Oxford, MS  6/17/2011 (PennyPayDay )  --  BPZ Energy(NYSE:BPZ) , an independent oil and gas exploration production company with 100% working interests in four blocks in Peru, today announced the start of the process to identify and select a potential partner for its offshore Block Z-1. The Company also provided Block Z-1 oil and gas resources as estimated by the Company's independent reserve auditor, Netherland, Sewell & Associates, Inc. (NSAI). According to the NSAI report, Block Z-1 has a best estimate of 981 million barrels of unrisked prospective oil (MMBO) resources as of March 31, 2011. The report provides low and high estimates of unrisked prospective oil resources of 269 MMBO and 2,750 MMBO, respectively. The report also provides estimates for unrisked prospective gas resources with a best estimate of 8.1 trillion cubic feet (TCF), and low and high estimates of 4.1 TCF and 12.7 TCF, respectively. The prospective resources are based on the evaluation of 12 structures in the Z-1 Block. The NSAI report also provides low (1C) and high (3C) estimates of unrisked contingent oil resources ranging from of 1.7 MMBO to 10.8 MMBO, and low and high estimates of unrisked prospective gas resources ranging from 0.4 TCF to 0.9 TCF, respectively. The contingent resources are based on the hydrocarbons encountered in three fields (Delfin, East Corvina and Piedra Redonda in Block Z-1) that were drilled by previous operators. The NSAI report does not take into account volumes of proved, probable and possible oil and gas found in the Corvina and Albacora fields previously disclosed by the Company. Manolo Zunyiga, President and CEO of BPZ Energy, commented, "We are pleased with the results of the NSAI resource report which now completes the Block Z-1 data room. The partnering initiative is an important element of our overall strategy to accelerate the exploration and continued development of the oil and gas potential of this offshore block. This latest NSAI report confirms our view of the oil potential in Block Z-1, as reflected by our initial success in the Corvina and Albacora oil fields, and provides a framework for the Company to continue delivering value to our stakeholders." About  PennyPayday.com Pennypayday is a new media financial portal focusing on small-cap companies and the  penny stock markets . The site has quickly become one of the top sources for investors' seeking information on today's emerging companies. PennyPayday provides the investing public with daily  innovative business news , real-time market commentary, investment tools, market education, as well as stories, articles,  video stock charts , and market briefs from a full staff of experienced and dedicated journalists.  Join Our Free Newsletter Today! Disclaimer: Neither  www.pennypayday.com  nor its officers, directors, partners, employees or anyone involved in the publication of this website or newsletters (“us” or “we”) is a registered investment adviser or licensed broker-dealer in any jurisdiction whatsoever. Further, we are not qualified to provide any investment advice and we make no recommendation to purchase or sell any securities. The following news is published as information only for our readers. PennyPayday.com is a  third party publisher  of news and research .Our site does not make ecommendations, but offers information portals to research news, articles, stock lists and recent research. Nothing on our site should be construed as an offer or solicitation to buy or sell products or securities. This site is currently compensated by featured companies, news submissions and online advertising. Please read and fully understand our entire disclaimer at  http://www.pennypayday.com/disclaimer . Distributed by IntelBuilder Social Media Platform