BPZ Resources (BPZ) To Sell 18.8 Million Common Shares In Direct Offering
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BPZ Resources, Inc. (NYSE Amex: BPZ) entered into definitive agreements to sell 18.8 million shares of its common stock at $4.66 per share in a registered direct offering. The transaction is expected to close on or about June 30, 2009.
BPZ Resources intends to use the $87.61 million in net proceeds to fund the ongoing oil development in the Corvina and Albacora oil fields in the Company's offshore Block Z-1, a second platform for the Corvina field, certain capital expenditures needed to meet obligations related to the license contracts in the Company's Blocks XIX, XXII and XXIII, and general corporate purposes consistent with the Company's operating plan.
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.[SM]
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