Houston, Oct. 1, 2014 (GLOBE NEWSWIRE) -- BPZ Resources, Inc., (NYSE: BPZ) (BVL: BPZ),
("BPZ" or the "Company"), today announced that the Company intends
to offer $150 million in aggregate principal amount of senior
secured notes due 2019 (the "Notes") in a private placement to
eligible investors, subject to market conditions. The Notes will be
fully and unconditionally guaranteed, jointly and severally, on a
senior secured basis, by each of the Company's US- and non-US
domiciled subsidiaries and subject to certain exceptions, will be
secured by first priority liens on substantially all of the assets
of the Company and its Guarantors.
BPZ plans to use the net proceeds from the Notes
to repay existing indebtedness under the 6.50% Convertible Senior
Notes due March 1, 2015 and for general corporate purposes,
including without limitation, funding a portion of the Company's
planned capital expenditures for field development and drilling in
2014 and 2015, and infrastructure.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy securities.
Any offers of the Notes will be made only by means of a
private offering circular. The Notes and related guarantees
have not been registered under the Securities Act of 1933, as
amended (the "Securities Act"), or the securities laws of any other
jurisdiction and may not be offered or sold in the United States
absent registration or an applicable exemption from registration
requirements. The Notes are being offered and sold only to
qualified institutional buyers under Rule 144A, and to non-U.S.
persons outside the United States under Regulation S and to
institutional accredited investors pursuant to Regulation D.
This notice is being issued in accordance with Rule
135c under the Securities Act.
ABOUT BPZ ENERGY
BPZ Energy, which trades as BPZ Resources, Inc.
under ticker symbol BPZ on the New York Stock Exchange and the
Bolsa de Valores in Lima, 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 100% working interests in three blocks. In
southwest Ecuador, the Company owns a non-operating net profits
interest in a producing property. 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
"anticipates," "intends," "will," "expects," 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 anticipated use of the proceeds from the
offering, the success of our project financing efforts, accuracy of
well test results, results of seismic testing, well refurbishment
efforts, successful production of indicated reserves, 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.
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CONTACT: A. Pierre Dubois
Director, Investor Relations & Corporate Communications
BPZ Energy
1-281-752-1240
pierre_dubois@bpzenergy.com
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