BPZ to sell 15,700,000 shares in private placement

BPZ Resources Inc., the pil and gas exploration and production company, announced on on Friday that it intends to sell approximatley 15.7 million shares of its common stock in a private placement (via private placement memorandum) to 13 institutional investors. Gross proceeds will equal approximately $48 million.

Stock Price: BPZ Resources Inc. priced the stock offering at $3.05 per share. The

“This equity raise was undertaken to help assure the company can continue operations to increase production in Corvina, and grow new reserves and bring on new production from Albacora,” said Manolo Zuniga, chief executive of BPZ Resources.

Shares of the company soared 63 cents, or 18.8 percent, to $3.98 in Friday afternoon trading.

Associated Press, 02.13.09, 1:37 PM