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News Release

Contact: Greg Smith Director of Investor Relations and Corporate Communications 281-556-6200

BPZ Energy Issues Earn-Out Shares Based On 2004 Merger Agreement HOUSTON---November 30,2007---BPZ Resources, Inc., d/b/a BPZ Energy, (AMEX:BZP) today announced that the second earn-out target provided for in the original merger agreement related to its merger with Navidec, Inc. datedJuly 8, 2004 has been achieved. The determination was made by the Company’s Board of Directors based on certification by the independent engineering firm that the Company’s production in Peru has metor exceeded the required level of not less than 2,000 barrels of oil equivalent per day. The achievement of this final earnout target will result in the issuance in due course of 9,000,000 shares ofcommon stock to the former shareholders of the Company’s operating subsidiary BPZ Energy, Inc., and includes certain current officers, directors and affiliates of the Company. No accounting entry isrequired upon the issuance of the earn-out shares as they are considered a stock dividend. The achievement of the required level of production will also result in the eventual issuance of 225,000 sharesto the Chief Financial Officer and 225,000 shares to the Chief Operating Officer as part of their compensation packages. All of the earn-out shares have been fully disclosed and accounted for in the77.6 million fully diluted share count as reported in the Company’s filings to date with the Securities and Exchange Commission. About BPZ Energy Houston based BPZ Energy is an oil and gas explorationand 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 ownsa minority working interest in a producing property in southwest Ecuador. The Company is currently executing an integrated gas-topower strategy, which includes generation and sale of electric power...
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