Jefferies Lowers BPZ Resources Estimates

Jefferies & Company reports that its BPZ Resources, Inc. BPZ 2010 and 2011 EPS estimates decline to a loss of ($0.14) and ($0.02) versus Jefferies' prior estimates of ($0.04) and $0.04. “The declines are primarily driven by a reduction in our '10 and '11 production estimates to 4,000 bbl/d and 4,200 bbl/d from previous estimates of 4,200 bbl/d and 5,100 bbl/d,” Jefferies writes. “'10 production should be negatively impacted while gas reinjection facilities are installed on the Corvina platform. Our '11 production estimates decline due to the discontinuation of Albacora drilling activity.” BPZ Resources currently trades at $3.74.