Wunderlich Securities Lowers 3Q14 Estimates for BPZ Resources

In a report published Tuesday, Wunderlich Securities analyst Irene O. Haas reiterated a Buy rating and $7.00 price target on

. In the report, Wunderlich Securities noted, “BPZ Resources (BPZ) had a mix of good and bad news in yesterday's operations report. The good news is that the CX15-7D development well at Corvina was completed earlier than expected allowing BPZ to spud the CX15-10D well on September 14, 2014 with completion scheduled for November 2014. At Albacora, the A-18D sidetrack well is expected to be on in October targeting two oil zones and the A-27D will spud before yearend. BPZ expects to talk in October about test results from the three onshore wells on Block XXIII; BPZ also plans to drill the Delfin exploration well offshore in mid-2015. The bad news is that the Corvina CX15-3D and Albacora A-21D are only producing at 36% of prior levels, suboptimal in our view. Related to this, production from 3Q14 will be lower than volume from 2Q14.” BPZ Resources closed on Monday at $2.10.