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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 21% Increase in 2P Reserves

09.03.2021 | 13:00 Uhr | CNW

CALGARY, March 9, 2021 - Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces our reserves as at December 31, 2020 with total proved plus probable ("2P") reserves of 9.6 MMboe and a before tax value discounted at 10% of US$195.2 million, changes of 21% and (2%) respectively from our previous years reporting. The reserves data set forth herein is based on an independent reserve assessment and evaluation prepared by GLJ Ltd. ("GLJ") dated March 8, 2021 with an effective date of December 31, 2020 (the "GLJ Report").

December 31, 2020 Reserve Report Highlights

  • Proved reserves ("1P") and 2P reserves increased to 5.1 mmboe (+4%) and 9.6 mmboe (+21%) respectively, primarily due to the addition of development locations at our Gomo development.
  • Reserve additions replaced production by 154% on a Proved and 594% on a 2P basis.
  • Recognized 2P F&D costs of $3.50/boe, representing a recycle ratio of 8.0 times based on estimated Q4 2020 operating netbacks.
  • 2P net present value before tax discounted at 10% decreased 2% to $195.2 million despite a 16% average decrease in GLJ's forecasted prices.
  • This represents a 2P Net Asset Value of CAD$2.35/share (US$1.86/share).

Corey Ruttan, President and Chief Executive Officer, commented:

"Our 2020 reserves evaluation highlights the strong results from our Caburé natural gas field and the early recognition of our Gomo resource potential. Even with an average 16% year over year decline in GLJ's forecasted commodity prices, our 2P before tax net present value, discounted at 10%, only declined 2% to US$195.2 million. We are excited to be advancing our Gomo project, which was the main driver for our 21% overall increase in 2P reserves from 7.9 MMboe to 9.6 MMboe."

Alvopetro Energy Ltd. Gross Reserves Summary at December 31, 2020(1), (2), (3), (4), (5), (6)


Total Proved

Total Proved plus
Probable

Total Proved plus
Probable plus Possible

Conventional Natural Gas (Mboe)

4,601

8,538

12,421

Light & Medium Oil (Mbbl)

167

300

589

Natural Gas Liquids (Mbbl)

340

756

1,199

Total oil equivalent (Mboe)

5,108

9,593

14,209

Before Tax Net Present Value, discount at 10% (MUS)

$116,463

$195,215

$274,816

After Tax Net Present Value, discounted at 10% (MUS)

$105,852

$169,985

$232,645



(1)

Gross Reserves means the Company's working interest reserves before calculation of royalties.

(2)

The tables above are a summary of the reserves of Alvopetro and the net present value of future net revenue attributable to such reserves as evaluated in the GLJ Report based on forecast price and cost assumptions. The tables summarize the data contained in the GLJ Report and as a result may contain slightly different numbers than such report due to rounding. Also due to rounding, certain columns may not add exactly.

(3)

MUS = 000's of U.S. dollars.

(4)

Mbbl = thousands of barrels.

(5)

Mboe = thousands of barrels of oil equivalent.

(6)

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

Net Asset Value

Following the December 31, 2020 reserves evaluation, based on the before tax net present value of Alvopetro's 2P reserves, our total net asset value is $185.3 million, reflecting CAD$2.35 per common share outstanding.

Net Asset Value (in MUS, other than per share amounts)

Total Proved

Total Proved plus
Probable

Total Proved plus
Probable plus
Possible

Before Tax Net Present Value, discounted at 10% (MUS)

$116,463

$195,215

$274,816

Net debt - as at December 31, 2020(1)

(9,884)

(9,884)

(9,884)

Total Net Asset Value(2)

$106,579

$185,331

$264,932

CAD per basic share(3)

$1.35

$2.35

$3.36



(1)

Net debt is computed as the carrying amount of the Company's Credit Facility, decreased by net working capital surplus. The Net debt balance included in the table above is based on unaudited and preliminary financial information as at December 31, 2020. This balance is subject to change following conclusion of the Company's year-end audit. See "Unaudited Financial Information" at the end of this news release.

(2)

Alvopetro has reflected all contractual obligations pursuant to our September 2018 Gas Treatment Agreement with Enerflex, including the equipment rental component of the agreement which is treated as a right of use asset and reflected as a capital lease obligation on our financial statements. As the future capital lease payments reduce the forecasted future net revenue in all reserves categories, the capital lease obligation as reflected on the Company's financial statements has not been included in the table above.

(3)

Converted to Canadian dollars ("CAD") based on the exchange rate on March 8, 2021. The per share calculation is computed based on 99.7 million common shares outstanding as of March 8, 2021.

December 31, 2020 Reserves

The GLJ Report has been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook ("COGEH") that are consistent with the standards of National Instrument 51-101 ("NI 51-101"). GLJ is a qualified reserves evaluator as defined in NI 51-101. The GLJ Report was an evaluation of all reserves of Alvopetro including our Caburé and Caburé Leste natural gas fields (collectively referred to as our Caburé natural gas field), the Gomo natural gas from the areas around our 183(1) and 197(1) wells, as well as our Bom Lugar and Mãe-da-lua oil fields.

Summary of Reserves (1), (2), (5), (7), (8)

Company Total


Light & Medium Oil

Conventional Natural
Gas

Natural Gas Liquids

Oil Equivalent


Company
Gross

Company
Net

Company
Gross

Company
Net

Company
Gross

Company
Net

Company
Gross

Company
Net


(Mbbl)

(Mbbl)

(MMcf)

(MMcf)

(Mbbl)

(Mbbl)

(Mboe)

(Mboe)

Proved










Producing

-

-

23,201

21,750

231

217

4,098

3,842


Developed Non-Producing

22

19

2,103

1,939

52

48

425

390


Undeveloped

145

136

2,302

2,123

57

52

586

542

Total Proved

167

155

27,606

25,812

340

318

5,108

4,774

Probable

133

123

23,619

21,939

416

384

4,485

4,164

Total Proved plus Probable

300

278

51,226

47,751

756

702

9,593

8,938

Possible

289

270

23,298

21,568

443

408

4,615

4,273

Total Proved plus Probable plus
Possible

589

548

74,524

69,319

1,199

1,110

14,209

13,211

By Field


Caburé Natural Gas
Field

Gomo Gas Field

Bom Lugar Oil Field

Mãe-da-lua Oil Field

Total


Company
Gross

Company
Net

Company
Gross

Company
Net

Company
Gross

Company
Net

Company
Gross

Company
Net

Company
Gross

Company
Net


(Mboe)

(Mboe)

(Mboe)

(Mboe)

(Mboe)

(Mboe)

(Mboe)

(Mboe)

(Mboe)

(Mboe)

Proved












Producing

4,098

3,842

-

-

-

-

-

-

4,098

3,842


Developed Non-Producing

-

-

403

371

-

-

22

19

425

390


Undeveloped

-

-

441

406

145

136

-

-

586

542

Total Proved

4,098

3,842

843

777

145

136

22

19

5,108

4,774


Probable

1,920

1,804

2,433

2,237

121

113

12

10

4,485

4,164

Total Proved plus Probable

6,018

5,646

3,276

3,014

266

249

34

29

9,593

8,938


Possible

1,650

1,552

2,675

2,452

272

256

17

14

4,615

4,273

Total Proved plus Probable
plus Possible

7,668

7,198

5,951

5,466

538

505

51

43

14,209

13,211

Summary of Before Tax Net Present Value of Future Net Revenue - MUS (1), (2), (3), (4), (5), (6)

Company Total


Undiscounted

5%

10%

15%

20%

Proved







Producing

140,695

122,535

107,524

95,353

85,421


Developed Non-Producing

7,701

4,871

3,115

2,025

1,316


Undeveloped

19,459

10,126

5,825

3,520

2,133

Total Proved

167,855

137,531

116,463

100,897

88,870

Probable

205,752

117,703

78,752

56,696

42,526

Total Proved plus Probable

373,607

255,234

195,215

157,593

131,396

Possible

244,931

126,208

79,601

55,412

40,923

Total Proved plus Probable plus Possible

618,538

381,442

274,816

213,005

172,319

By Field


Undiscounted

5%

10%

15%

20%

Proved







Caburé Natural Gas Field

140,695

122,535

107,524

95,353

85,421


Gomo Gas Field

25,719

13,847

8,047

4,867

2,949


Bom Lugar Oil Field

1,655

1,331

1,050

815

623


Mãe-da-lua Oil Field

(214)

(182)

(157)

(138)

(122)

Total Proved

167,855

137,531

116,463

100,897

88,870

Proved Plus Probable







Caburé Natural Gas Field

217,870

177,381

146,901

124,192

106,922


Gomo Gas Field

149,913

73,083

44,389

30,147

21,754


Bom Lugar Oil Field

5,755

4,690

3,840

3,167

2,635


Mãe-da-lua Oil Field

69

80

85

86

85

Total Proved Plus Probable

373,607

255,234

195,215

157,593

131,396

Proved Plus Probable Plus Possible







Caburé Natural Gas Field

294,579

225,049

177,496

144,351

120,508


Gomo Gas Field

310,284

145,652

88,751

61,704

46,089


Bom Lugar Oil Field

13,274

10,355

8,206

6,610

5,407


Mãe-da-lua Oil Field

401

385

363

340

316

Total Proved Plus Probable Plus Possible

618,538

381,442

274,816

213,005

172,319

Summary of After Tax Net Present Value of Future Net Revenue - MUS (1), (2), (3), (4), (5), (6)


Undiscounted

5%

10%

15%

20%

Proved







Producing

128,100

112,187

98,887

88,047

79,168


Developed Non-Producing

5,720

3,818

2,491

1,619

1,033


Undeveloped

14,549

7,731

4,474

2,671

1,155

Total Proved

148,368

123,736

105,852

92,337

81,756

Probable

158,288

94,267

64,132

46,446

34,844

Total Proved plus Probable

306,656

218,003

169,985

138,784

116,600

Possible

181,522

97,111

62,660

44,210

32,912

Total Proved plus Probable plus Possible

488,178

315,114

232,645

182,993

149,511

Notes:

(1)

The tables above are a summary of the reserves of Alvopetro and the net present value of future net revenue attributable to such reserves as evaluated in the GLJ report based on forecast price and cost assumptions. The tables summarize the data contained in the GLJ Report and as a result may contain slightly different numbers than such report due to rounding. Also due to rounding, certain columns may not add exactly.

(2)

Company Gross reserves means the total working interest share of remaining recoverable reserves owned by Alvopetro before deductions of royalties payable to others and without including any royalty interests owned by Alvopetro.

(3)

GLJ's December 31, 2020 escalated price forecast is used in the determination of future gas sales prices under Alvopetro's long-term gas sales agreement. See https://www.gljpc.com/sites/default/files/pricing/jan21.pdf for GLJ's price forecast.

(4)

The net present value of future net revenue attributable to Alvopetro's reserves is stated without provision for interest costs and general and administrative costs, but after providing for estimated royalties, production costs, development costs, other income, future capital expenditures, well abandonment and reclamation costs for only those wells assigned reserves and material dedicated gathering systems and facilities. The net present values of future net revenue attributable to the Alvopetro's reserves estimated by GLJ do not represent the fair market value of those reserves. Other assumptions and qualifications relating to costs, prices for future production and other matters are summarized herein. The recovery and reserve estimates of the Company's reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein.

(5)

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

(6)

MUS = 000's of U.S. dollars.

(7)

Mbbl = thousands of barrels; Mboe = thousands of barrels of oil equivalent.

(8)

MMcf = Million cubic feet.

Future Development Costs

The table below sets out the total development costs deducted in the estimation in the GLJ Report of future net revenue attributable to proved reserves, proved plus probable reserves and proved plus probable plus possible reserves (using forecast prices and costs). Total development costs include capital costs for drilling and facilities but excludes abandonment and reclamation costs.

Company Total


Forecast Prices and Costs

MUS(1), Undiscounted

Proved
Producing

Proved

Proved Plus Probable

Proved Plus Probable
Plus Possible

2022

1,730

10,062

21,096

21,096

2023

1,730

1,730

1,730

5,727

2024

1,730

1,730

1,730

1,730

2025

1,730

1,730

1,730

1,730

Remaining Years

6,429

6,429

10,524

13,552

Total Undiscounted

15,309

25,741

40,870

47,895

Notes:

(1)

MUS = 000's of U.S. dollars.

Under each reserve category, Alvopetro has elected to reflect 100% of the contractual obligations pursuant to our Gas Treatment Agreement with Enerflex, including all operating, capital, and related financing costs for the full duration of the agreement. These costs are attributable to the Caburé field and also represent the majority of the future development costs for the Caburé field in the table below. The future costs associated with equipment rental are also reflected as a capital lease obligation on our financial statements.

The future development costs for the Gomo field in the proved category are for the pipeline and field facility development to tie-in the 183(1) well to Alvopetro's midstream assets, as well as a development location. In the probable and possible categories, there are future development costs for an additional development location and the stimulation and tie-in of the 197(1) well. The future development costs for Bom Lugar in the proved category include costs for a directional wellbore and facilities upgrade, both planned for 2022. A second directional well is included in the future development costs for the possible category for Bom Lugar. Future development costs at the Mãe-da-lua relate to a stimulation of the existing producing well, planned in 2022.

By Field

MUS(1), Undiscounted

2021

2022

2023

2024

2025

Remaining

Total

Proved









Caburé Natural Gas Field

1,960

1,730

1,730

1,730

1,730

6,429

15,309


Gomo Gas Field

2,100

4,848

-

-

-

-

6,948


Bom Lugar Oil Field

-

3,053

-

-

-

-

3,053


Mãe-da-lua Oil Field

-

431

-

-

-

-

431

Total Proved

4,060

10,062

1,730

1,730

1,730

6,429

25,741

Proved Plus Probable









Caburé Natural Gas Field

1,960

1,730

1,730

1,730

1,730

10,524

19,404


Gomo Gas Field

2,100

15,150

-

-

-

-

17,250


Bom Lugar Oil Field

-

3,785

-

-

-

-

3,785


Mãe-da-lua Oil Field

-

431

-

-

-

-

431

Total Proved Plus Probable

4,060

21,096

1,730

1,730

1,730

10,524

40,870

Proved Plus Probable Plus Possible









Caburé Natural Gas Field

1,960

1,730

1,730

1,730

1,730

13,552

22,432


Gomo Gas Field

2,100

15,150

-

-

-

-

17,250


Bom Lugar Oil Field

-

3,785

3,997

-

-

-

7,783


Mãe-da-lua Oil Field

-

431

-

-

-

-

431

Total Proved Plus Probable Plus Possible

4,060

21,096

5,727

1,730

1,730

13,552

47,895

Notes:

(1)

MUS = 000's of U.S. dollars.

Company Capital Program Efficiency (Estimated)


Proved

Proved Plus
Probable

Estimated 2020 capital expenditures (MUS)(1)(2)

3,814

3,814

Change in FDC required for reserves development (MUS)

(4,695)

3,296

Estimated F&D costs (MUS)

(881)

7,110




Gross reserve additions (Mboe) (3)

527

2,030




Estimated F&D costs per boe ($/boe) (4)

-

3.50

Estimated Q4 2020 operating netback ($/boe) (2)

27.92

27.92

Estimated recycle ratio(5)

-

8.0

Notes:

(1)

MUS = 000's of U.S. dollars.

(2)

The capital expenditures and the operating netback reflected in the table above are based on unaudited and preliminary financial information as at and for the three months and year ended December 31, 2020 (unaudited). These amounts are subject to change following conclusion of the Company's year-end audit. See "Unaudited Financial Information" at the end of this news release.

(3)

Gross reserve additions are calculated as the change in reserves from the beginning to the end of the period, excluding any production in the period.

(4)

Due to changes in projected capital expenditure for the Caburé project the resulting 2020 F&D costs is negative. For this reason, we did not calculate the resulting F&D cost per barrel in the proved reserves category.

(5)

Recycle ratio is calculated by dividing the operating netback per boe by the estimated F&D costs per boe.

Total Future Net Revenue (Undiscounted) - Forecast Prices and Costs











Revenue
(MUS)

Royalties
(MUS)

Operating
Costs
(MUS)

Develop-
ment
Costs
(MUS)

Abandon-
ment and
Reclamation
Costs
(MUS)

Future Net
Revenue
Before
Income
Taxes
(MUS)

Future
Income
Taxes
(MUS)

Future Net
Revenue After
Income Taxes
(MUS)

Total Proved

250,682

16,511

36,594

25,741

3,980

167,855

19,486

148,368

Total Proved plus Probable

526,106

36,477

69,737

40,870

5,415

373,607

66,951

306,656

Total Proved plus Probable
plus Possible

825,068

58,962

94,091

47,895

5,581

618,538

130,360

488,178

Reconciliation of Alvopetro's Gross Reserves (Before Royalty) (1), (2), (3), (4)


Proved
(Mboe)

Probable
(Mboe)

Proved Plus
Probable
(Mboe)

Possible

(Mboe)

Proved plus
Probable plus
Possible

(Mboe)

Extensions

420

1,573

1,994

1,330

3,324

Technical Revisions

107

(71)

36

(199)

(163)

Production

(342)

-

(342)

-

(342)

December 31, 2020

5,108

4,485

9,593

4,615

14,209

Notes:

(1)

Gross Reserves means the Company's working interest reserves before calculation of royalties.

(2)

Based on the GLJ price forecast effective December 31, 2020.

(3)

Mboe = Thousand barrels of oil equivalent

(4)

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum or proved plus probable plus possible reserves

Pricing Assumptions - Forecast Prices and Costs

GLJ employed the following pricing and inflation rate assumptions as of December 31, 2020 in the GLJ Report in estimating reserves data using forecast prices and costs.

Year

Brent Blend
Crude Oil FOB
North Sea
($/Bbl)

National
Balancing Point
(UK)

($/mmbtu)

NYMEX Henry Hub
Near Month
Contract

($/mmbtu)

Alvopetro-Bahiagas
Gas Contract

$/mmbtu

(Current Year)

Alvopetro-Bahiagas
Gas Contract

$/mmbtu

(Previous Year)

Change from prior
year

2021

50.75

6.50

2.75

5.70

7.21

(21%)

2022

55.00

5.85

2.80

6.40

7.57

(15%)

2023

58.50

5.85

2.85

6.65

7.93

(16%)

2024

61.79

6.00

2.90

6.89

8.24

(16%)

2025

62.95

6.15

2.95

7.14

8.49

(16%)

2026

64.13

6.25

3.01

7.31

8.69

(16%)

2027

65.33

6.35

3.07

7.45

8.90

(16%)

2028

66.56

6.50

3.13

7.59

9.09

(17%)

2029

67.81

6.65

3.19

7.74

9.26

(16%)

2030

69.17

6.78

3.25

7.90

9.45

(16%)

Corporate Presentation

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

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 news release are in United States dollars, except as otherwise noted.

Oil and Natural Gas Reserves. The disclosure in this news release summarizes certain information contained in the GLJ Report but represents only a portion of the disclosure required under NI 51-101. Full disclosure with respect to the Company's reserves as at December 31, 2020 will be contained in the Company's annual information form for the year ended December 31, 2020 which will be filed on SEDAR (www.sedar.com) on or before April 30, 2021. All net present values in this press release are based on estimates of future operating and capital costs and GLJ's forecast prices as of December 31, 2020. The reserves definitions used in this evaluation are the standards defined by COGEH reserve definitions and are consistent with NI 51-101 and used by GLJ. The net present values of future net revenue attributable to the Alvopetro's reserves estimated by GLJ do not represent the fair market value of those reserves. Other assumptions and qualifications relating to costs, prices for future production and other matters are summarized herein. The recovery and reserve estimates of the Company's reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

Abbreviations:

CAD$

=

Canadian dollars

F&D

=

finding and development costs

FDC

=

future development cs[oys;

Mboe

=

thousand barrels of oil equivalent

MMbtu

=

million British Thermal Units

MMcf

=

million cubic feet

MMcf/d

=

million cubic feet per day

MMboe

=

million barrels of oil equivalent

MMUS

=

millions of U.S. dollars

MUS

=

thousands of U.S. dollars

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.

Unaudited financial information. This news release contains certain estimated financial results which are based on unaudited financial information as of December 31, 2020 and for the three months and year-ended December 31, 2020, including net debt, capital expenditures and operating netback. This unaudited financial information is subject to change following completion of Alvopetro's audited financial statements for the year ended December 31, 2020. Readers are cautioned that any such changes may be material.

Non-GAAP Measures. This news release contains financial terms that are not considered measures under International Financial Reporting Standards ("IFRS"), such as operating netback, net debt and net asset value. Operating netback is calculated as natural gas, oil and condensate sales (after sales taxes) less royalties, and production and transportation costs on a per unit (barrel of oil equivalent) basis. Net debt is computed as Net debt is computed as the carrying amount of the Company's credit facility, decreased by net working capital surplus or increased by net working capital deficit. Net debt is computed based on the net present value of the Company's proved plus probable reserves, discounted at 10%, decreased by the Company's net debt. The non-GAAP measures do not have standardized meanings under IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. While these measures may be common in the oil and gas industry, the Company's use of these terms may not be comparable to similarly defined measures presented by other companies. The non-GAAP measures referred to in this report should not be considered an alternative to, or more meaningful than measures prescribed by IFRS and they are not meant to enhance the Company's reported financial performance or position. 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.

Oil and Gas Metrics. This news release contains certain oil and gas metrics which do not have standardized meanings including finding and development ("F&D") costs, gross reserve additions and recycle ratio. F&D costs represent capital expenditures incurred per barrel of oil equivalent of reserves added during the year. F&D costs are calculated based on the sum of capital expenditures incurred in the period and the change in future development costs required to develop the reserves. F&D costs per boe is computed by dividing the F&D costs by the gross reserve additions. Gross reserve additions are calculated as the change in reserves from the beginning to the end of the period, excluding any production in the period. Recycle ratio is calculated by dividing the operating netback per boe (see Non-GAAP measures above) by the estimated F&D costs per boe. These metrics have been prepared by management and do not have standardized meanings or standardized methods of calculation and may not be comparable to similarly defined measures presented by other companies.

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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