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BPZ Resources, Inc Message Board

  • don_t_panick don_t_panick Jul 26, 2014 11:15 AM Flag

    Fact Checking "Avi the Liar" on cash flow

    Latest Claim from Short Liars: Negative Cash Flow

    Fact: Cash Flow was positive 9.6 mil in Q1. Here's from the Q1 press release:

    Earnings before interest, income taxes, depletion, depreciation and amortization, exploration expense and non-recurring charges (EBITDAX), was a positive $9.6 million for the first quarter of 2014 compared to a positive $21 thousand for the same period last year

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    • CEO comments on increasing cash flow in Q1 earnings press release:

      Manolo Zuniga, President and CEO of BPZ Energy, commented “With the Corvina CX15-3D well recently coming online and the Albacora A-21D well currently being completed, our development drilling program at Block Z-1 is progressing nicely with recent gross production levels of approximately 5,750 bopd, or 2,930 bopd net to BPZ. In the first quarter, we began to see the positive financial impact from our development drilling with increasing production and cash flow as well as lower unit production costs. This is encouraging as we still have seven additional proved undeveloped locations, or PUDs, to drill this year

 
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