**Exhibit 99.1**

 
| **COMMON STOCK** | ** ** | **COMMON STOCK**         |
|------------------|------------|--------------------------|
| NO PAR VALUE     |       | NO PAR VALUE   |

 
| **Certificate** | ** ** |                                               | ** ** | **Shares**            |
|-----------------|------------|----------------------------------------------------|------------|-----------------------|
| **Number**      |       | **BPZ RESOURCES, INC.**                       |       | * * 600620* * * * * * |
| ZQ 000300       |       | INCORPORATED UNDER THE LAWS OF THE STATE OF  TEXAS |       | * * * 600620* * * * * |
| ** **      |       |                                               |       | * * * * 600620* * * * |
|            |       |                                               |       | * * * * * 600620* * * |
|            |       | AUTHORIZED NUMBER OF SHARES 250,000,000            |       | * * * * * * 600620* * |

 
| THIS  CERTIFIES THAT |   | MR. SAMPLE & MRS. SAMPLE & |   | CUSIP 055639 10:8                   |
|----------------------|--------|--------------------------------------------------------|--------|-------------------------------------|
|                 |   | MR. SAMPLE & MRS. SAMPLE            |   | SEE REVERSE FOR CERTAIN DEFINITIONS |

 
| is  the owner of |   | * * * SIX HUNDRED THOUSAND  |   |   |
|------------------|--------|-----------------------------|--------|--------|
|             |   | SIX HUNDRED AND TWENTY* * * |   |   |

 

FULLY-PAID AND NON-ASSESSABLE SHARES OF THECOMMON STOCK OF

**BPZ Resources, Inc. (hereinafter called the “Company”)**, transferable on thebooks of the Company in person or by duly authorized attorney, upon surrenderof this Certificate properly endorsed. This Certificate and the sharesrepresented hereby, are issued and shall be held subject to all of theprovisions of the Articles of Incorporation, as amended, and the By-Laws, asamended, of the Company (copies of which are on file with the Company and withthe Transfer Agent), to all of which each holder, by acceptance hereof,assents. This Certificate is not valid unless countersigned and registered bythe Transfer Agent and Registrar.

 

**Witness**the facsimile seal of the Company and thefacsimile signatures of its duly authorized officers.

 
|                                             |       |  

 

          |                                  | DATED  <<Month Day, Year>> |
|---------------------------------------------|------------|--------------------------------|---------------------------------------|----------------------------------------|
|                                        |       | COUNTERSIGNED  AND REGISTERED: |
| Fernando Zúñiga y Rivero          | ** ** |                           | **COMPUTERSHARE TRUST COMPANY, N.A.** |
| Chairman of the Board                       |       |                           | (DENVER)                              |
|                                             |       |                           | TRANSFER  AGENT AND REGISTRAR,        |
|                                        |       |                           |
| Manuel Pablo Zúñiga-Pflücker |       |                           | By                                    |                                   |   |
| President                                   |       |                           | AUTHORIZED SIGNATURE                  |

 
| **SECURITY INSTRUCTIONS ON REVERSE** | **14969** |
|--------------------------------------|-----------|

 

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**BPZRESOURCES, INC.**

 

The following abbreviations, when used in theinscription on the face of this certificate, shall be construed as though theywere written out in full according to applicable laws or regulations:

 
| TEN COM - |   | as tenants in common                                                          |   | UNIF GIFT MIN ACT- . . . . . . . . .                              |   | Custodian . . . . . . . . . . . . . . . |
|-----------|--------|-------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|-----------------------------------------|
|      |   |                                                                          |   |                                                              | (Cust) |                                    | (Minor) |
| TEN ENT - |   | as tenants by the entireties                                                  |   | under  Uniform Gifts to Minors Act . . . . . . . . . . . . . |
| JT TEN -  |   | as joint tenants with right of survivorship                                   |   | UNIF TRF MIN ACT . . . . . . . . . .                              |   | Custodian (until age. . .). . . . . . . |
|      |   | and not as tenants in common                                                  |   |                                                              | (Cust) |                                    |   | (Minor) |
|      |   |                                                                          |   | under  Uniform Transfers to Minors Act. . . . . . . . . .    |
|      |   |                                                                          |   |                                                              |   | (State)                                 |
|      |   | Additional abbreviations may also be used  though not in the above list. |
|           |        |                                                                               |        |                                                                   |        |                                         |  |  |  |  |

 

For value received,                                                          herebysell, assign and transfer unto

 

PLEASE INSERT SOCIAL SECURITYOR OTHER IDENTIFYING NUMBEROF ASSIGNEE

 
|                                                                                                                      |     |
|---------------------------------------------------------------------------------------------------------------------------|----------|
| (PLEASE PRINT  OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE)                                     |     |
|                                                                                                                      |     |
|                                                                                                                      |     |
|                                                                                                                      | Shares   |
| of the common stock represented by the within  Certificate, and do hereby irrevocably constitute and appoint              |     |
|                                                                                                                      | Attorney |
| to transfer the said stock on the books of the  within-named Corporation with full power of substitution in the premises. |     |

 
|                                                                                                                                                                                                                                                                                           |   |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|
| Dated:                                                20 |   | Signature: |
|                                                                                                                                                                                                                                                                                           |   |       |
|                                                                                                                                                                                                                                                                                           |   |       |
| Signature(s)  Guaranteed:                                                                                                                                                                                                                                                                      |   | Signature: |   |
|                                                                                                                                                                                                                                                                                           |   |       |   |
| BY:                                                                                                                                                                                                                                                                                            |   |       |   | Notice:THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME  AS WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT  ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATEVER. |
| THE  SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION  (Banks, Stockbrokers, Savings and Loan Associations and Credit Unions) WITH  MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO  S.E.C. RULE 17Ad-15.                                   |   |
|                                                                                                                                                                                                                                                                                                |        |            |  |  |  |

 
| **SECURITY INSTRUCTIONS**                                |   |
|----------------------------------------------------------|--------|
| THIS IS WATERMARKED PAPER. DO NOT ACCEPT  WITHOUT NOTING |
| WATERMARK. HOLD TO LIGHT TO VERIFY WATERMARK             |

 

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