BPZ Energy reports net loss for Q3

BPZ Energy has reported a net loss of $17.14 million, or $0.15 loss per share, for the third quarter ended September 30, 2012, compared to a net profit of $5.70 million, or $0.05 per share, for the third quarter ended September 30, 2011.

Total net revenue for the third quarter ended September 30, 2012 was $28.67 million, compared to $36.21 million for the third quarter ended September 30, 2011.

Net loss for the nine months ended September 30, 2012 was $52.93 million, or $0.46 loss per share, compared to a net loss of $2.10 million, or $0.02 loss per share, for the nine months ended September 30, 2011.

Total net revenue for the nine months ended September 30, 2012 was $97.91 million, compared to $111.85 million for the nine months ended September 30, 2011.

President and CEO Manolo Zuniga commented, "We are very excited to return to drilling at the Corvina field with the new CX-15 platform. Interest has been high in this project due to the state-of-the-art design and its importance to our Company. Our teams worked extremely hard to achieve this very important milestone which is helping redefine our next phase of growth. Enhancing shareholder value is a priority for our Company, and this new drilling program should help us attain improved production and cash flow, as well as profitability."