CALGARY, AB, Aug. 4, 2021 /CNW/ - Alvopetro Energy Ltd. (TSXV:
ALV) (OTCQX: ALVOF) announces July sales volumes of 2,412 boepd,
including natural gas sales of 13.9 mmcfpd and associated natural
gas liquids sales from condensate of 103 bopd, based on field
estimates, an increase of 2% from our average sales volumes of
2,361 boepd in the second quarter. In addition, our semi-annual
natural gas price determination under our long-term gas sales
agreement was completed effective August 1,
2021, with a new contracted natural gas price of
BRL1.31/m3, a 24% increase
from our February 1, 2021 contracted
price of BRL1.06/m3.
All natural gas volumes delivered from August 1 to January 31, 2022 will be sold at this
new contracted price.
Corporate Presentation
Alvopetro's updated 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
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
|
BRL
|
=
|
Brazilian
Real
|
m3
|
=
|
cubic
metre
|
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. More particularly and without
limitation, this news release contains forward-looking information
concerning the plans relating to the Company's operational
activities, and the 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 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, 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 these and other factors that could affect
the operations or financial results of Alvopetro are included in
our annual information form which may be accessed through the SEDAR
website 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.