Independent oil and gas exploration and production company BPZ Energy (NASDAQOTH:BPZRQ) reported third-quarter results today after the markets closed, showing that it posted oil revenue after royalty payments of $12.53 million, a 56% decline from the same period in the previous year and short of the $13.17 million Capital IQ consensus estimate.

While net losses came in at $15.3 million, or $0.13 per share, improved from losses of $17.1 million, or $0.15 per share, in the same period in 2012, it was $0.06 per share worse than the CapIQ estimates of $0.07 per share.

BPZ Energy's results improved primarily as a result of lower lease operating expense, lower geological geophysical and engineering expense, and lower depreciation, depletion, and amortization expense. The big change in numbers was the result of the sale of a 49% interest in the Block Z-1 license contract to Pacific Rubiales Energy last December. Block Z-1 is a coastal offshore area covering 739,205 gross acres in the Tumbes Basin off northern Peru.

The oil and gas E&P company didn't provide guidance for the coming quarter, but analysts anticipate BPZ Energy to post losses of $0.06 per share in the fourth quarter on revenues of $18.9 million.