CALGARY,
AB, April 5, 2023 /CNW/ - Alvopetro Energy
Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces March 2023 average sales volumes of 2,690 boepd,
including natural gas sales of 15.4 MMcfpd, associated natural gas
liquids sales from condensate of 120 bopd and 8 bopd of oil sales,
based on field estimates. Overall, our sales volumes averaged 2,767
boepd in the first quarter of 2023, an increase of 2% from the
fourth quarter of 2022 and a new quarterly record for
Alvopetro.
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
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:
bbls
=
barrels
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 expected natural gas sales and gas deliveries under
the Company'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 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. 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.
www.alvopetro.com
TSX-V: ALV, OTCQX: ALVOF
SOURCE Alvopetro Energy Ltd.