CALGARY, AB, Aug. 12, 2020 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV) (OTCQX: ALVOF) announces second quarter results and an operational update including our first month of natural gas sales from our Caburé Project under our long-term Gas Sales Agreement (“GSA”) with Bahiagás.  The Caburé Project is the culmination of a conventional upstream natural gas development coupled with a natural gas commercial solution that includes highly strategic midstream assets.   Commercial deliveries commenced on July 5th and on July 6th we ramped up to our planned daily firm delivery rate of 10.6 mmcfpd (300 103m3/d).  In July, we delivered … Continue Reading

CALGARY, AB, July 6, 2020 /CNW/ – Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces that we have commenced natural gas deliveries from our flagship Caburé Project under our long-term Gas Sales Agreement with Bahiagás.  The Caburé Project is the culmination of a conventional upstream natural gas development coupled with a natural gas commercial solution that includes highly strategic midstream assets.   Commercial deliveries commenced on July 5th and on July 6th we have ramped up to our planned daily Firm delivery rate of 10.6 mmcfpd (300,000 m3/d).

Upstream Caburé Unit Development (49.1% Alvopetro)

Our Caburé natural gas … Continue Reading

CALGARY, May 14, 2020 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV; OTCQX: ALVOF) announces an amendment to our Gas Sales Agreement with Bahiagás, an operational update and our first quarter 2020 financial and operating results.

Gas Sales Agreement Amendment (100% Alvopetro)

Our natural gas produced from our Caburé natural gas field will be sold under our long-term gas sales agreement (“GSA”) with Bahiagás, the local distribution company for the state of Bahia.  Bahiagás has agreed to commence the prepayment of natural gas effective May 1, 2020 at a rate of 120,000 m3/d.   Alvopetro has agreed to provide a 15% discount … Continue Reading

CALGARY, April 22, 2020 /CNW/ РAlvopetro Energy Ltd. (TSX-V: ALV; OTCQX: ALVOF) announces the receipt of authorizations for operation of our Cabur̩ Midstream Project, commencement of commissioning and an operational update.

Caburé Midstream Project (100% Alvopetro)

Our Caburé Midstream Project includes an 11-kilometre Transfer Pipeline and a Gas Treatment Facility (“Facility”). Construction of the Transfer Pipeline and Facility has been completed and we have received authorization from the National Agency of Petroleum, Natural Gas and Biofuels of Brazil (“ANP”) for commissioning operations of both the Facility and the Transfer Pipeline.  Commissioning activities commenced on April 21, 2020 with … Continue Reading

CALGARY, March 19, 2020 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV; OTCQX: ALVOF) announces our year-end 2019 financial results, the filing of our annual information form and an operational update.

December 31, 2019 Reserves and Net Asset Value

On March 9, 2020, Alvopetro announced its December 31, 2019 reserves based upon the independent reserve assessment and evaluation prepared by GLJ Petroleum Consultants (“GLJ”) dated March 6, 2020 with an effective date of December 31, 2019 (the “GLJ Report”). The GLJ Report assigned total proved plus probable (“2P”) reserves of 7.9 MMboe and a before tax value discounted at 10% … Continue Reading

CALGARY, March 9, 2020 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV; OTCQX: ALVOF) announces our reserves as at December 31, 2019 with total proved plus probable (“2P”) reserves of 7.9 MMboe and a before tax value discounted at 10% of US$198.2 million, increases of 30% and 37% respectively. The reserves data set forth herein is based on an independent reserve assessment and evaluation prepared by GLJ Petroleum Consultants (“GLJ”) dated March 6, 2020 with an effective date of December 31, 2019 (the “GLJ Report”).

December 31, 2019 Reserve Report Highlights

CALGARY, Jan. 30, 2020 /CNW/ – Alvopetro Energy Ltd. (TSX-V: ALV; OTCQX: ALVOF) (“Alvopetro”) announces updated results from our post-stimulated Gomo 183(1) well test.

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 completed the stimulation of an 18-metre zone in the Gomo Member of the Candeias Formation.  We commenced a flowback and clean-up flow process on December 16, 2019 to recover completion and stimulation … Continue Reading

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