Thursday, November 11, 2010

BPZ Resources (NYSE:BPZ) Moving Toward Commercial Production

After a difficult season of development and exploration on their large project in Peru, BPZ Resources (NYSE:BPZ) is starting to search for a partner again as they move toward commercial production.

Canaccord said they're maintaining a "Buy" on the company.

"BPZ Resources has a large landbase in northwest Peru and is engaged in early stage development of existing discoveries plus nearby exploration. The company has suffered development challenges with these assets but is now moving toward commercial production. With a new search for a strategic partner, we believe the company’s prospects are improving," said Canaccord.

BPZ Resources closed Wednesday at $4.02, gaining $0.09, or 2.29 percent. Canaccord has a price target on them of $7.50.

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