BPZ Resources, Inc. - Shareholder.com

ITEM 6. SELECTED FINANCIAL DATA
The following selected financial information should be read in conjunction with “Management’s Discussion and Analysis of Financial
Condition and Results of Operation” and the consolidated financial statements and the notes thereto included under Item 8. —
“Financial Statements and Supplementary Data”.
For the Year Ended December 31,
Operating Results: 2010 2009 2008 2007 (1) 2006 (1)
(In thousands, except per share and per barrel information)
Revenue (net)..................................................................... $ 110,464 $ 52,454 $ 62,955 $ 2,350 $ —
Operating and administrative expenses:
Lease operating expense .................................................... 32,585 28,113 11,649 755 —
General and administrative expense................................... 32,655 33,258 42,094 18,548 11,532
Geological, geophysical and engineering expense............. 19,107 7,768 794 4,045 2,048
Dry hole costs .................................................................... 32,778 — — — —
Depreciation, depletion and amortization expense............. 33,755 25,803 16,062 793 214
Standby costs ..................................................................... 7,487 — — — —
Other expense .................................................................... 12,889 — — — —
Total operating and administrative expenses ................. 171,256 94,942 70,599 24,141 13,794
Operating loss ....................................................................... (60,792) (42,488) (7,644) (21,791) (13,794)
Other income (expense):
Income from investment in Ecuador property, net of
amortization .................................................................. 740 1,208 718 264 1,403
Interest expense ................................................................. (11,618) — — — (16)
Registration delay expense ................................................ — — — — (3,553)
Interest income .................................................................. 272 215 319 855 787
Miscellaneous income (expense) ....................................... 19 (1,312) 102 201 (314)
— — — — —
Total other income (expense) ........................................ (10,587) 111 1,139 1,320 (1,693)
Loss before income taxes ...................................................... (71,379) (42,377) (6,505) (20,471) (15,487)
Income taxes (benefit)............................................................ (11,608) (6,575) 3,141 39 —
Net loss ................................................................................. $ (59,771) $ (35,802) $ (9,646) $ (20,510) $ (15,487)
Basic and diluted net loss per share ....................................... $ (0.52) $ (0.35) $ (0.12) $ (0.33) $ (0.35)
Weighted average common shares outstanding .................... 115,368 103,362 77,390 61,660 44,752
Oil sales price per barrel, net.................................................. $ 72.53 $ 54.49 $ 76.23 $ 81.78 $ —
Operating cost per barrel ....................................................... $ 21.47 $ 29.21 $ 14.11 $ 26.26 $ —
Balance Sheet Data:
Working Capital/(Defecit) ..................................................... $ 22,703 $ 7,385 $ (30,562) $ 1,549 $ 22,057
Property, equipment and construction in progress, net .......... 342,507 262,517 193,934 100,366 38,727
Total assets............................................................................. 470,307 349,172 235,365 129,619 74,037
Total long-term debt............................................................... 156,750 22,581 15,018 15,537 56
Stockholders’ equity .............................................................. 251,326 271,957 159,180 90,740 63,636
Cash Flow Data:
Cash flow provided by/(used in) operating activites .............. (5,125) (30,785) 48,722 (15,171) (6,682)
Cash flow used in investing activities .................................... (158,104) (90,005) (102,185) (58,464) (34,270)
Cash flow provided by financing activities............................ 156,834 133,620 51,266 55,825 36,820
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