CALGARY,
AB, Jan. 3, 2023 /CNW/ - Alvopetro Energy Ltd.
(TSXV: ALV) (OTCQX: ALVOF) is pleased to announce that the TSX
Venture Exchange ("TSXV") has now approved the Company's proposed
normal course issuer bid (the "NCIB").
Pursuant to the NCIB, Alvopetro is authorized to repurchase up
to 2,876,414 common shares, representing 7.9% of the common shares
outstanding as of January 3, 2023 and
10% of Alvopetro's "public float", over the period commencing on
January 6, 2023 and ending on the
earlier of: January 5, 2024 or such
earlier date as the NCIB is completed or is terminated at the
Company's election. Purchases under the NCIB may be made through
open market transactions on the TSXV, the OTCQX and any alternate
trading systems in Canada on which
the common shares are traded, based on the prevailing market price,
at such times and in such quantities as the Corporation may
determine, subject to applicable regulatory restrictions. A maximum
of 5% of Alvopetro's common shares outstanding may be purchased on
the OTCQX during the twelve-month term of the NCIB. Any common
shares purchased under the NCIB will be cancelled. Alvopetro has
appointed Research Capital Corporation as its broker to conduct the
NCIB transactions.
Alvopetro has an established strategy to balance reinvestment in
our business with stakeholder returns. In combination with our
quarterly dividends, the NCIB provides us with further flexibility
with respect to stakeholder returns. Where Alvopetro has excess
cash and working capital on hand, the NCIB provides Alvopetro with
discretion to repurchase our common shares for cancellation at
times where our Board of Directors and senior management believe
the market price of the common shares may not fully reflect the
reflect the underlying value of the common shares and Alvopetro's
business and future prospects. In such circumstances, the
repurchase of shares under the NCIB increases the underlying value
of the common shares to the remaining shareholders. In addition,
the purchases under the NCIB may increase liquidity to shareholders
wishing to sell their common shares.
Alvopetro retains discretion whether to make purchases under the
NCIB, and to determine the timing, amount and acceptable price of
any such purchases, subject at all times to applicable regulatory
requirements.
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.
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 NCIB, the duration of the NCIB, the number of common
shares which may be purchased under the NCIB, the timing, amount
and price of common shares under the NCIB, anticipated advantages
to shareholder of the NCIB, Alvopetro's business and future
prospects and related matters. The forward‐looking statements are
based on certain key expectations and assumptions made by
Alvopetro, including but not limited to expectations and
assumptions concerning testing results of the Company's wells,
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, expectations regarding
Alvopetro's working interest and the outcome of any
redeterminations, 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.