CALGARY, AB, April 7, 2022 Alvopetro Energy Ltd. (TSXV: ALV)
(OTCQX: ALVOF) announces March sales volumes of 2,512 boepd,
including natural gas sales of 14.4 mmcfpd, associated natural gas
liquids sales from condensate of 101 bopd and oil sales of
18 bopd, based on field estimates. Our March sales
volumes bring our average daily sales for the first quarter of 2022
to 2,501 boepd, our highest quarterly sales volumes to-date,
an increase of 3% over the fourth quarter of 2021 and 15% over the
first quarter of 2021.
Operational Update
On March 2, 2022, we spud our
182-C1 well on Block 182, the first of two conventional natural gas
exploration wells planned for 2022. The well is being drilled to an
estimated total measured depth of 2,920 metres and we are currently
drilling at a measured depth of 2,240 metres. We expect to announce
results from the well later in April. The rig will then move
to the 183-B1 well on the adjacent Block 183. Following these two
wells, we plan to drill our first fit-for-purpose Murucututu
development well.
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
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.
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
|
bopd
|
=
|
barrels of oil and/or
natural gas liquids (condensate) per day
|
mmcf
|
=
|
million cubic
feet
|
mmcfpd
|
=
|
million cubic feet per
day
|
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.
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 the plans and timing relating to the Company's
operational activities and expected gas sales and gas deliveries
under Alvopetro's long-term gas sales agreement. The
forward‐looking statements are based on certain key expectations
and assumptions made by Alvopetro, including but not limited to
equipment availability, the timing of regulatory licenses and
approvals, the success of future drilling, completion, testing,
recompletion and development activities, the outlook for commodity
markets and ability to access capital markets, the impact of the
COVID-19 pandemic, the performance of producing wells and
reservoirs, well development and operating performance, foreign
exchange rates, general economic and business conditions, weather
and access to drilling locations, the availability and cost of
labour and services, environmental regulation, including regulation
relating to hydraulic fracturing and stimulation, the ability to
monetize hydrocarbons discovered, 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. 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.
SOURCE Alvopetro Energy Ltd.