A strategic inflection point was taken today by BPZ Energy (NYSE: BPZ).
Joint Venture with Pacific Rubiales at Block Z-1
On April 27, 2012, BPZ formally announced a much anticipated joint venture with Pacific Rubiales Energy Corp. (TSX: PRE) to explore and develop offshore Block Z-1. Pacific Rubiales will pay BPZ $150 million in cash and has committed $185 million for BPZ's share of capital and exploratory expenditures in BlockZ-1, in exchange for a 49% participating interest. BPZ will retain a 51% operating interest and Pacific Rubiales will c...

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