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

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