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UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
Washington,\ue000 D.C.\ue000 20549
\ue000
\ue000
FORM\ue000 8-K
\ue000
\ue000

CURRENT\ue000 REPORT
PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(D)\ue000 OF\ue000 THE
SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934

\ue000
Date\ue000 of\ue000 Report\ue000 (Date\ue000 of\ue000 earliest\ue000 event\ue000 reported)
February\ue000 19,\ue000 2009
\ue000
\ue000
BPZ\ue000 Resources,\ue000 Inc.
(Exact\ue000 name\ue000 of\ue000 registrant\ue000 as\ue000 specified\ue000 in\ue000 its\ue000 charter)
\ue000
\ue000
Texas
\ue000
001-12697
\ue000
33-0502730
(State\ue000 or\ue000 Other\ue000 Jurisdiction\ue000 of
\ue000
(Commission\ue000 File\ue000 Number)
\ue000
(I.R.S.\ue000 Employer\ue000 Identification\ue000 No.)
Incorporation)
\ue000
\ue000
\ue000
\ue000
\ue000
580\ue000 Westlake\ue000 Park\ue000 Blvd.,\ue000 Suite\ue000 525
Houston,\ue000 Texas\ue000 77079
(Address\ue000 of\ue000 Principal\ue000 Executive\ue000 Offices)
\ue000
(281)\ue000 556-6200
(Registrant\u2019s\ue000 Telephone\ue000 Number,\ue000 Including\ue000 Area\ue000 Code)
\ue000
N/A
(Former\ue000 Name\ue000 or\ue000 Former\ue000 Address,\ue000 if\ue000 Changed\ue000 Since\ue000 Last\ue000 Report)
\ue000
\ue000
Check\ue000 the\ue000 appropriate\ue000 box\ue000 below\ue000 if\ue000 the\ue000 Form\ue000 8-K\ue000 filing\ue000 is\ue000 intended\ue000 to\ue000 simultaneously\ue000 satisfy\ue000 the\ue000 filing\ue000 obligation\ue000 of\ue000 the\ue000 registrant\ue000 under\ue000 any\ue000 of
the\ue000 following\ue000 provisions\ue000 (see\ue000 General\ue000 Instruction\ue000 A.2.\ue000 below):
\ue000
o\ue000 \ue000 Written\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 425\ue000 under\ue000 the\ue000 Securities\ue000 Act\ue000 (17\ue000 CFR\ue000 230.425)
\ue000
o\ue000 \ue000 Soliciting\ue000 material\ue000 pursuant\ue000 to\ue000 Rule\ue000 14a-12\ue000 under\ue000 the\ue000 exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.14a-12)
\ue000
o\ue000 \ue000 Pre-commencement\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 14d-2(b)\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.14d-2(b))
\ue000
o\ue000 \ue000 Pre-commencement\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 13e-4(c)\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.13e-4(c))
\ue000\ue000
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Processed and formatted by SEC Watch - Visit SECWatch.com
\ue000
Item\ue000 1.01\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Entry\ue000 into\ue000 a\ue000 Material\ue000 Definitive\ue000 Agreement.
\ue000
The\ue000 information\ue000 contained\ue000 in\ue000 Item\ue000 3.02\ue000 relating\ue000 to\ue000 the\ue000 definitive\ue000 agreements\ue000 that\ue000 were\ue000 entered\ue000 into\ue000 in\ue000 connection\ue000 with\ue000 a\ue000 private\ue000 placement\ue000 by
BPZ\ue000 Resources,\ue000 Inc.\ue000 (the\ue000 \u201cCompany\u201d)\ue000 is\ue000 incorporated\ue000 herein\ue000 by\ue000 reference.
\ue000
Item\ue000 3.02\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Unregistered\ue000 Sales\ue000 of\ue000 Equity\ue000 Securities.
\ue000

On\ue000 February\ue000 23,\ue000 2009,\ue000 the\ue000 Company\ue000 closed\ue000 a\ue000 private\ue000 placement\ue000 of\ue000 approxiamtely14.3\ue000 million\ue000 shares\ue000 of\ue000 common\ue000 stock,\ue000 no\ue000 par\ue000 value,\ue000 to
institutional\ue000 and\ue000 accredited\ue000 investors\ue000 pursuant\ue000 to\ue000 a\ue000 Stock\ue000 Purchase\ue000 Agreement\ue000 dated\ue000 February\ue000 19,\ue000 2009.\ue000 Additionally,\ue000 the\ue000 International
Finance\ue000 Corporation\ue000 (\u201cIFC\u201d)\ue000 holds\ue000 a\ue000 right\ue000 to\ue000 elect\ue000 to\ue000 participate\ue000 in\ue000 the\ue000 offering\ue000 resulting\ue000 in\ue000 the\ue000 possible\ue000 sale\ue000 of\ue000 an\ue000 additional\ue000 1.4\ue000 million\ue000 shares
of\ue000 common\ue000 stock\ue000 for\ue000 a\ue000 total\ue000 of\ue000 up\ue000 to\ue000 approximately\ue000 15.7\ue000 million\ue000 shares\ue000 of\ue000 common\ue000 stock\ue000 sold\ue000 in\ue000 this\ue000 private\ue000 offering.\ue000 \ue000 The\ue000 common\ue000 stock\ue000 was
priced\ue000 at\ue000 $3.05\ue000 per\ue000 share\ue000 resulting\ue000 in\ue000 gross\ue000 proceeds\ue000 to\ue000 the\ue000 Company\ue000 of\ue000 approximately\ue000 $43.6\ue000 million\ue000 ($48.0\ue000 million\ue000 if\ue000 the\ue000 IFC\ue000 elects\ue000 to\ue000 participate
in\ue000 the\ue000 offering).\ue000 In\ue000 connection\ue000 with\ue000 the\ue000 offer\ue000 and\ue000 sale\ue000 of\ue000 the\ue000 common\ue000 stock\ue000 in\ue000 the\ue000 private\ue000 placement,\ue000 the\ue000 Company\ue000 relied\ue000 on\ue000 an\ue000 exemption\ue000 from
registration\ue000 under\ue000 Section\ue000 4(2)\ue000 of\ue000 the\ue000 Securities\ue000 Act\ue000 of\ue000 1933,\ue000 as\ue000 amended,\ue000 and\ue000 Regulation\ue000 D,\ue000 Rule\ue000 506\ue000 promulgated\ue000 thereunder.\ue000 The\ue000 sale\ue000 of
common\ue000 stock\ue000 was\ue000 made\ue000 to\ue000 accredited\ue000 investors\ue000 as\ue000 defined\ue000 in\ue000 Regulation\ue000 D,\ue000 Rule\ue000 501(a),\ue000 each\ue000 of\ue000 whom\ue000 had\ue000 adequate\ue000 access\ue000 to\ue000 information
pertaining\ue000 to\ue000 the\ue000 Company.\ue000 Furthermore,\ue000 no\ue000 advertisements\ue000 or\ue000 general\ue000 solicitation\ue000 activities\ue000 were\ue000 made\ue000 or\ue000 undertaken\ue000 by\ue000 the\ue000 Company\ue000 and\ue000 the
securities\ue000 issued\ue000 in\ue000 the\ue000 private\ue000 placement\ue000 are\ue000 restricted\ue000 as\ue000 defined\ue000 in\ue000 Rule\ue000 144\ue000 of\ue000 the\ue000 Securities\ue000 Act\ue000 of\ue000 1933.

\ue000

No\ue000 warrants\ue000 or\ue000 dilutive\ue000 securities\ue000 were\ue000 issued\ue000 to\ue000 the\ue000 investors\ue000 or\ue000 will\ue000 be\ue000 issued\ue000 to\ue000 the\ue000 IFC\ue000 in\ue000 connection\ue000 with\ue000 the\ue000 private\ue000 placement.\ue000 The\ue000 shares were\ue000 placed\ue000 directly\ue000 by\ue000 Pritchard\ue000 Capital\ue000 \ue000 Partners,\ue000 LLC\ue000 and\ue000 the\ue000 Company\ue000 has\ue000 agreed\ue000 to\ue000 a\ue000 5%\ue000 cash\ue000 placement\ue000 fee\ue000 of\ue000 the\ue000 gross\ue000 proceeds\ue000 at\ue000 each closing.\ue000 \ue000 Additionally,\ue000 the\ue000 Company\ue000 retained\ue000 Morgan\ue000 Keegan\ue000 &\ue000 Company,\ue000 Inc.,\ue000 as\ue000 its\ue000 financial\ue000 advisor,\ue000 in\ue000 connection\ue000 with\ue000 the\ue000 offering.\ue000 \ue000 In return\ue000 for\ue000 its\ue000 services,\ue000 Morgan\ue000 Keegan\ue000 &\ue000 Company,\ue000 Inc.\ue000 will\ue000 receive\ue000 an\ue000 advisory\ue000 fee\ue000 of\ue000 1.5%\ue000 of\ue000 the\ue000 gross\ue000 proceeds\ue000 of\ue000 this\ue000 transaction\ue000 at\ue000 each closing.

\ue000

Under\ue000 the\ue000 Stock\ue000 Purchase\ue000 Agreement,\ue000 the\ue000 Company\ue000 committed\ue000 to\ue000 file\ue000 a\ue000 registration\ue000 statement\ue000 with\ue000 the\ue000 Securities\ue000 and\ue000 Exchange\ue000 Commission
(\u201cSEC\u201d)\ue000 covering\ue000 the\ue000 shares\ue000 no\ue000 later\ue000 than\ue000 45\ue000 days\ue000 after\ue000 the\ue000 closing\ue000 with\ue000 respect\ue000 to\ue000 such\ue000 shares,\ue000 and\ue000 will\ue000 use\ue000 its\ue000 reasonable\ue000 best\ue000 efforts\ue000 to
obtain\ue000 its\ue000 effectiveness\ue000 no\ue000 later\ue000 than\ue000 the\ue000 earlier\ue000 of\ue000 (i)\ue000 90\ue000 days\ue000 after\ue000 the\ue000 closing\ue000 with\ue000 respect\ue000 to\ue000 such\ue000 shares,\ue000 or\ue000 in\ue000 the\ue000 event\ue000 of\ue000 SEC\ue000 review\ue000 of\ue000 the
registration\ue000 statement,\ue000 120\ue000 days\ue000 after\ue000 the\ue000 closing\ue000 and\ue000 (ii)\ue000 the\ue000 third\ue000 business\ue000 day\ue000 following\ue000 the\ue000 date\ue000 on\ue000 which\ue000 the\ue000 Company\ue000 is\ue000 notified\ue000 (orally\ue000 or
in\ue000 writing,\ue000 whichever\ue000 is\ue000 earlier)\ue000 by\ue000 the\ue000 SEC\ue000 that\ue000 the\ue000 registration\ue000 statement\ue000 will\ue000 not\ue000 be\ue000 reviewed\ue000 or\ue000 is\ue000 no\ue000 longer\ue000 subject\ue000 to\ue000 further\ue000 review\ue000 and
comment.\ue000 \ue000 The\ue000 Company\ue000 is\ue000 subject\ue000 to\ue000 a\ue000 potential\ue000 maximum\ue000 aggregate\ue000 penalty\ue000 of\ue000 13%\ue000 of\ue000 the\ue000 gross\ue000 proceeds\ue000 of\ue000 the\ue000 offering\ue000 or\ue000 approximately
$5.7\ue000 million,\ue000 excluding\ue000 the\ue000 IFC\u2019s\ue000 participation,\ue000 if\ue000 the\ue000 registration\ue000 statement\ue000 related\ue000 to\ue000 the\ue000 offering\ue000 is\ue000 not\ue000 filed\ue000 or\ue000 declared\ue000 effective\ue000 within\ue000 the
time-frames\ue000 outlined\ue000 above.\ue000 \ue000 At\ue000 the\ue000 Company\u2019s\ue000 option,\ue000 any\ue000 penalties\ue000 would\ue000 be\ue000 payable\ue000 in\ue000 cash\ue000 or\ue000 common\ue000 stock\ue000 of\ue000 the\ue000 Company.

\ue000

Following\ue000 the\ue000 closing\ue000 of\ue000 this\ue000 private\ue000 placement,\ue000 the\ue000 Company\ue000 has\ue000 93,054,150\ue000 shares\ue000 of\ue000 common\ue000 stock\ue000 issued\ue000 and\ue000 outstanding,\ue000 with\ue000 fully diluted\ue000 shares\ue000 of\ue000 96,948,498,\ue000 excluding\ue000 the\ue000 1.4\ue000 million\ue000 shares\ue000 the\ue000 IFC\ue000 may\ue000 elect\ue000 to\ue000 purchase\ue000 as\ue000 part\ue000 of\ue000 the\ue000 offering,\ue000 respectively.\ue000 The\ue000 fully diluted\ue000 shares\ue000 include\ue000 the\ue000 potential\ue000 effect\ue000 of\ue000 vested\ue000 and\ue000 unvested\ue000 options\ue000 and\ue000 restricted\ue000 stock\ue000 outstanding.

\ue000
Item\ue000 7.01\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Regulation\ue000 FD\ue000 Disclosure.
\ue000
On\ue000 February\ue000 24,\ue000 2009,\ue000 the\ue000 Company\ue000 issued\ue000 a\ue000 press\ue000 release\ue000 announcing\ue000 the\ue000 closing\ue000 of\ue000 the\ue000 private\ue000 placement\ue000 described\ue000 in\ue000 Item\ue000 3.02\ue000 above.\ue000 \ue000 A
copy\ue000 of\ue000 the\ue000 press\ue000 release\ue000 is\ue000 furnished\ue000 as\ue000 Exhibit\ue000 99.1\ue000 to\ue000 this\ue000 report.
\ue000
Item\ue000 9.01\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Financial\ue000 Statements\ue000 and\ue000 Exhibits.

\ue000
(d)\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Exhibits.
\ue000

Exhibit\ue000 No.
\ue000
Description
\ue000
\ue000
\ue000
Exhibit\ue000 10.1
\ue000
Stock\ue000 Purchase\ue000 Agreement\ue000 dated\ue000 February\ue000 19,\ue000 2009
\ue000
\ue000
\ue000
Exhibit\ue000 99.1
\ue000
BPZ\ue000 Resources,\ue000 Inc.\ue000 Press\ue000 Release,\ue000 dated\ue000 February\ue000 24,\ue000 2009,\ue000 and\ue000 furnished\ue000 with\ue000 this\ue000 report
\ue000
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\ue000
SIGNATURES
\ue000
Pursuant\ue000 to\ue000 the\ue000 requirements\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934,\ue000 the\ue000 Registrant\ue000 has\ue000 duly\ue000 caused\ue000 this\ue000 report\ue000 to\ue000 be\ue000 signed\ue000 on\ue000 its
behalf\ue000 by\ue000 the\ue000 undersigned\ue000 hereunto\ue000 duly\ue000 authorized.
\ue000\ue000
BPZ\ue000 RESOURCES,\ue000 INC.
\ue000
(Registrant)
\ue000
\ue000
Dated:\ue000 February\ue000 24,\ue000 2009
By:
/s/\ue000 Heath\ue000 W.\ue000 Cleaver
\ue000
\ue000 Name: Heath\ue000 W.\ue000 Cleaver
\ue000
\ue000 Title:
Vice\ue000 President\ue000 \u2013\ue000 Chief\ue000 Accounting\ue000 Officer
\ue000
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