Replies to post #1559 on BPZ Res. Inc. (fka BPZRQ)

[countryrapper2000]

Read the part that says the assets that will remain. It says we still have z-1. It clearly states that.




In connection with the Bankruptcy Case, the Company, as seller, and Zedd Energy Holdco Ltd., a Cayman Islands exempted limited company, as purchaser (“Zedd”), entered into a Purchase and Sale Agreement pursuant to which the Company has agreed to sell to Zedd pursuant to Section 105 and 363 of the Code all of its equity interests in a new subsidiary holding company structure for its subsidiaries BPZ Energy, LLC, a Texas limited liability company (“BPZ Texas”), BPZ E&P and BPZ Marine Peru S.R.L. (“BPZ Marine”), which is required to be implemented to effect the transfer, subject to satisfaction of certain conditions set forth in the Purchase Agreement. Following the internal restructuring and the spin-off transaction described below prior to the sale of these equity interests, the assets that will remain with these entities after the sale to Zedd are BPZ E&P’s 51% working interest in the License Contract for offshore Block Z-1 in northwest Peru, all of the Company’s marine assets and any related assets. The Purchase Agreement provides for a purchase price of $8.5 million in cash, payable upon closing.