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Note 23 - Legal Proceedings
12 Months Ended
Dec. 31, 2014
Disclosure Text Block Supplement [Abstract]  
Legal Matters and Contingencies [Text Block]

Note 23 — Legal Proceedings


Legal Proceedings Related to the Chapter 11 Case


On March 9, 2015, BPZ Resources, Inc. filed a voluntary petition in the United States Bankruptcy Court for the Southern District of Texas Victoria Division (the “Bankruptcy Court”) seeking relief under the provisions of Chapter 11 of Title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”). The Chapter 11 case is being administered under the caption In re BPZ Resources, Inc., Case No. 15-60016 (the “Chapter 11 Case”). The Company will continue to operate its business as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. As a result of the filing, attempts to collect, secure, or enforce remedies with respect to pre-petition claims against the Company are subject to the automatic stay provisions of section 362 of the Bankruptcy Code.  None of the Company’s direct or indirect subsidiaries has filed for reorganization under Chapter 11 and none are expected to file for reorganization or protection from creditors under any insolvency or similar law in the U.S. or elsewhere. The Chapter 11 Case is discussed in greater detail in Note-2 “Liquidity and Capital Resources” to our Consolidated Financial Statements.


Other Legal Proceedings


From time to time the Company may become a party to various legal proceedings arising in the ordinary course of business. While the outcome of lawsuits cannot be predicted with certainty, the Company is not currently a party to any proceeding that it believes could have a potentially material adverse effect on its financial condition, results of operations or cash flows.


Additionally, the Company is subject to numerous laws and regulations governing the discharge of materials into the environment or otherwise relating to environmental protection. To the extent laws are enacted or other governmental action is taken that restricts drilling or imposes environmental protection requirements that result in increased costs to the oil and natural gas industry in general, the business and prospects of the Company could be adversely affected.