BPZ Energy Commences Drilling of CX11-20XD Corvina Well
Business Wire
7:00 AM Eastern Daylight Time May 06, 2008
BPZ Resources, Inc. (AMEX:BZP) today announced the spud of the CX11-20XD Corvina well. The Corvina field is in the
Company's offshore Block Z-1 located in northwest Peru.
The CX11-20XD well will be positioned up dip from the CX11-21XD well, which tested at rates of 60 million cubic feet
of gas per day and 5,900 barrels of oil per day. This well has been positioned to further develop the top gas sands
found in the 21XD well, the oil sands currently producing in the 21XD and 18XD wells, as well as the oil sands
encountered but briefly tested in the 18XD well during the initial DST # 1. Furthermore, according to our Corvina
geologic model, the 20XD well should also reach untested deeper oil-bearing sands that will allow the Company to
further delineate the field's oil-in-place potential.
As previously mentioned, the 20XD well will cross gas sands that the Company expects to test, thus this well is
planned to be dually completed as both an oil and gas producer. The Company plans to drill to a total depth of
approximately 11,800 feet (measured depth) and anticipates reaching total depth in approximately 90 days, with
testing and completion operations following thereafter.
Manolo Zuniga, President and Chief Executive Officer commented "This well allows us to continue developing the oil
and gas sands discovered by the 21XD well and subsequently appraised by the 14D and 18XD wells. We will be testing
prospective sands in zones not yet reached from any of our current well bores, thus we could increase reserves with
successful tests. This well will be highly deviated, drilling in an almost horizontal direction at about 77 degrees,
crossing multiple sands and could have a significant increase in total pay as compared to our other wells. More
importantly, this well will cross the oil sands the we encountered in the 18XD well in DST # 1 that we felt were the best
sands in the well, yet we were unable to fully test the sands due to an issue with cementing. This well will be the most
challenging well to date, and we are confident our operations team in Peru will continue doing an excellent job
conducting both drilling and production operations in a safe and efficient manner from the CX-11 platform."
