December 2004

• BPZ Energy obtained certification of 4.02 Tcf (trillion cubic ft.) of gas potential (proved, probable, and possible) in Block Z-1.

October 2004

• BPZ Energy raised $6 million in a private placement of 3 million shares of its stock.

September 2004

• BPZ Energy completed a reverse merger with Navidec, Inc., a Colorado corporation listed on NASDAQ.

July 2004

• BPZ Energy assumed operatorship of the Z-1 Block, offshore NW Peru, with the authorization to certify its gas reserves.

June 2004

• BPZ Energy bought out SMC Ecuador, thereby acquiring a 10 percent working interest in the Santa Elena oilfields of southwestern Ecuador, operated by Pacifpetrol with 90 percent.

December 2003

• Having confirmed the prospectiveness of Block XIX, BPZ Energy signed a License Contract with Perupetro (contract term is 30 years for oil, 40 years for natural gas).

December 2003

• BPZ Energy signed Technical Evaluation Agreements on both Area VI and Area XVI, NW Peru.

November 2003

• BPZ Energy was qualified as an operating company for onshore operations in Peru.

February 2003

• BPZ Energy signed a Technical Evaluation Agreement (TEA) with Perupetro covering onshore Block XIX in the Tumbes basin of northwesternmost Peru.

November 2001

• Syntroleum Corporation of Tulsa and BPZ Energy signed a license contract with Perupetro on offshore License Block Z-1 in the Tumbes basin of northwestern Peru.

August 2001

• BPZ Energy, Inc. was established as a Texas corporation to operate in the international energy business. A subsidiary was registered in Peru, with offices in Lima.

July 1989

• BPZ & Associates, Inc. was established as a Texas corporation to provide consulting services in reservoir engineering, petroleum exploration, and project development and management to international and local clients in South America.