BPZ Energy Closes $4.4 Million Private Placement with IFC

HOUSTON--(Business Wire)--
BPZ Resources, Inc. (NYSE Amex:BPZ) announced today that International Finance
Corporation (IFC), the Company`s largest shareholder, has exercised its
preemptive right related to the recently announced February 2009 private
placement to purchase 1.4 million shares of the Company`s common stock resulting
in gross proceeds of approximately $4.4 million. This completes the recently
announced February 2009 private placement, bringing the total shares issued in
the offering to approximately 15.7 million and the gross proceeds received from
the offering to approximately $48 million.

Manolo Zuñiga, BPZ Energy`s President and Chief Executive Officer commented,
"IFC`s support is important as they are our largest shareholder and have done
extensive due diligence on the Company. Their participation provides additional
funds to continue appraising Corvina and redeveloping Albacora, as well as
signaling a vote of confidence to our shareholders."

Additional Information

The shares were issued in the private placement under Regulation D of the
Securities Act of 1933, as amended. The shares issued are restricted shares and
are not eligible for trading until registered with the Securities and Exchange
Commission ("SEC"). The Company filed a registration statement covering the
shares on March 31, 2009 and will use its reasonable best efforts to obtain its
effectiveness no later than the earlier of (i) 90 days after closing, or in the
event of SEC review of the registration statement, 120 days after closing and
(ii) the third business day following the date the Company is notified (orally
or in writing, whichever is earlier) by the SEC that the registration statement
will not be reviewed or is no longer subject to further review. Following the
closing of this private placement, the Company has 94,486,094 shares of common
stock issued and outstanding, with fully diluted shares of 98,380,442,
respectively. The fully diluted shares include the potential effect of vested
and unvested options, and restricted stock outstanding.

About BPZ Energy

Houston based BPZ Energy is an oil and gas exploration and production company
which has exclusive license contracts for oil and gas exploration and production
covering approximately 2.4 million acres in four properties in northwest Peru.
It also owns a minority working interest in a producing property in southwest
Ecuador. The Company is currently executing the development of the Corvina oil
discovery, the redevelopment of the Albacora oil field, and the exploration of
Block XIX, in parallel with, the execution of an integrated gas-to-power
strategy, which includes generation and sale of electric power in Peru and the
development of a regional gas marketing strategy. The Company`s website at
www.bpzenergy.com provides additional information about the Company`s 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 the
Private Securities Litigation Reform Act of 1995, Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.These forward
looking statements are based on our current expectations about our company, our
properties, our estimates of required capital expenditures and our industry.You
can identify these forward-looking statements when you see us using words such
as "project", "expect," "will," "indicate," "estimate," "believes," "plans" and
other similar expressions.These forward-looking statements involve risks and
uncertainties.Our actual results could differ materially from those anticipated
in these forward looking statements.Such uncertainties include the success of
our project financing efforts, including final documentation and execution of
debt financing documents, accuracy of well test results, and reserves reports,
well refurbishment efforts, successful production of indicated reserves,
completion of well test-period requirements and the successful management of our
capital development project, and other normal business risks.We undertake no
obligation to publicly update any forward-looking statements for any reason,
even if new information becomes available or other events occur in the future.We
caution you not to place undue reliance on those statements.

BPZ Resources, Inc.
Greg Smith, 281-752-1240
Director of Investor Relations and Corporate Communications

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