November

• BPZ declares that the second earn-out target provided for in the original merger agreement related to its merger with Navidec, Inc. dated July 8, 2004 has been achieved.
• BPZ reveals the spudding of the CX11-18XD Corvina well. The CX11-18XD was positioned up dip from the CX11-21XD well, which tested 60 million cubic feet of gas per day and 5,900 barrels of oil per day.
• BPZ announces the signing of two new license contracts for exploration and production of hydrocarbons, thus obtaining exclusive rights to Blocks XXII and XXIII located in northwest Peru. The license contracts were signed on Wednesday November 21, 2007 in a ceremony at the Presidential Palace hosted by the President of Peru, Mr. Alan Garcia.
• BPZ announces the closing of $15.5 million convertible debt financing with International Finance Corporation (IFC). As announced, the conversion price is $10.39 per share and includes a forced convert price of $18.19 per share.
• BPZ announces the filing of a shelf registration statement on Form S-3 with the Securities and Exchange Commission. The shelf registration statement, once declared effective, will permit, but not obligate, the Company to sell, in one or more public offerings, shares of newly issued common stock, warrants, or debt securities, or any combination of such securities, for proceeds in an aggregate amount of up to $266 million.
• BPZ declares the Company has begun oil production at the CX11 platform in the Corvina field of its offshore Block Z-1 in northwest Peru. This early production was initiated pursuant to the Company’s Initial Development Plan that requires the new wells to be put on extended production tests.

October

• BPZ reveals that short term contracts have been finalized and signed with the commercial area of the Peruvian Navy to lease two tankers to transport oil to market earlier than scheduled. The two tankers leased from the Navy each have capacity of approximately 6,000 barrels.
• BPZ announces the successful negotiation of key terms and conditions for the first tranche of the debt package with International Finance Corporation (IFC), a member of The World Bank Group. Previously, the Company announced a total debt package, approved by IFC, of $100.5 million. However, the Company is actively negotiating with IFC to increase the debt package to an estimated $165 million for further development of the assets of the Company.

• BPZ proclaims the Company has completed all seven drill stem tests (DST) on the CX11-14D well in the Corvina field of offshore Block Z1 in northwest Peru. The Company tested a cumulative total of 104 million cubic feet per day (mmcf/d) of gas and 2,400 barrels of oil per day (bopd).

 August

• BPZ announces that the Company’s third well, the CX11-14D, located in the offshore Corvina field of Block Z-1, reached total depth of 7,950 feet (measured depth) on August 18, 2007, slightly ahead of the 60 day timeline previously set. Multiple prospective pay zones have been encountered in the Upper Zorritos and Cardalitos formations.

• BPZ announces that the Company’s operations in northwest Peru were not affected by the earthquake that struck south of the capitol city of Lima. The Company operates in the Tumbes region approximately 850 miles north of Lima and approximately 950 miles from the quake’s epicenter.

July

• BPZ announces that Greg Smith has joined the Company as Director of Investor Relations and Corporate Commun ications. Mr. Smith was the publisher of the Oil &Gas Financial Journal, a publication of PennWell Corporation.

June

• BPZ Energy Selected to Join Russell 3000 Index. 
• BPZ Energy Reports Completion Of CX11-16X Corvina Well. After completion, a final production test yielded approximately 20 million cubic feet per day (mmcf/d).

May

• BPZ Energy Inc. announces appointment of Ed Caminos as Chief Financial Officer. 
• BPZ Energy Inc. reports completion of CX11-16X workover and start of testing operations. 
• BPZ Energy, Inc. closes $35 Million private placement of common stock.

April

• BPZ Energy, Inc. announced the its agreement to a private placement of its common stock for gross proceeds of approximately $35 millions. 
• Corvina CX11-21XD well was temporarily completed as an oil producing well after two additional Drill Stem Tests (DST) were conducted. A final production test after completion yielded 5,900 barrels of crude oil per day (bopd) with 920 psia of wellhead pressure. The Company intends to recomplete the well as a dual oil and gas producer once the necessary equipment has been procured.

March

• BPZ Energy, Inc. announced the results of tests conducted on the CX11-21XD well in the Corvina field located offshore northwest Peru. The well tested at a rate of 40 million cubic feet per day (MMcfpd) of natural gas and 3,150 barrels of crude oil per day (bopd).

February

• BPZ Energy, Inc. announced that testing has begun on the recently drilled CX11-21XD well in the Company’s Corvina gas field off the coast of Peru.

January

• The American Stock exchange (Amex) listed the common stock of BPZ Energy, Inc. under the ticker symbol BZP. 
• BPZ Energy, Inc. announced that all required testing equipment has been delivered and installed at the recently drilled CX11-21XD well in the Company’s Corvina gas field off the coast of Peru. 
• BPZ Energy, Inc. announced approval for listing of its common shares on the American Stock Exchange (“AMEX”)
• BPZ Energy, Inc. announced that Mr. Manolo Zuniga, President and Chief Executive Officer of BPZ Energy, Inc. presenting at the Pritchard Energy Conference at the Omni Hotel in San Francisco on January 9 – 11, 2007.