CALGARY, Sept. 21, 2018 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV) announces the award of the contract for the construction of our Natural Gas Treatment Facility (the “Facility”) in the state of Bahia in Northeast Brazil. This facility is the key strategic asset underpinning our natural gas development project and will be the first 100% independently owned treatment facility in Brazil capable of delivering sales specification natural gas.

Natural Gas Treatment Facility Contract

Following an extensive competitive bidding process, Alvopetro has awarded a 10-year contract to Enerflex Ltd. to build, own, operate and maintain the Facility. Enerflex is a … Continue Reading

CALGARY, Aug. 15, 2018 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV) announces an operational update and our second quarter financial and operating results.

Operational Update

Over the past four months we have made considerable progress in the development of our strategic natural gas assets in Bahia State in Brazil.  We finalized the terms of the unitization agreement for our Caburé natural gas field with the adjacent resource owner and have agreed to a development plan which will be executed in 2018 and 2019.  The unit development plan includes the construction of low and high-pressure production facilities, the tie-in of existing … Continue Reading

CALGARY, June 6, 2018 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV) announces the completion of an independent reserves evaluation of our Caburé natural gas field and the Gomo gas discovered from our 183(1) and 197(1) wells, assigning total proved plus probable (“2P”) reserves of 5.7 MMboe with a before tax value discounted at 10% of US$124.0 million. Including these reserves, Alvopetro’s net asset value has increased to CAD$2.20 per share.

The reserves data set forth below is based upon an independent reserve assessment and evaluation prepared by GLJ Petroleum Consultants (“GLJ”) dated June 6, 2018 with an effective date … Continue Reading

CALGARY, May 15, 2018 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV) announces an operational update, our first quarter financial and operating results, and the annual grant of stock options to employees, directors and officers.

Operational Update

Over the past month we have finalized the terms of the unitization agreement (“UOA”) and the unit development plan for our Caburé natural gas field and have executed a long-term natural gas sales agreement (“GSA”) for our share of the unit gas.  Under the terms of the UOA, Imetame Energia Ltda., the adjacent resource owner, will act as initial operator.  The parties have agreed … Continue Reading

CALGARY, May 7, 2018 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV) announces a long-term natural gas sales agreement (GSA) and our natural gas commercialization plan.  These agreements are the foundation for unlocking significant value from our natural gas opportunities, including the value associated with our recently unitized Caburé natural gas field.  This is a precedent-setting agreement, being Bahiagás’ first GSA with an independent producer in the State of Bahia. 

Highlights

February 2018 gas price US$6.54/mmbtu (resets next in August 2018).

US$5.00 floor and US$8.50/mmbtu ceiling prices, both escalating based on US inflation.

Gas deliveries to commence at

… Continue Reading

CALGARY, April 20, 2018 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV) announces the finalization of the required unitization agreement (UOA) and the unit development plan for our Caburé natural gas field (the 197(2) and 198(A1) wells). 

Unitization

Alvopetro and Imetame Energia Ltda. (Imetame) have negotiated a UOA and all related agreements.  The National Agency of Petroleum, Natural Gas and Biofuels of Brazil (“ANP”) was initially engaged to arbitrate the terms of the unitization and completed a full review of all technical data provided by the parties and determined the initial working interest share for each resource owner as follows:

Gas … Continue Reading

CALGARY, March 20, 2018 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV) announces our year-end 2017 financial results, the filing of our annual information form and provides an operational update.

Operational Update

In 2017, the National Agency of Petroleum, Natural Gas and Biofuels of Brazil (“ANP”) was engaged to arbitrate the terms of the unitization of our Caburé natural gas field (the 197(2) and 198(A1) wells) with the adjacent resource owners. In January 2018, the ANP completed its technical review and determined the initial working interest share for each resource owner, allocating Alvopetro a 49.1% interest. The ANP is arbitrating … Continue Reading

CALGARY, March 5, 2018 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV) announces our 2017 reserves.

The reserves data set forth below is based upon an independent reserve assessment and evaluation prepared by Sproule International Limited (“Sproule”) dated March 5, 2018 with an effective date of December 31, 2017 (the “Sproule Report”). The Sproule Report has been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook (“COGEH”) reserve definitions that are consistent with the standards of National Instrument 51-101 (“NI 51-101”). The Sproule Report was an evaluation of only our producing fields, and did not … Continue Reading

CALGARY, Feb. 27, 2018 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV) announces results from our 183(1) well test, located on Block 183 (100% working interest) in the Recôncavo basin in the State of Bahia, Brazil. We originally drilled the 183(1) well in 2014 to a total depth of 3,550 metres and, based on open-hole logs, encountered 168 metres of potential net hydrocarbon pay over several separate intervals, using a 6% porosity cut-off.  We initially planned to test two intervals and potentially a third contingent interval.

We perforated and completed 10 metres of potential net pay in the first interval … Continue Reading

CALGARY, Jan. 15, 2018 /CNW/ РAlvopetro Energy Ltd. (TSX-V:ALV) is pleased to announce initial results from the ANP Arbitration in connection with the unitization of our Cabur̩ natural gas field (the 197(2) and 198(A1) wells) with the adjacent resource owners.

Unitization Process

The National Agency of Petroleum, Natural Gas and Biofuels of Brazil (“ANP”) was engaged to arbitrate the terms of the unitization of our Caburé natural gas field (the 197(2) and 198(A1) wells) with the adjacent resource owners. The ANP has completed its review of all technical data provided by the parties and has determined the initial … Continue Reading

CALGARY, Nov. 15, 2017 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV) is pleased to announce an operational update and our third quarter financial and operating results.

Operational Update

The National Agency of Petroleum, Natural Gas and Biofuels of Brazil (“ANP”) is currently arbitrating the terms of the unitization of our Caburé natural gas field (the 197(2) and 198(A1) wells) with the adjacent resource owner. We have provided the ANP with all requested documentation and are anticipating a determination in early 2018.  At the same time, we are finalizing the negotiation of a gas sales agreement for our share of the … Continue Reading

CALGARY, Sept. 7, 2017 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV) announces that we have completed drilling our 177(A1) well on Block 177 in the Tucano basin in the State of Bahia, Brazil. The 177(A1) well was drilled to a total measured depth of 1,100 metres and did not discover commercial quantities of hydrocarbons.  We plan to abandon the well.  The 177(A1) well satisfies approximately half of our current phase exploration work commitment for this block, subject to the approval of the National Agency of Petroleum, Natural Gas and Biofuels (“ANP”).   

Alvopetro Energy Ltd.’s vision is to be the … Continue Reading