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

CALGARY, Aug. 16, 2017 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV) is pleased to announce an operational update, including multiple Notices of Discovery on Block 107, and our second quarter financial and operating results.

Operational Update

The National Agency of Petroleum, Natural Gas and Biofuels of Brazil (“ANP”) has commenced the arbitration of the terms of the unitization of our Caburé natural gas field (the 197(2) and 198(A1) wells) with the adjacent resource owner.  The arbitration is provided for under Brazilian legislation and will determine operatorship and the working interest split to each respective party.  Each Party is required to … Continue Reading

CALGARY, June 28, 2017 /CNW/ – Alvopetro Energy Ltd. (“Alvopetro” or the “Company”) (TSX-V:ALV) is pleased to announce the results of voting at its annual general meeting held on June 28, 2017 and provide an operational update.

Voting Results

Alvopetro held its annual general meeting on June 28, 2017, in Calgary.  Alvopetro shareholders 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 until their successors are elected or appointed, with the number and percentage of common shares represented … Continue Reading

CALGARY, May 16, 2017 /CNW/ – Alvopetro Energy Ltd. (TSX-V:ALV) is pleased to announce an operational update and our first quarter financial and operating results.

Operational Update

In the first quarter of 2017 we completed drilling and testing our 198(A1) well, located on Block 198 in the Recôncavo basin in the State of Bahia, Brazil.  The well was drilled to a total measured depth of 1,480 metres.  Based on open-hole logs, the well encountered 31 metres of potential net natural gas pay in the Main Caruaçu Member, with an average 46% water saturation, and average porosity of 11.4%, using … Continue Reading