Past year: ▼ 100%(0.10c – 28.9c USD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Oct 2012debt financing▼ Bad
Credit Suisse waived the minimum-production requirement for the quarter ended September 30, 2012 under both the $75 million and $40 million loans. The requirement was 140,000 barrels; BPZ estimated 260,000 barrels gross, or 132,600 on its 51% share, so its share fell short of the minimum. The filing says the Corvina workover began in the third quarter and addresses a mechanical problem that let gas break through early.
25 Sept 2012director interest notice● Neutral
BPZ RESOURCES, INC. CFO Menniti Richard Saverio sold 4,375 shares at $3.01.
1 Aug 2012debt financing▼ Bad
BPZ and Credit Suisse signed a fifth amendment to the $75 million loan, moving the Albacora commercial production deadline from July 31 to November 30, 2012. This is another delay of that same deadline, which earlier moved to February 29 and then April 16, 2012 (the April amendment deferred it again without a date given in the filing). The filing gives no reason.
25 July 2012drilling progress report▼ BadMajor
BPZ reported Block Z-1 output of 3,715 barrels a day in the first half of 2012, against 4,100 a year earlier, and 3,550 a day in Q2. A mechanical problem in a gas reinjection well at Corvina's CX-11 platform, which began in early July, cut that field to about 2,000 barrels a day, and Block Z-1 now produces about 3,000. A six-well workover costing an estimated $12 million starts in early August. The CX-15 platform is built in China and is expected to be installed in the second half of September, with drilling set for October, which continues the 2012 platform plan.
19 July 2012substantial holder notice● Neutral
Centennial Energy Partners, L.L.C, Centennial Energy Management, Inc, Peter K. Seldin reported no remaining BPZ RESOURCES, INC. shareholding in its periodic institutional filing.
3 July 2012director interest notice● Neutral
BPZ RESOURCES, INC. Chief Legal Officer Ledgard Joseph Durkin sold 5,600 shares at $2.48.
3 July 2012director interest notice● Neutral
BPZ RESOURCES, INC. President & CEO Zuniga Pflucker Manuel Pablo sold 15,500 shares at $2.45.
26 June 2012director interest notice● Neutral
BPZ RESOURCES, INC. director Stephen C Beasley bought 25,000 shares on the open market at $2.25.
26 June 2012agm notice● Neutral
BPZ RESOURCES, INC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
13 June 2012director interest notice● Neutral
BPZ RESOURCES, INC. President & CEO Zuniga Pflucker Manuel Pablo sold 100,000 shares at $2.51.
29 May 2012director interest notice● Neutral
BPZ RESOURCES, INC. director James B Taylor bought 10,000 shares on the open market at $2.41.
23 May 2012director interest notice● Neutral
BPZ RESOURCES, INC. director Stephen C Beasley bought 25,000 shares on the open market at $2.74.
21 May 2012director interest notice● Neutral
BPZ RESOURCES, INC. Chief Operating Officer Spies Richard James bought 20,000 shares on the open market at $2.55.
3 May 2012debt financing▲ GoodMajor
On April 27, 2012, BPZ formed a joint venture on offshore Block Z-1 with Pacific Rubiales Energy, which will take a 49% participating interest for $150 million in cash plus a $185 million commitment toward BPZ's share of capital and exploration spending. BPZ received $65 million at signing and expects $85 million more once Peruvian approvals come (the agreement ends if not approved within 15 months unless extended). If it ends, the amounts paid convert to a loan at three-month LIBOR plus 9%. BPZ stays operator, keeping 51%. This resolves the Block Z-1 partner search. Alongside it, BPZ prepaid $40 million of the $75 million Credit Suisse loan (with a $5.8 million prepayment fee), stretched repayment of both Credit Suisse loans to 2015 and dropped the hedging requirement. Amendment fees were $1.1 million and $0.8 million.
30 Apr 2012agm notice● Neutral
BPZ RESOURCES, INC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
10 Apr 2012director interest notice● Neutral
Eagan Jerelyn became a BPZ RESOURCES, INC. director and company insider (initial ownership filing).
9 Apr 2012director interest notice● Neutral
Brand Stephen R became a BPZ RESOURCES, INC. director and company insider (initial ownership filing).
6 Apr 2012director interest notice● Neutral
BPZ RESOURCES, INC. director Strauch Dennis G received 10,750 shares and a 17,480-share option grant as part of the equity award.
6 Apr 2012director interest notice● Neutral
BPZ RESOURCES, INC. CFO Menniti Richard Saverio received 51,133 shares and a 83,143-share option grant as part of the equity award.
6 Apr 2012director interest notice● Neutral
BPZ RESOURCES, INC. President & CEO Zuniga Pflucker Manuel Pablo received 78,750 shares and a 128,049-share option grant as part of the equity award.
6 Apr 2012director interest notice● Neutral
BPZ RESOURCES, INC. director Gray Gordon received 10,750 shares and a 17,480-share option grant as part of the equity award.
6 Apr 2012director interest notice● Neutral
BPZ RESOURCES, INC. Chief Legal Officer Ledgard Joseph Durkin received 47,414 shares and a 77,096-share option grant as part of the equity award.
6 Apr 2012director interest notice● Neutral
BPZ RESOURCES, INC. director Lendrum John J III received 10,750 shares and a 17,480-share option grant as part of the equity award.
6 Apr 2012director interest notice● Neutral
BPZ RESOURCES, INC. director Stephen C Beasley received 10,750 shares and a 17,480-share option grant as part of the equity award.
6 Apr 2012director interest notice● Neutral
BPZ RESOURCES, INC. director James B Taylor received 16,125 shares and a 26,220-share option grant as part of the equity award.
6 Apr 2012director interest notice● Neutral
BPZ RESOURCES, INC. Chief Operating Officer Spies Richard James received 77,930 shares and a 126,715-share option grant as part of the equity award.
6 Mar 2012material agreement▼ BadMajor
BPZ and Credit Suisse again pushed back the Albacora commercial production deadline in the $75 million loan, from February 29 to April 16, 2012. The attached press release puts year-end 2011 proved reserves at 34.7 million barrels (Corvina 27.8, Albacora 6.9), down 4.2 million barrels from 2010. Of that decline, 1.4 million barrels came from 2011 production, and a 2.8 million barrel net adjustment was mainly due to Albacora workover results, with 1.7 million barrels moved to probable. Production averaged about 3,920 barrels a day through February 2012. The well at Block XIX tested noncommercial oil and its costs were written off in Q4 2011. The new CX-15 platform is scheduled for installation in Q3 2012, and the company says it is still working toward a joint venture partner for Block Z-1.
14 Feb 2012substantial holder notice● Neutral
Capital Research Global Investors ** disclosed a new substantial BPZ RESOURCES, INC. shareholding (6.80% of votes).
13 Feb 2012substantial holder notice● Neutral
BlackRock, Inc reported a BPZ RESOURCES, INC. shareholding of 8,175,851 shares (7.05% of votes) in a periodic institutional filing.
9 Feb 2012substantial holder notice● Neutral
Centennial Energy Partners, L.L.C, Centennial Energy Management, Inc, Peter K. Seldin reported a BPZ RESOURCES, INC. shareholding of 7,134,033 shares (6.15% of votes) in a periodic institutional filing.
