BPZ executive chairman retires, Taylor named chairman

HOUSTON - BPZ Resources Inc. (NYSE: BPZ) announces that Dr. Fernando Zuniga y Rivero, 83, executive chairman of the board of directors, has elected to retire effective March 1, 2011. As a result of his retirement, he will step down from all positions with the company and its subsidiaries, including as a member of the board of directors and executive officer of the company. In recognition of his contribution and service to the company, the board of directors has awarded him the title of "Chairman Emeritus." James B. Taylor, current lead independent director of the company, has been appointed as the chairman of the board.

Manolo Zuniga, president and CEO commented, "We are extremely grateful for the extraordinary leadership and commitment during our formative years that my father has provided to the company as executive chairman. His experience, knowledge and passionate commitment to BPZ's performance, as well as to its stakeholders and overall mission have been the cornerstones of our success."

Dr. Zuniga y Rivero became executive chairman of the board of BPZ in September 2004; prior to that he served as chairman of BPZ & Associates Inc., the former parent company of BPZ-Texas. Dr. Zuniga y Rivero has over 60 years of experience in the energy industry with a particular focus on Peru. He holds bachelor's degrees in engineering and geological sciences and PhD degrees from the University of San Agustin, Arequipa, Peru, and completed the Science program in Micropaleontology at UCLA. He also received a "Doctor Honoris Causa" from the University of San Marcus of Lima, Peru.

Taylor, a geologist, joined the BPZ Board in February 2010. He brings over 47 years experience in the oil and gas sector and has served as a director for four publicly held oil and gas companies. Taylor served as executive vice president of Occidental Oil and Gas where he was responsible for worldwide exploration and producing operations. 

Source:  BPZ Resources Inc.

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