Northern, WI 12/31/2012 (BasicsMedia) – With the cost of oil heading south we can all look forward to a break in our travel expenses and maybe our heating bills this winter, so with that in mind we are taking a look at several oil and gas companies before the end of the year. Another one of todays movers is BPZ Energy (NYSE:BPZ) they are an independent oil and gas exploration and production company. BZP announced today the Peruvian Government has signed the Supreme Decree authorizing Perupetro to execute the amendment to the Block Z-1 License to add Pacific Rubiales Corp. (PRE.TO) (BVC:PREC) (BOVESPA:PREB) to the Z-1 License Contract.
“We appreciate the hard work of the B PZ and Pacific Rubiales teams whom were dedicated to the process that helped us obtain the necessary approvals before year-end. With the contractual agreements closed and the Supreme Decree now received, our partnership with Pacific Rubiales enters the new year intently focused on production growth at Block Z-1.” President and CEO Manolo Zunyiga commented.
BZP is up close to 10% today and has traded over a half million shares. The Houston-based company which trades as BPZ Resources, Inc. on the New York Stock Exchange and the Bolsa de Valores in Lima, is an independent oil and gas exploration and production company which has license contracts for oil and gas exploration and production which cover roughly 2.2 million gross acres on four properties in northwest Peru. They are in a partnership with Pacific Rubiales Energy Corp., the Company who is currently executing the development in offshore Block Z-1 of the Corvina oil discovery, as well as the redevelopment of the Albacora oil field.
The Company is also exploring the onshore Blocks XIX, XXII and XXIII, in parallel with the purpose of creating 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.
Pacific Rubiales calls Canada its home. Pacific Rubiales is a producer of natural gas and heavy crude oil and owns 100 percent of Meta Petroleum Corp., which is a Colombian oil operator whom operates the Rubiales, Piriri and Quifa oil fields in the Llanos Basin in conjunction with with Ecopetrol, S.A., a Colombian national oil company. The Company’s common shares trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia and as Brazilian Depositary Receipts on Brazil’s Bolsa de Valores Mercadorias e Futuros under the ticker symbols PRE, PREC, and PREB, respectively.
Disclaimer: We have no position in any stock mentioned here