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Alvopetro Energy Ltd.
Alvopetro Energy Ltd.
Registriert in: Kanada WKN: A1W90K Rohstoffe:
Art: Originalaktie ISIN: CA02255Q1000 Rohöl
Erdgas
Heimatbörse: TSX Venture Alternativ: ALVOF
Währung: CAD    
Symbol: ALV.V Forum:

Alvopetro Announces January Sales Volumes, Semi-Annual Natural Gas Price Redetermination and Operational Update

04.02.2021 | 13:38 Uhr | CNW

CALGARY, Feb. 4, 2021 - Alvopetro Energy Ltd. (TSX-V:ALV; OTCQX: ALVOF, $ figures are expressed in US$ unless otherwise noted) announces January sales volumes, our semi-annual natural gas price redetermination, and an operational update. January natural gas sales averaged 11.0 mmcfpd with associated natural gas liquids sales from condensate of 91 bopd, for an overall daily average of 1,923 boepd, based on field estimates.

Our semi-annual gas price redetermination under our long-term gas sales agreement with Bahiagás was completed effective February 1, 2021. Sales from February 1, 2021 to July 31, 2021 will be priced at BRL$1.06/m3, which equates to $5.88/mcf based on Alvopetro's average heat content to date at a 7% premium and prevailing exchange rates as of February 1, 2021. Future realized US$ denominated sales will be impacted by changes in BRL/US$ exchange rates. As a result of the increase in Alvopetro's natural gas price and based on our current rate of production, we are now forecasting approximately $18 million of EBITDA in 2021.

Our production test on our 183-1 well is continuing and results are expected later this quarter. We have completed drilling location civil construction for our 183-B1 and 182-C1 natural gas exploration wells and expect to commence drilling these wells in the second quarter of 2021.

Corporate Presentation

Alvopetro's updated corporate presentation is available on our website at: http://www.alvopetro.com/corporate-presentation.

Social Media

Follow Alvopetro on our social media channels at the following links:

Twitter - https://twitter.com/AlvopetroEnergy
Instagram - https://www.instagram.com/alvopetro/
LinkedIn - https://www.linkedin.com/company/alvopetro-energy-ltd

Alvopetro Energy Ltd.'s vision is to become a leading independent upstream and midstream operator in Brazil. Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil, building off the development of our Caburé natural gas field and our strategic midstream infrastructure.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

All amounts contained in this new release are in United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.

Abbreviations:

boepd

=

barrels of oil equivalent ("boe") per day

bopd

=

barrels of oil and/or natural gas liquids (condensate) per day

BRL$

=

Brazilian Real

m3

=

cubic metres

mmbtu

=

million British Thermal Units

mmcf

=

million cubic feet

mmcfpd

=

million cubic feet per day

BOE Disclosure. The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

Forward-Looking Statements and Cautionary Language. This news release contains "forward-looking information" within the meaning of applicable securities laws. The use of any of the words "will", "expect", "intend" and other similar words or expressions are intended to identify forward-looking information. More particularly and without limitation, this news release contains forward-looking information concerning the plans relating to the Company's operational activities, and the expected gas sales and gas deliveries under Alvopetro's long-term gas sales agreement. The forward-looking statements are based on certain key expectations and assumptions made by Alvopetro, including but not limited to the timing of regulatory licenses and approvals, the success of future drilling, completion, testing, recompletion and development activities, the outlook for commodity markets and ability to access capital markets, the impact of the COVID-19 pandemic, the performance of producing wells and reservoirs, well development and operating performance, general economic and business conditions, weather and access to drilling locations, the availability and cost of labour and services, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Alvopetro are included in our annual information form which may be accessed through the SEDAR website at www.sedar.com. The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Non-GAAP Measures. This news release contains financial terms that are not considered measures under International Financial Reporting Standards ("IFRS"), such as earnings before interest, tax, depreciation, and amortization ("EBITDA"). This measure is commonly utilized in the oil and gas industry and is considered informative for management and shareholders. EBITDA is used to measure the Company's operating performance and the cash available for reinvestment and distribution to stakeholders. Its most comparable GAAP measure is the Company's net loss and is reconciled to such by adding back depletion and depreciation, impairment, interest and taxes, as presented on the Company's Statement of Operations and Comprehensive Loss. EBITDA may not be comparable to EBITDA reported by other companies nor should it be viewed as an alternative to net income or other measures of financial performance calculated in accordance with IFRS. For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the "Non-GAAP Measures" section of the Company's most recent MD&A which may be accessed through the SEDAR website at www.sedar.com.

SOURCE Alvopetro Energy Ltd.



Contact
Corey C. Ruttan, President, Chief Executive Officer and Director, or Alison Howard, Chief Financial Officer, Phone: 587.794.4224, Email: info@alvopetro.com, www.alvopetro.com, TSX-V: ALV
 
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