BPZ Energy, Inc. (BPZ), formerly known as Navidec, Inc., incorporated in 1993, is a development-stage company with properties in northwest Peru and southwest Ecuador. The Company is focused on the development and production of oil and natural gas and it intends to utilize part of its future natural gas production for the complementary development of gas-fired power generation. BPZ's activities in Peru have been limited to analysis and evaluation of technical data on the properties and preparation of the development plans for the properties. It has not drilled any wells or recognized any revenues from operations and the Company does not anticipate generating significant revenues from its properties prior to 2007. On February 4, 2005, BPZ changed its name from Navidec, Inc. (Navidec) to BPZ Energy, Inc. On September 10, 2004, BPZ Energy, Inc. (BPZ-Texas) consummated a reverse merger with Navidec, Inc., whereby BPZ-Texas became a wholly owned subsidiary of Navidec (the Merger). However, in the Merger, the stockholder group of BPZ-Texas obtained majority ownership and management control of the combined company. BPZ's Properties in Peru BPZ maintains an office and a registered branch in Peru. The Company has rights and license agreements for oil and gas exploration and production covering a total of approximately 2.7 million acres in northwest Peru. Its license contracts cover 100% ownership of both Block Z-1, which was signed in November 2001, and Block XIX, which was signed in December 2003. BPZ's license contracts provide for an initial exploration period of seven to 10 years and require that it conduct specified activities on the properties during this period. The total contract term can extend up to 30 years for oil development and production and 40 years for gas development and production. In December 2003, the Company entered into a Technical Evaluation Agreement for Area VI. This agreement gave BPZ the right to conduct a technical evaluation of the area over a 24-month period and the right to enter into a license contract. In December 2005, the Company initiated negotiations to obtain a license contract for Area VI. Block Z-1, a coastal offshore area encompassing 739,205 acres, is situated at the southern end of the Gulf of Guayaquil in northwest Peru. Geologically, the block lies within the Tumbes basin. The average water depth of the area is approximately 200 feet and only 10% of the area has depths greater than 500 feet. Block XIX covers approximately 472,860 acres, lying entirely onshore and adjacent to Block Z-1 in northwest Peru. Geologically, the block lies primarily within the Tumbes basin of Oligocene-Neogene age, but also covers part of the Talara Basin to the south. BPZ's Properties in Ecuador The Company owns a 10% non-operated working interest in a producing oil and gas property located in the southwest region of Ecuador, referred to as the Santa Elena Property. The license agreement covering the property extends through May 2016. The Santa Elena Property is located west of the city of Guayaquil along the coast of Ecuador. The license contract provides for royalty payments equal to 23% of production. There have been almost 3,000 wells drilled in the field since production began in the 1920's. There are approximately 1,250 active wells, which produce approximately 2,000 barrels of oil per day. The majority of the wells produce intermittently by gas lift, mechanical pump or swabbing techniques. Crude oil is gathered in holding tanks and pumped via pipeline to an oil refinery in the city of Libertad, Ecuador.

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