CALGARY, Alberta, March 13, 2023 (GLOBE NEWSWIRE) -- Alvopetro Energy Ltd. (TSX-V: ALV; OTCQX: ALVOF) today announced that Corey C. Ruttan, President and Chief Executive Officer, will present live at the Oil & Gas Virtual Investor Conference, hosted by VirtualInvestorConferences.com, on March 16th, 2023.
DATE: March 16th, 2023
TIME: 10:30AM Eastern Time
LINK: https://bit.ly/3I8vLSO
This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. Investors can also book 1x1 meetings through the online portal.
Learn more about the event at www.virtualinvestorconferences.com.
Company Highlights
- February 2023 average daily sales volumes of 2,866 boepd, largely from our Caburé natural gas development in Bahia state in Brazil;
- Effective February 1, 2023, our natural gas price increased 4% to BRL2.00/m3. Including recently approved enhanced sales tax credits, our realized gas price, net of sales taxes, for the month of February 2023 was approximately $12.23/Mcf (based on average heat content to date and the average February 2023 BRL/USD foreign exchange rate of 5.17);
- On February 28, 2023, we announced our reserves at December 31, 2022, reflecting a 17% increase in the before tax net present value discounted at 10% of total proved plus probable reserves up to $348 million;
- 2023 capital plans focused on lower risk development opportunities, mainly on our Murucututu natural gas project; and
- Quarterly dividends increased by 50% in Q4 2022 up to $0.12 per common share.
Corporate Presentation
Alvopetro’s corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation.
Social Media
Follow Alvopetro on our social media channels at the following links:
Twitter - https://twitter.com/AlvopetroEnergy
Instagram - https://www.instagram.com/alvopetro/
LinkedIn - https://www.linkedin.com/company/alvopetro-energy-ltd
YouTube -https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w
About Alvopetro Energy Ltd.
Alvopetro Energy Ltd.'s vision is to become a leading independent upstream and midstream operator in Brazil. Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil, building off the development of our Caburé natural gas field and our strategic midstream infrastructure.
About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
All amounts contained in this new release are in United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.
| Abbreviations: | ||
| boepd | = | barrels of oil equivalent (“boe”) per day |
| BRL | = | Brazilian real |
| m3 | = | cubic metre |
| Mcf | = | thousand cubic feet |
BOE Disclosure. The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.
Oil and Natural Gas Reserves. The reserves and resources data set forth herein is based on an independent reserves and resources assessment and evaluation prepared by GLJ Ltd. (“GLJ”) dated February 27, 2023, with an effective date of December 31, 2022 (the "GLJ Reserves and Resources Report"). The disclosure in this news release summarizes certain information contained in the GLJ Reserves and Resources Report but represents only a portion of the disclosure required under National Instrument 51-101 (“NI 51-101”). Additional details are included in the Company’s February 28, 2023 press release and full disclosure with respect to the Company’s reserves as at December 31, 2022 will be included in the Company’s annual information form for the year ended December 31, 2022 which will be filed on SEDAR (www.sedar.com) on or before April 30, 2023. All net present values in this press release are based on estimates of future operating and capital costs and GLJ’s forecast prices as of December 31, 2022. The reserves definitions used in this evaluation are the standards defined by COGEH reserve definitions and are consistent with NI 51-101 and used by GLJ. The net present values of future net revenue attributable to the Alvopetro’s reserves estimated by GLJ do not represent the fair market value of those reserves. Other assumptions and qualifications relating to costs, prices for future production and other matters are summarized herein. The recovery and reserve estimates of the Company's reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.
Forward-Looking Statements and Cautionary Language. This news release contains "forward-looking information" within the meaning of applicable securities laws. The use of any of the words "will", “expect”, "intend" and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking information concerning plans relating to the expected natural gas price, gas sales and gas deliveries under the Company’s long-term gas sales agreement, exploration and development prospects of Alvopetro and the expected timing of certain of Alvopetro’s testing and operational activities, capital spending levels and future capital costs, and plans for dividends in the future. The forward‐looking statements are based on certain key expectations and assumptions made by Alvopetro, including but not limited to expectations and assumptions concerning the performance of producing wells and reservoirs, foreign exchange rates, well development and operating performance, the timing of regulatory licenses and approvals, equipment availability, the success of future drilling, completion, testing, recompletion and development activities, expectations regarding Alvopetro’s working interest and the outcome of any redeterminations, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the outlook for commodity markets and ability to access capital markets, general economic and business conditions, the impact of the COVID-19 pandemic, weather and access to drilling locations, the availability and cost of labour and services, the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. In addition, the declaration, timing, amount and payment of future dividends remain at the discretion of the Company’s Board of Directors. Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our annual information form which may be accessed on Alvopetro’s SEDAR profile at www.sedar.com. The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
FOR FURTHER INFORMATION, PLEASE CONTACT: Alvopetro Energy Ltd. Corey C. Ruttan, President, Chief Executive Officer and Director, or Alison Howard, Chief Financial Officer Phone: 587.794.4224 Email: info@alvopetro.com www.alvopetro.com TSX-V: ALV, OTCQX: ALVOF Virtual Investor Conferences John M. Viglotti SVP Corporate Services, Investor Access OTC Markets Group (212) 220-2221 johnv@otcmarkets.com
