BPZ Resources (NYSE:BPZ) Shouldn't Need External Financing in 2011

BPZ Resources (NYSE:BPZ) continues to focus on liquidity and shouldn't have to seek external financing in 2011 if they are able to farm-out of Block XIX.

Jefferies (NYSE:JEF) said they also see a "successful farm-out of the Block XIX exploration well should enable the company to navigate through 2011 without the need for external financing."

For 2011 the top priorities of BPZ Resources is related to Block XIX, but also the attempt to successfully acquire Block Z-1.

Jefferies lowered their EPS estimates for full year 2010 and full year 2011 from $0.14 and $0.02 to $0.19 and $0.17.

Cash flow is estimated to fall short of spending by about $66 million, says Jefferies.

Jefferies maintains their "Hold" rating on BPZ Resources, which closed Wednesday at $4.58, down $0.11, or 2.35 percent.