CALGARY,
AB, Nov. 15, 2024 /CNW/ - Alvopetro Energy
Ltd. (TSXV: ALV) (OTCQX: ALVOF) ("Alvopetro" or the "Company")
announces the annual rolling grants of long-term incentive
compensation to officers, directors and employees under Alvopetro's
Omnibus Incentive Plan. A total of 251,000 stock options, 213,000
restricted share units ("RSUs") and 68,000 deferred share units
("DSUs") were granted on November 15,
2024. Of the total grants, 163,000 RSUs and 68,000 DSUs
were granted to directors and officers, with no stock options
granted to any director or officer. Each stock option, RSU and DSU
entitles the holder to purchase one common share. Each stock option
granted has an exercise price of C$4.89, being the volume weighted average trading
price of Alvopetro's shares on the TSX Venture Exchange for the
five (5) consecutive trading days up to and including November 15, 2024. All stock options, RSUs and
DSUs granted expire on November 15,
2029.
Alvopetro Energy Ltd.'s vision is to
become a leading independent upstream and midstream operator in
Brazil. Our strategy is to unlock
the on-shore natural gas potential in the state of Bahia
in Brazil, building
off the development of our Caburé and Murucututu natural gas fields
and our strategic midstream infrastructure.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Abbreviations:
C$
=
Canadian dollar
SOURCE Alvopetro Energy Ltd.
