CALGARY, Jan. 6, 2020 /CNW/ – Alvopetro Energy Ltd. (TSX-V: ALV; OTCQX: ALVOF) (“Alvopetro”) announces preliminary results from our post-stimulated Gomo 183(1) well test, and an operational update.

Gomo Tight Gas Resource (100% Alvopetro) – 183(1) Well Test

Our 183(1) well, located on Block 183 (100% working interest) in the Recôncavo basin in the State of Bahia, Brazil was originally drilled in 2014 to a total depth of 3,550 metres.  We recently completed the stimulation of an 18 metre zone in the Gomo Member of the Candeias Formation.  We commenced an initial flowback and clean-up flow process on December … Continue Reading

CALGARY, Nov. 12, 2019 /CNW/ – Alvopetro Energy Ltd. (TSX-V: ALV; OTCQX: ALVOF) (“Alvopetro”) announces an operational update and our third quarter financial and operating results.

Operational Update

Caburé Unit Development (49.1% Alvopetro)

The Caburé Unit development plan includes construction of high-pressure facilities, tie-in of all wells, and drilling up to four new wells. The first two wells were drilled in the third quarter and the third well has just reached total depth. The first well (1-IME-26-BA) was an exploration commitment well drilled 100% by our partner on Block 212, targeting the edge of the Unit’s main reservoir, with … Continue Reading

CALGARY, Oct. 15, 2019 /CNW/ – Alvopetro Energy Ltd. (TSX-V: ALV; OTCQX: ALVOF) (“Alvopetro”) announces first funding on our previously announced Credit Agreement and an operational update.

Credit Facility Funding

In connection with our US$15 million Credit Agreement (the “Facility”) announced on September 23, 2019, we have satisfied all conditions to funding and funds from our first draw have been received. Net proceeds of the Facility will be used to fund: our recently drilled well on Block 57; the construction of the 11-kilometre Caburé transfer pipeline (‘Transfer Pipeline”); Alvopetro’s share of costs associated with the construction of the … Continue Reading

CALGARY, Sept. 23, 2019 /CNW/ – Alvopetro Energy Ltd. (TSX-V: ALV; OTCQX: ALVOF) (“Alvopetro”) announces that we have entered into a US$15 million Credit Agreement (the “Facility”) with Cordiant Capital Inc. and its affiliates (“Cordiant”). 

The Facility is secured by all of Alvopetro’s assets, matures three years from the first funding date (the “First Funding Date”) and bears cash interest at a rate of 9.5% per annum, payable monthly.  Upon repayment of any Facility amounts, Alvopetro will also make a payment of interest in kind at a rate of 3.0% per annum.  The Facility contains certain customary financial and … Continue Reading

CALGARY, Sept. 12, 2019 /CNW/ – Alvopetro Energy Ltd. (TSX-V: ALV; OTCQX: ALVOF) announces an operational update on our Caburé Midstream Project consisting of our 11-kilometre transfer pipeline (“Transfer Pipeline”) and our gas treatment facility (the “Facility”).

Caburé Midstream Project (100% Alvopetro)

Construction of the Transfer Pipeline commenced with right of way preparation in May 2019. Line pipe has been laid out along 71% of the right of way. Over 42% of the pipe has now been welded and 14% has been installed and buried. The Transfer Pipeline is expected to be completed in the fourth quarter of … Continue Reading

CALGARY, Aug. 26, 2019 /CNW/ – Alvopetro Energy Ltd. (TSX-V: ALV; OTCQX: ALVOF) announces that we have completed drilling our 57(A1) well, located on Block 57 in the Recôncavo basin in the State of Bahia, Brazil. The 57(A1) well reached a total measured depth of 1,499 metres and did not discover commercial quantities of hydrocarbons. Alvopetro is in the process of abandoning the wellbore. The 57(A1) well satisfies our exploration work commitment on the block, subject to the approval of the National Agency of Petroleum, Natural Gas and Biofuels of Brazil. 

Alvopetro Energy Ltd.’s vision is to become a … Continue Reading

CALGARY, Aug. 14, 2019 /CNW/ – Alvopetro Energy Ltd. (TSX-V: ALV; OTCQX: ALVOF) announces an operational update and our second quarter financial and operating results.

Operational Update

Block 57 Exploration Prospect (100% Alvopetro)

We have entered into an agreement to commence drilling our Block 57(A1) exploration prospect and the drilling rig is now mobilizing. The 57(A1) prospect is a multi-zone, pre-rift, oil exploration prospect targeting Agua Grande, Sergi and Boipeba formations. The well is estimated to be drilled to a total depth of 1,500 metres, and is scheduled to take 10 days to drill. We expect to have results … Continue Reading

CALGARY, June 25, 2019 /CNW/ – Alvopetro Energy Ltd. (“Alvopetro” or the “Company”) (TSX-V: ALV; OTCQX: ALVOF) held its annual general meeting (“AGM”) of shareholders on June 25, 2019. 

AGM Presentation

A copy of the presentation from the informal portion of the AGM is available at http://www.alvopetro.com/corporate-presentation and a video replay of the presentation is available at https://youtu.be/3cuPqZthZRE.

Voting Results

During the formal AGM proceedings, shareholders of Alvopetro approved the following resolutions:

1.  Election of Directors

Shareholders approved the election of six nominees as directors of Alvopetro to serve until the next annual meeting of shareholders or … Continue Reading

CALGARY, June 12, 2019 /CNW/ – Alvopetro Energy Ltd. (TSX-V: ALV; OTCQX: ALVOF) announces a permitting and operational update for the construction of our strategic midstream infrastructure (100% Alvopetro) underpinning the commercialization of our Caburé natural gas field (49.1% Alvopetro).  This midstream infrastructure includes an 11-kilometre transfer pipeline (the “Transfer Pipeline”) and the construction of a gas treatment facility (the “Facility”).

Permitting/Permissions

CALGARY, May 14, 2019 /CNW/ – Alvopetro Energy Ltd. (TSX-V: ALV; OTCQX: ALVOF) announces an operational update and our first quarter financial and operating results.

Operational Update

We continue to focus our efforts on the near-term development of our Caburé natural gas field. On May 10, 2019, we received the environmental installation permits required to commence the construction of our strategic midstream infrastructure (100% Alvopetro) which underpins the commercialization of our Caburé natural gas field (49.1% Alvopetro).  This infrastructure includes an 11-kilometre transfer pipeline and the construction of a gas treatment facility (the “Facility”).  All pipe for the … Continue Reading

CALGARY, May 10, 2019 /CNW/ – Alvopetro Energy Ltd. (TSX-V: ALV; OTCQX: ALVOF) announces that INEMA, the Bahia State environmental regulator, has issued the environmental installation permits required to commence the construction of our strategic midstream infrastructure (100% Alvopetro) underpinning the commercialization of our Caburé natural gas field (49.1% Alvopetro).  This midstream infrastructure includes an 11-kilometre transfer pipeline and the construction of a gas treatment facility (the “Facility”).  All pipe for the transfer pipeline has already been shipped to the field staging area and our contractor is ready to commence field installation.  Our Facility is being constructed by Enerflex … Continue Reading

CALGARY, March 21, 2019 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV; OTCQX: ALVOF) announces our year-end 2018 financial results, the filing of our annual information form and an operational update.

December 31, 2018 Reserves and Net Asset Values

On March 7, 2019, Alvopetro announced its December 31, 2018 reserves based upon the independent reserve assessment and evaluation prepared by GLJ Petroleum Consultants (“GLJ”) dated March 7, 2019 (the “GLJ Report”). The GLJ Report assigned total provided plus probable reserves (“2P”) reserves of 6.1 MMboe and a before tax value discounted at 10% of US$145.0 million. Following this evaluation … Continue Reading