CALGARY, March 7, 2019 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV; OTCQX: ALVOF) announces our reserves as at December 31, 2018 with total proved plus probable (“2P”) reserves of 6.1 MMboe and a before tax value discounted at 10% of US$145.0 million. The reserves data set forth herein is based upon an independent reserve assessment and evaluation prepared by GLJ Petroleum Consultants (“GLJ”) dated March 7, 2019 with an effective date of December 31, 2018 (the “GLJ Report”).

The majority of Alvopetro’s reserves are from the Caburé natural gas field (Alvopetro 49.1% working interest).  The field has four existing … Continue Reading

CALGARY, Jan. 15, 2019 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV; OTCQX: ALVOF) announces that our common shares are now trading on the OTCQX® Best Market, a U.S. market operated by OTC Markets Group (OTCQX: OTCM), under the symbol “ALVOF”.  Alvopetro shares will continue to trade on the TSX Venture Exchange under the symbol “ALV”. United States investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Corey C. Ruttan, President and Chief Executive Officer of Alvopetro stated, “Alvopetro has made considerable progress over the last year in the execution of our … Continue Reading

CALGARY, Nov. 26, 2018 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV) has awarded the contract for the construction of our 11-kilometre transfer pipeline.  Alvopetro has also retained the services of Renmark Financial Communications Inc. (“Renmark”) to assist with investor relations activities.

Pipeline Contract

Alvopetro has contracted Tecmaster Engenharia e Construções Ltda (“Tecmaster”) to construct our 11-kilometre transfer pipeline from the Caburé unit to our Gas Treatment Facility being constructed by Enerflex Ltd. Tecmaster is a local construction company with over 15 years of on-shore pipeline construction experience in Brazil.  Alvopetro has also ordered all the required pipe for the project, … Continue Reading

CALGARY, Nov. 14, 2018 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV) announces an operational update and our third quarter financial and operating results.

Operational Update

We continue to focus our efforts on the development of our strategic natural gas assets in Bahia State in Brazil. Our partner in the Caburé unit has completed construction of the low-pressure facilities and two of the four existing wells have been completed, tied-in and the field is on production at the maximum early production rate of 5.3 mmcfpd (150,000 m3/d), attributable to our partner. All remaining joint upstream development for the Caburé unit, … Continue Reading

CALGARY, Oct. 16, 2018 /CNW/ – Alvopetro Energy Ltd. (“Alvopetro” or the “Company”) (TSX-V:ALV) announces that it has completed a private placement (the “Private Placement”) for aggregate gross proceeds of US$4,026,400 (CAD$5,176,800).  The Company intends to use the net proceeds from the Private Placement to advance its Caburé natural gas project in Bahia State in Brazil as well as for ongoing general corporate purposes.

Under the terms of the subscription agreements, investors have subscribed for units (collectively, the “Units” and each individually, a “Unit”) at a price of US$1.40 per Unit (CAD$1.80 per Unit).  Each Unit consists … Continue Reading

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