BPZ Resources, Inc. is focused on the exploration, development and production of oil and natural gas in Peru and Ecuador. The Company, through its subsidiary BPZ Exploracion & Produccion S.R.L., has license agreements for oil and gas exploration and production covering a total of approximately 2.2 million gross acres, in four blocks, in northwest Peru and off the northwest coast of Peru in the Gulf of Guayaquil. The license contracts cover ownership of properties, which include 51% working interest in Block Z-1, 100% working interest in Block XIX, 100% working interest in Block XXII, and 100% working interest in Block XXIII. Through its wholly owned subsidiary, SMC Ecuador Inc., the Company also owns 10% non-operating net profits interest in an oil and gas producing property, Block 2, located in the southwest region of Ecuador, the Santa Elena Property. The Santa Elena Property is located west of the city of Guayaquil along the coast of Ecuador.