Bpz Resources, Inc. Watch

from S-3 69 pages [Form of Subordinated Indenture] Bpz Resources, Inc., as Issuer and , as Trustee Subordinated Indenture Dated as of , 20

from S-3 63 pages [Form of Senior Indenture] Bpz Resources, Inc., as Issuer and , as Trustee Senior Indenture Dated as of , 20

from 8-K 92 pages Bpz Resources, Inc. and Wells Fargo Bank, National Association as Trustee Indenture Dated as of September 24, 2013 8.50% Convertible Senior Notes Due 2017

from S-3 83 pages [Form of Subordinated Indenture] Bpz Resources, Inc., as Issuer and Any Subsidiary Guarantors Named Herein, as Subsidiary Guarantors to , as Trustee Subordinated Indenture Dated as of , 20

from S-3 71 pages [Form of Senior Indenture] Bpz Resources, Inc., as Issuer and Any Subsidiary Guarantors Named Herein, as Subsidiary Guarantors to , as Trustee Senior Indenture Dated as of , 20

from S-8 1 page Amendment to the BPZ Energy, Inc. (N/K/a Bpz Resources, Inc.) 2007 Long-Term Incentive Compensation Plan

from 8-K 111 pages Bpz Resources, Inc. and Wells Fargo Bank, National Association as Trustee Indenture Dated as of February 8, 2010 6.50% Convertible Senior Notes Due 2015

from S-8 18 pages Bpz Energy, Inc. 2005 Long-Term Incentive Compensation Plan

from SB-2 3 pages Common Stock No Par Value Common Stock No Par Value Certificate Number Zq 000300 Bpz Energy, Inc. Incorporated Under the Laws of the State of Colorado Authorized Number of Shares 20,000,000 Shares * * 600620* * * * * * * * * 600620* * * * * * * * * 600620* * * * * * * * * 600620* * * * * * * * * 600620* * This Certifies That Mr. Sample & Mrs. Sample & Mr. Sample & Mrs. Sample Cusip 055639 10 8 See Reverse for Certain Definitions Is the Owner of ***Six Hundred Thousand Six Hundred and Twenty*** Fully-Paid and Non-Assessable Shares of the Common Stock Of

from S-8 ~10 pages Stock Option Plan

from S-3/A ~5 pages Ex-4.5 Subscription Certificate

from S-3/A ~5 pages Ex-4.5 Subscription Certificate

from S-3/A ~5 pages Indenture or similar

from S-3/A ~20 pages Indenture or similar

from SB-2MEF ~5 pages Indenture or similar

from SB-2MEF ~5 pages Indenture or similar

from SB-2 ~1 page Common Stock Purchase Option

from SB-2/A ~20 pages Indenture or similar

from SB-2/A 1 page <page> Navidec Incorporated Under the Laws of the State of Colorado Cusip 639-34q-01 See Reverse for Certain Definitions This Certifies That Is the Owner of Fully Paid and Non-Assessable Shares of No Par Value Common Stock of Navidec, Inc. Transferable Only on the Books of the Company in Person or by Duly Authorized Attorney Upon Surrender of This Certificate Property Endorsed. This Certificate Is Not Valid Unless Countersigned by the Transfer Agent and Registrar. in Witness Whereof, the Said Company Has Caused This Certificate to Be Executed by the Facsimile Signatures of Its Duly Authorized Officers and to Be Sealed With the Facsimile Seal of the Company. Date: Kevin L. Blankinship, Secretary Ralph Armijo, President Countersigned: American Securities Transfer & Trust, Inc. P.O. Box 1090 Denver, Colorado 80201 By: Transfer Agent & Registrar Authorized Signature

from SB-2/A ~5 pages Indenture or similar