred in 2012 compared to the lower activity and funding of
seismic expenses in Block Z-1 by Pacific Rubiales in 2013.
Depreciation, Depletion and
Amortization
For the three months ended December 31, 2013,
depreciation, depletion and amortization (DD&A) expense
decreased to $5.1 million from $11.5 million for the same period in
2012.
For the twelve months ended December 31, 2013,
DD&A expense decreased to $27.2 million from $45.9 million for
the same period in 2012. For the year ended December 31,
2013, depletion expense decreased $13.5 million to $18.0 million
from $31.5 million during the same period in 2012. The
decrease for the year ended December 31, 2013 compared to the same
period in 2012 is due to lower production in the Corvina and
Albacora fields in 2013 and due to the sale of a 49% participating
interest in the Block Z-1 license contract in December 2012.
Standby Costs
For the three months ended December, 31 2013,
standby costs declined $1.1 million to $0.2 million from $1.3
million for the same period in 2012. For the twelve months
ended December 31, 2013, standby costs were $4.3 million compared
to $5.3 million for the comparable period in 2012.
During both 2012 and 2013 the Company had three
rigs that were on standby for varying amounts of time.
Other Operating Expense
For the three months ended December 31, 2013,
the Company wrote off $1.7 million of costs related to historical
pre-development drilling and engineering studies. There were no
similar charges for the same period in 2012.
For the year December 31, 2013, the Company
reported $4.4 million of charges related to historical
pre-development drilling studies for drilling locations,
engineering studies and platform technologies and associated
capitalized interest given these locations and technologies may
change and the Company does not see a future value for these
studies.
For the year ended December 31, 2012, the
Company reported $2.3 million of abandonment charges for
abandonment costs related to a pre-existing platform in the Piedra
Redonda field in Block Z-1.
Gain on Divestiture
Fourth quarter and full year 2012 results
include a gain on divestiture of $26.9 million. On April 27,
2012, BPZ Energy and Pacific Rubiales executed a Share Purchase
Agreement which called for BPZ to sell 49% participating interest
in Block Z-1 to Pacific Rubiales for $150.0 million in cash.
In December 2012, both parties closed the transaction and also
received a Peruvian Government Supreme Decree for the execution of
the amendment to the Block Z-1 License Contract.
There were no similar gains in 2013.
Other Income (Expense)
For the three months ended December 31, 2013,
total other expense was $4.3 million, compared to $3.7 million for
the same period in 2012. During the fourth quarter of 2013, the
Company recognized approximately $4.0 million of net interest
expense, which includes $2.6 million of capitalized interest
expense. For the same period in 2012, $3.5 million in net
interest expense was recognized which included $3.6 million of
capitalized interest.
For full year 2013, total other expense was
$27.1 million, compared to $26.1 million during the same period in
2012. Net interest expense was $16.2 million, which includes $9.9
million of capitalized interest expense. This compares to
$16.1 million, which includes $15.6 million of capitalized interest
expense for the same period in 2012.
For full year 2013 the Company recognized a $7.2
million loss on the extinguishment of debt compared to $7.3 million
in for the full year 2012. This was a result of the prepayment
premiums and fees related to the prepayments made in 2013 on the
$75.0 million secured debt facility and the $40.0 million secured
debt facility as compared to the prepayment premium and fees
related to the prepayments made on the $75.0 million facility in
2012.
As a result of the fair value measurement
at December 31, 2013 and 2012, respectively, the gain associated
with the embedded derivatives increased $2.9 million to a $0.3
million gain for the year ended December 31, 2013 from a $2.6
million loss for the same period in 2012.
Income Taxes
For the three months ended December 31, 2013,
the Company recognized an income tax expense of $43,000 on a loss
before income taxes of $9.9 million. For the comparable 2012
period, the Company recognized an income tax benefit of $7.3
million on income before income taxes of $6.6 million.
For the year ended December 31, 2013, the
Company recognized income tax benefit of $5.8 million on loss
before income taxes of $63.5 million. This compares to income
tax benefit of $15.6 million on loss before income taxes of $54.7
million for the same period last year.
Impacting both the fourth quarter of 2012 and
full year 2012 tax expenses was a net benefit of $4.2 million
related to the sale of a 49% participating interest in Block Z-1.
LIQUIDITY, CAPITAL EXPENDITURES AND
CAPITAL RESOURCES
Liquidity
At December 31, 2013, the Company had cash and
cash equivalents of $57.4 million and a working capital surplus of
$71.7 million, including $1.3 million of restricted cash in current
assets. In addition, the Company held $4.1 million of
restricted cash in non-current accounts.
Capital Expenditures
For the three months ended December 31, 2013,
the Company's non-Block Z-1 total capital and exploratory
expenditures were $2.7 million, excluding capitalized interest of
$2.7 million. For the year ended December 31, 2013, capital
and exploratory expenditures were $5.8 million, excluding
capitalized interest of $9.9 million.
The transfer of a 49% participating interest in
Block Z-1 to Pacific Rubiales was effective on December 14,
2012. Pursuant to the carry agreement, Pacific Rubiales
provided funding for 100% of capital expenditures for Block Z-1 of
$80.6 million for the year ended December 31, 2013. These
gross capital expenditures included approximately $38.6 million
related to the CX-15 development drilling program, $17.9 million
related to the development drilling program at Albacora, the costs
incurred in the design, fabrication, installation and pipeline
connections related to the CX-15 platform of approximately $14.1
million and $4.2 million associated with the Corvina offshore Lease
Automatic Custody Transfer unit.
Capital Resources
At December 31, 2013, the current and long-term
portions of debt were $0.0 million and $207.0 million, which
reflects the principal amount of the 2015 Convertible Notes and
2017 Convertible Notes minus the remaining unamortized
discount. The outstanding principal amount of the 2015
Convertible Notes is $85.9 million and outstanding principal amount
of the 2017 Convertible Notes is $143.8 million, totaling $229.7
million of outstanding principal, before discount.
At December 31, 2013, based on the Company's
share of 2013 Block Z-1 capital and exploratory expenditures
credited against the carry amount, and the sale adjustments, the
carry balance available for future capital and exploratory
expenditures in Block Z-1 was $81.3 million.
CONFERENCE CALL
The Company will hold a conference call and
webcast to discuss fourth quarter and year-end 2013 financial and
operational results on Friday, March 7, 2014, at 10:00 a.m. CST
(11:00 a.m. EST). The live conference call may be accessed
via the Investor Relations, Events & Presentations section of
the Company's website at www.bpzenergy.com or by accessing
the following dial-in numbers:
US and Canada Dial-In: (877)
293-5457
International Dial-In:
(707) 287-9344
A replay of the call will also be available at
the Investor Relations section of the Company's website later in
the day.
ABOUT BPZ ENERGY
BPZ Energy is an independent oil and gas
exploration and production company with license contracts covering
1.9 million net acres in four blocks located in northwest
Peru. Current operations in these blocks range from
early-stage exploration to production. The Company holds a
51% working interest in offshore Block Z-1, where development
drilling is currently underway at the Corvina and Albacora
fields. Onshore the Company holds three 100%-owned blocks
with exploration drilling currently underway at Block XXIII.
In southwest Ecuador, the Company owns a non-operating net profits
interest in a producing property. BPZ Energy trades as BPZ
Resources, Inc. on both the New York Stock Exchange and the Bolsa
de Valores in Lima under ticker symbol "BPZ". Please visit
www.bpzenergy.com for more
information.
FORWARD LOOKING STATEMENT
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 21E 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
"will," "expected," "estimated," and "prospective," 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 successful operation of our new platform in
Corvina, the success of our project financing efforts, accuracy of
well test results, results of seismic testing, well refurbishment
efforts, successful production of indicated reserves, satisfaction
of well test period requirements, successful installation of
required permanent processing facilities, receipt of all required
permits, the successful management of our capital expenditures, 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.
CAUTIONARY STATEMENT REGARDING CERTAIN
INFORMATION RELEASES
The U.S. Securities and Exchange Commission
(SEC) permits oil and gas companies, in their filings with the SEC,
to disclose only "reserves" that a company anticipates to be
economically producible by application of development projects to
known accumulations, and there exists or is a reasonable
expectation there will exist, the legal right to produce, or a
revenue interest in the production, installed means of delivering
oil and gas or related substances to market, and all permits and
financing required to implement the project. We are prohibited from
disclosing estimates of oil and gas resources that do not
constitute "reserves" in our SEC filings, including any estimates
of contingent and prospective resources included in this press
release. With respect to "probable" and "possible" reserves, we are
required to disclose the relative uncertainty of such
classifications of reserves when they are included in our SEC
filings. Further, the reserves estimates contained in this press
release are not designed to be, nor are they intended to represent,
an estimate of the fair market value of the reserves.
The Company is aware that certain information
concerning its operations and production is available from time to
time from Perupetro, an instrumentality of the Peruvian government,
and the Ministry of Energy and Mines ("MEM"), a ministry of the
government of Peru. This information is available from the
websites of Perupetro and MEM and may be available from other
official sources of which the Company is unaware. This
information is published by Perupetro and MEM outside the control
of the Company and may be published in a format different from the
format used by the Company to disclose such information, in
compliance with SEC and other U.S. regulatory requirements.
Additionally, the Company's joint venture
partner in Block Z-1, Pacific Rubiales Energy Corp. ("PRE"), is a
Canadian public company that is not listed on a U.S. stock
exchange, but is listed on the Toronto (TSX), Bolsa de Valores de
Colombia (BVC) and BOVESPA stock exchanges. As such PRE may
be subject to different information disclosure requirements than
the Company. Information concerning the Company, such as
information concerning energy reserves, may be published by PRE
outside of our control and may be published in a format different
from the format the Company uses to disclose such information,
incompliance with SEC and other U.S. regulatory requirements.
The Company provides such information in the
format required, and at the times required, by the SEC and as
determined to be both material and relevant by management of the
Company. The Company urges interested investors and third
parties 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. These filings can
also be obtained from the SEC via the internet at www.sec.gov.
###
BPZ Resources, Inc. and
Subsidiaries
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share
data)
| | Three
Months | | Twelve
Months |
| | 4Q
2013 | | 3Q
2013 | | 4Q
2012 | | 2013
YTD | | 2012
YTD |
Net revenue: | | | | | | | | | | |
Oil revenue, net | | $
12,028 | | $
12,500 | | $
25,017 | | $
50,585 | | $
122,708 |
Other revenue | |
45 | |
29 | |
35 | |
144 | |
250 |
| | | | | | | | | | |
Total net
revenue | |
12,073 | |
12,529 | |
25,052 | |
50,729 | |
122,958 |
| | | | | | | | | | |
Operating and administrative
expenses: | | | | | | | | | | |
Lease operating expense | |
4,799 | |
5,319 | |
14,064 | |
24,893 | |
52,458 |
General and administrative
expense | |
5,613 | |
6,572 | |
6,853 | |
24,111 | |
28,705 |
Geological, geophysical and
engineering expense | |
223 | |
857 | |
7,986 | |
2,184 | |
43,787 |
Depreciation, depletion and
amortization expense | |
5,109 | |
7,246 | |
11,515 | |
27,214 | |
45,873 |
Standby costs | |
238 | |
705 | |
1,251 | |
4,311 | |
5,340 |
Other operating expense | |
1,747 | |
2,683 | |
- | |
4,430 | |
2,266 |
Gain on divestiture | |
- | |
- | |
(26,864) | |
- | |
(26,864) |
| | | | | | | | | | |
Total operating and administrative
expenses | |
17,729 | |
23,382 | |
14,805 | |
87,143 | |
151,565 |
| | | | | | | | | | |
Operating income
(loss) | |
(5,656) | |
(10,853) | |
10,247 | |
(36,414) | |
(28,607) |
| | | | | | | | | | |
Other income (expense): | | | | | | | | | | |
Income (loss) from investment in
Ecuador
property, net | |
(9) | |
(8) | |
(47) | |
152 | |
62 |
Interest expense,
net | |
(4,021) | |
(3,559) | |
(3,523) | |
(16,158) | |
(16,115) |
Loss on extinguishment of
debt | |
- | |
(3,436) | |
- | |
(7,222) | |
(7,318) |
Gain (loss) on
derivatives | |
(30) | |
(457) | |
(319) | |
242 | |
(2,610) |
Interest income | |
7 | |
128 | |
22 | |
182 | |
44 |
Other income (expense) | |
(214) | |
(2,907) | |
195 | |
(4,268) | |
(159) |
| | | | | | | | | | |
Total other expense,
net | |
(4,267) | |
(10,239) | |
(3,672) | |
(27,072) | |
(26,096) |
| | | | | | | | | | |
Income (loss) before income
taxes | |
(9,923) | |
(21,092) | |
6,575 | |
(63,486) | |
(54,703) |
| | | | | | | | | | |
Income tax expense
(benefit) | |
43 | |
(5,771) | |
(7,268) | |
(5,775) | |
(15,614) |
| | | | | | | | | | |
Net income
(loss) | | $
(9,966) | | $
(15,321) | | $
13,843 | | $
(57,711) | | $
(39,089) |
| | | | | | | | | | |
Basic net income (loss) per
share | | $
(0.09) | | $
(0.13) | | $
0.12 | | $
(0.50) | | $
(0.34) |
Diluted net income (loss) per
share | | $
(0.09) | | $
(0.13) | | $
0.12 | | $
(0.50) | | $
(0.34) |
| | | | | | | | | | |
Basic weighted average common shares
outstanding | | 116,035 | | 116,009 | | 115,742 | | 115,943 | | 115,631 |
Diluted weighted average common
shares outstanding | | 116,035 | | 116,009 | | 115,928 | | 115,943 | | 115,631 |
BPZ Resources, Inc. and
Subsidiaries
Consolidated Balance Sheets
(In Thousannds)
| | December
31, | | December
31, |
| | 2013 | | 2012 |
| | (Unaudited) | | |
ASSETS | | | | |
| | | | |
Current assets: | | | | |
Cash and cash
equivalents | | $
57,395 | | $
83,540 |
Accounts receivable | |
21,630 | |
24,523 |
Income taxes receivable | |
2,134 | |
- |
Value-added tax
receivable | |
10,490 | |
20,569 |
Inventory | |
17,368 | |
19,851 |
Restricted cash | |
1,250 | |
25,129 |
Prepaid and other current
assets | |
5,419 | |
5,734 |
| | | | |
Total current
assets | |
115,686 | |
179,346 |
| | | | |
Property, equipment and construction
in progress, net | |
217,753 | |
238,557 |
Restricted cash | |
4,109 | |
47,670 |
Other non-current
assets | |
5,065 | |
5,983 |
Investment in Ecuador property,
net | |
534 | |
632 |
Deferred tax asset | |
63,602 | |
55,242 |
| | | | |
Total assets | | $
406,749 | | $
527,430 |
| | | | |
LIABILITIES AND STOCKHOLDERS'
EQUITY | | | | |
| | | | |
Current liabilities: | | | | |
Accounts payable | | $
3,127 | | $
21,978 |
Accrued
liabilities | |
11,246 | |
34,013 |
Other liabilities | |
24,494 | |
21,792 |
Current income taxes
payable | |
- | |
10,460 |
Accrued interest
payable | |
5,119 | |
5,234 |
Derivative financial
instruments | |
30 | |
2,984 |
Current maturity of long-term
debt | |
- | |
24,046 |
| | | | |
Total current
liabilities | |
44,016 | |
120,507 |
| | | | |
Asset retirement
obligation | |
1,564 | |
2,708 |
Other non-current
liabilities | |
16,755 | |
20,755 |
Long-term debt, net | |
206,939 | |
197,160 |
| | | | |
Total long-term
liabilities | |
225,258 | |
220,623 |
| | | | |
Commitments and
contingencies | | | | |
| | | | |
Stockholders' equity: | | | | |
Preferred stock, no par value, 25,000
authorized; none issued and outstanding | |
- | |
- |
Common stock, no par value, 250,000
authorized; 117,526 and 116,932 shares
issued and outstanding at December 31, 2013 and
December 31, 2012,
respectively | |
569,061 | |
560,175 |
Accumulated deficit | |
(431,586) | |
(373,875) |
| | | | |
Total stockholders'
equity | |
137,475 | |
186,300 |
| | | | |
Total liabilities and
stockholders' equity | | $
406,749 | | $
527,430 |
Reconciliation of Non-GAAP
Measure
The table below represents a reconciliation of
EBITDAX to the Company's net income (loss), which is the most
directly comparable financial measure calculated in accordance with
generally accepted accounting principles in the United States of
America.
| | Three
Months
Ended December 31, | | Twelve
Months
Ended December 31, |
| | 2013 | | 2012 | | 2013 | | 2012 |
| | (in thousands) |
Net income (loss) | | $ (9,966) | | $ 13,843 | | $ (57,711) | | $ (39,089) |
Interest expense | |
4,021 | |
3,523 | |
16,158 | |
16,115 |
Loss on extinguishment of debt | |
- | |
- | |
7,222 | |
7,318 |
Income tax expense (benefit) | |
43 | |
(7,268) | |
(5,775) | |
(15,614) |
Depreciation, depletion and amortization
expense | |
5,109 | |
11,515 | |
27,214 | |
45,873 |
Geological, geophysical and engineering
expense | |
223 | |
7,986 | |
2,184 | |
43,787 |
Other operating expense | |
1,747 | |
- | |
4,430 | |
2,266 |
Other (income) expense | |
216 | |
(170) | |
3,934 | |
53 |
(Gain) loss on derivatives | |
30 | |
319 | |
(242) | |
2,610 |
Gain on divestiture | |
- | | (26,864) | |
- | |
(26,864) |
EBITDAX (a) | | $
1,423 | | $
2,884 | | $
(2,586) | | $
36,455 |
| | | | | | | | |
(a) Earnings before interest,
income taxes, depletion, depreciation and amortization, exploration
expense and certain non-cash charges ("EBITDAX") is a non-GAAP
financial measure, as it excludes amounts or is subject to
adjustments that effectively exclude amounts, included in the most
directly comparable measure calculated and presented in accordance
with GAAP in financial statements. "GAAP" refers to generally
accepted accounting principles in the United States of
America. Non-GAAP financial measures disclosed by management
are provided as additional information to investors in order to
provide them with an alternative method for assessing the Company's
financial condition and operating results. These measures are
not in accordance with, or a substitute for, GAAP, and may be
different from or inconsistent with non-GAAP financial measures
used by other companies. Pursuant to the requirements of Regulation
G, whenever the Company refers to a non-GAAP financial measure, it
also presents the most directly comparable financial measure
presented in accordance with GAAP, along with a reconciliation of
the differences between the non-GAAP financial measure and such
comparable GAAP financial measure. Management believes that
EBITDAX may provide additional helpful information with respect to
the Company's performance or ability to meet its debt service and
working capital requirements.
CONTACT: A. Pierre Dubois
Investor Relations & Corporate Communications
BPZ Energy
1-281-752-1240
pierre_dubois@bpzenergy.com
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