BPZ Energy reported its 2013 capital investment program and provided a Block Z-1 operational update.

The Company plans to spend approximately $27 million net in 2013 on capital and exploratory expenditures, excluding capitalized interest, for its three onshore blocks in which the Company holds 100% working interests, as the capital and exploratory expenditures for offshore Block Z-1 are fully carried by Pacific Rubiales Energy Corp. (TSX:PRE) (BVC:PREC) (BOVESPA:PREB) under the joint venture agreements.

The Company's 51% share of Block Z-1 capital investments to be fully carried by Pacific Rubiales Energy Corp. is budgeted at $76 million ($149 million gross). Planned activities at Block Z-1 include CX-15 developmental drilling for six wells and projects and engineering at the Corvina and Albacora fields. On a contingent basis, the budget includes a two-well drilling program and facilities at the Albacora field should 3D seismic dictate a return to drilling, and a Corvina gas pipeline to shore related to the proposed gas-to-power project.

Tags: BPZ Energy