We caution you not to place undue reliance on thosestatements

(NYSE Alternext US: BPZ) announced today that the Companyand Shell Exploration Company (West) B.V. have mutually agreed to discontinuediscussions on the Farm-out Agreement as conceptualized in the previouslyannounced non-binding Memorandum of Understanding (MOU). BPZ Energy willmaintain its 100 working interest in Blocks Z-1, XIX, and XXIII, as well asBlock XXII which was not part of the proposed transaction, all of which arelocated in northwest Peru. BPZ Energy President and Chief Executive Officer Manolo Zúñiga commented,"Although both parties worked diligently during the past few months to reach anagreement that was mutually beneficial and acceptable, both sides determinedthat the complexities involved in completing the transaction within theguidelines defined by the MOU were far greater than anticipated.

Accordingly, ajoint decision was made to discontinue the negotiations." Mr. Our plans are to remain focused on developing the oil reserves inBlock Z-1, where the Company has been very successful in its ongoing appraisaland development efforts. As such, the Company will continue appraising Corvinawhile preparing to drill in Albacora, which in turn should allow us to continueramping up oil production and proving up reserves. The Companys website at provides additional information about the Companys plans,including photographs and other information with respect to its operations.

Forward Looking Statements This Press Release contains forward-looking statements within the meaning of thePrivate Securities Litigation Reform Act of 1995, Section 27A of the SecuritiesAct of 1933 and Section 27E of the Securities Exchange Act of 1934.These forwardlooking statements are based on our current expectations about our company, ourproperties, our estimates of required capital expenditures and our industry.Youcan identify these forward-looking statements when you see us using words suchas "expect," "anticipate," "estimate," "believes," "plans" and other similarexpressions.These forward-looking statements involve risks and uncertainties.Ouractual results could differ materially from those anticipated in these forwardlooking statements.Such uncertainties include market conditions, oil and gasprice volatility, uncertainties inherent in oil and gas production operations,estimating reserves, unexpected future capital expenditures accuracy of welltest results, the success of our project financing efforts, including finaldocumentation and execution of debt financing documents with IFC,wellrefurbishment efforts, successful production of indicated reserves, successfultransition from our well-testing period to full commercial production and thesuccessful management of our capital development project and other normalbusiness risks.We undertake no obligation to publicly update any forward-lookingstatements for any reason, even if new information becomes available or otherevents occur in the future.We caution you not to place undue reliance on thosestatements.BPZ Resources, Inc., HoustonGreg Smith, 281-752-1240Director of Investor Relations andCorporate Communications Copyright Business Wire 2009. The Yankees are, of course, in the discussion for landing Roy Halladay in what would be the blockbuster trade of the offseason. You fans have voted Melky Cabrera the guy to give up for Halladay. The 19-year-old catcher has the best bat in the entire farm system and one of the best in the minors.