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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 Year-End 2020 Financial Results and Filing of Annual Information Form

25.03.2021 | 12:00 Uhr | CNW

CALGARY, March 25, 2021 - Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces our year-end 2020 financial results and the filing of our annual information form.

All references herein to $ refer to United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.

Corey Ruttan, President and Chief Executive Officer, commented:

"The fourth quarter is the first full quarter of results from our Caburé project representing an important milestone. With production of 1,950 boepd and funds flow from operations of $4.3 million, these strong results allow us to now focus on reinvesting in growing our business and unlocking the rest of the natural gas potential in our opportunity inventory. This potential is highlighted by our recently completed reserve and resource evaluations with 2P reserves of 9.6 mmboe, risked best estimate contingent Gomo resource of 3.5 mmboe, risked best estimate prospective Gomo resource of 12.1 mmboe, and risked prospective resource for our 183-B1 and 182-C1 exploration prospects of 2.6 mmboe and 2.2 mmboe respectively."

December 31, 2020 Reserves and Net Asset Value

On March 9, 2021, Alvopetro announced its December 31, 2020 reserves based upon the 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"). The GLJ Report assigned total proved plus probable ("2P") reserves of 9.6 mmboe and a before tax value discounted at 10% of $195.2 million. Following this evaluation and based on updated year-end 2020 financial results, the Company's net asset value based on its 2P reserves is $185.3 million, reflecting CAD$2.33 per common share.

Base 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(1), discounted at 10%

$116,463

$195,215

$274,816

Net debt - as at December 31, 2020(2)

(9,884)

(9,884)

(9,884)

Total Base Net Asset Value(2) (3)

$106,579

$185,331

$264,932

CAD$ per basic share(3)(4)

$1.34

$2.33

$3.34

(1)

See "Oil and Natural Gas Reserves" section within this new release

(2)

Non-GAAP measure. See "Non-GAAP Measures" section within this new release

(3)

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.

(4)

Converted to Canadian dollars ("CAD") based on the exchange rate on March 24, 2021. The per share calculation is computed based on 99.7 million common shares outstanding as of March 24, 2021.

On March 23, 2021 Alvopetro announced the results of an independent assessment of the Company's Gomo natural gas resource prepared by GLJ dated March 23, 2021 with an effective date of December 31, 2020 (the "GLJ Resource Report"). The GLJ Resource Report includes best estimate risked contingent resource of 3.5 mmboe with a before tax net present value discounted at 10% of $37.7 million and risked best estimate prospective resource of 12.1 mmboe with a before tax net present value discount at 10% $144.8 million. In addition, on September 8, 2020, Alvopetro announced an independent prospective resource assessment and evaluation of our 183-B1 and 182-C1 exploration prospects prepared by GLJ (the "GLJ July 31, 2020 Resource Report") with an effective date of July 31, 2020 with risked prospective resource of 2.6 mmboe and 2.2 mmboe respectively. The Company has not included any resources assigned in the GLJ Resource Report or the GLJ July 31, 2020 Resource Report in its determination of net asset value. On a risked best estimate basis, the net present value, discounted at 10%, of the contingent resource is CAD$0.48 per share and the prospective resource is CAD$1.82 per share.

The tables below provide a summary of all of Alvopetro's reserves and resources announced to date.

Alvopetro Reserve and Resource Volumes: (1)(2)(3)(4)(5)(6)(7)(8)(9)

Reserves

Effective Date

Announced

1P

2P

3P




(Mboe)

(Mboe)

(Mboe)

Gomo Property

December 31, 2020

March 9, 2021

843

3,276

5,951

Caburé Property

December 31, 2020

March 9, 2021

4,098

6,018

7,668

Other Properties

December 31, 2020

March 9, 2021

167

300

589

Total Company Reserves (Gross)



5,108

9,593

14,209







Resources



Low Estimate

Best Estimate

High Estimate




(Mboe)

(Mboe)

(Mboe)

Risked Contingent Resource, Gomo

Risked Prospective Resource, Gomo

December 31, 2020

December 31, 2020

March 23, 2021

March 23, 2021

2,874

6,555

3,451

12,072

5,665

17,827

Risked Prospective Resource, 183-B1

July 31, 2020

September 8, 2020

901

2,574

5,859

Risked Prospective Resource, 182-C1

July 31, 2020

September 8, 2020

545

2,157

7,825

*See 'Footnotes' section at the end of this news release

Net present value before tax discounted at 10%: (1)(2)(3)(4)(5)(7)(8)(9)

Reserves

1P

2P

3P


(MUS)

(MUS)

(MUS)

Gomo Property

$8,047

$44,389

$88,751

Caburé Property

$107,524

$146,901

$177,496

Other Properties

$893

$3,925

$8,569

Total Company

$116,463

$195,215

$274,816





Gomo Resource

Low Estimate

Best Estimate

High Estimate


(MUS)

(MUS)

(MUS)

Risked Contingent Resource, Gomo

Risked Prospective Resource, Gomo

$31,329

$65,565

$37,711

$144,784

$70,937

$220,437

*See 'Footnotes' section at the end of this news release

Financial and Operating Highlights - Fourth Quarter of 2020

  • We averaged daily natural gas sales in the quarter of 11.2 mmcfpd with associated natural gas liquids sales from condensate of 89 bopd bringing our overall sales volumes in the quarter to 1,950 boepd, an increase of 10.5% from the third quarter.
  • We had an average realized natural gas sales price of $5.36/mcf.
  • We generated natural gas and condensate revenues of $5.9 million, with an operating netback of $27.92 per boe, an increase of 7% from the third quarter.
  • Our funds flow from operations improved to $4.3 million ($0.04 per basic and diluted share) in the quarter compared to $3.6 million in the third quarter and cash outflows in prior periods.
  • We reported net income of $2.8 million in the quarter, compared to a net loss of $1.1 million in the same period in 2019. Net income in the fourth quarter included a $1.8 million foreign exchange gain, partially offset by a deferred tax expense of $1.1 million. Net income was lower than third quarter net income of $6.5 million which had included recognition of deferred income tax recovery of $4.9 million.
  • Capital expenditures of $0.5 million were focused on our E&E assets, including $0.3 million in civil construction for our two exploration wells to be drilled in 2021 and $0.1 million for testing costs on our 183(1) well which is part of Gomo natural gas project.
  • As at December 31, 2020, we had a net working capital surplus of $5.5 million, including $5.2 million in cash and cash equivalents. A total of $15.4 million was outstanding under our credit facility, bringing the Company's net debt to $9.9 million at the end of the quarter, an improvement of $3.2 million during the quarter. Subsequent to December 31, 2020, we repaid a total of $2.5 million in advances outstanding under the credit facility.

Financial and Operating Highlights - Year-End 2020

  • Annual daily sales averaged 940 boepd with virtually all sales attributable to the second half of the year following commencement of natural gas deliveries from our Caburé natural gas field under our long-term gas sales agreement on July 5, 2020.
  • We recognized net income of $5.7 million ($0.06 per basic share and $0.05 per diluted share) compared to a net loss of $5.0 million in 2019. Net income included an impairment of $1.5 million (2019 - $1.6 million) and a deferred tax recovery of $3.7 million (2019 - $nil).
  • We generated an operating netback of $26.85 per boe, compared to a loss of $16.76 per boe in 2019. Funds flow from operations was $6.2 million ($0.06 per basic and diluted share), compared to an outflow of $2.8 million in 2019.
  • Capital expenditures in the first half of 2020 were focused on final construction and commissioning of our Caburé project and related midstream infrastructure with expenditures later in 2020 focused on our E&E assets. Of the total capital expenditures of $3.8 million in 2020, $1.6 million related costs for Caburé, with an additional $0.7 million in capitalized G&A, $0.7 million in capitalized finance expense, and $0.6 million on our E&E assets mainly for testing of our 183(1) well and civil construction of our two exploration wells to be drilled later in 2021.

Summary of Q4 2020 Financial and Operating Results

The following table provides a summary of Alvopetro's financial and operating results for the periods noted. The audited consolidated financial statements with the Management's Discussion and Analysis ("MD&A") are available on our website at www.alvopetro.com and will be available on the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com. The summary of annual and quarterly results contained in this news release represents a comparison of the respective periods ended December 31, 2020 and December 31, 2019.

SELECTED QUARTERLY AND ANNUAL RESULTS


As at and Three Months
Ended December 31,

As at and Year Ended
December 31,


2020

2019

2020

2019

Financial





($000s, except where noted)





Natural gas, oil and condensate sales

5,887

65

11,308

240

Net income (loss)

2,754

(1,086)

5,706

(5,011)

Per share - basic ($)

0.03

(0.01)

0.06

(0.05)

Per share - diluted ($)(1)

0.03

(0.01)

0.05

(0.05)

Funds flow from operations (2)

4,252

(713)

6,216

(2,828)

Per share - basic ($)

0.04

(0.01)

0.06

(0.03)

Per share - diluted ($)(1)

0.04

(0.01)

0.06

(0.03)

Capital expenditures(3)

452

6,999

3,814

12,671

Total assets

80,388

71,416

80,388

71,416

Cash and cash equivalents

5,159

1,215

5,159

1,215

Net working capital surplus (deficit)(2)

5,539

(6,701)

5,539

(6,701)

Net debt(2)

9,884

11,728

9,884

11,728

Weighted average shares outstanding (000s)





Basic

99,260

96,997

98,616

96,709

Diluted (1)

105,095

96,997

105,129

96,709

Operations





Natural gas, crude oil and natural gas liquids sales:





Natural gas (mcfpd)

11,163

-

5,346

-

NGLs - condensate (bopd)

89

4

44

3

Oil (bopd)

-

8

5

8

Total (boepd)

1,950

12

940

11






Average realized prices:





Natural gas ($/mcf)

5.36

-

5.36

-

NGL - condensate ($/bbl)

46.97

69.14

46.57

69.58

Oil ($/bbl)

-

51.60

36.81

52.40

Company total ($/boe)

32.82

57.93

32.88

57.49






Operating netback ($/boe) (2)





Realized sales price

32.82

57.93

32.88

57.49

Royalties

(1.51)

(8.91)

(2.15)

(8.14)

Production expenses

(3.39)

(45.45)

(3.88)

(66.11)

Operating netback

27.92

3.57

26.85

(16.76)

Notes:


(1)

In determining the weighted average number of diluted common shares outstanding for the three months ended and year ended December 31, 2019, all stock options, warrants and restricted share units (RSUs) have been excluded because the effect would be anti-dilutive.

(2)

Non-GAAP measure - see "Non-GAAP Measures" section within this news release.

(3)

Includes non-cash capital expenditures of $nil and $0.4 million for the three and twelve months ended December 31, 2020 (December 31, 2019 - $2.6 million and $3.2 million for the three and twelve months ended).

Corporate Presentation

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

Annual Information Form

Alvopetro has filed its annual information form (AIF) with the Canadian securities regulators on SEDAR. The AIF includes the disclosure and reports relating to oil and gas reserves data and other oil and gas information required pursuant to National Instrument 51-101 of the Canadian Securities Administrators. The AIF may be accessed electronically at www.sedar.com.

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

Footnotes to Reserves and Resources disclosure above:

(1)

Prospective Resources - Prospective Resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. There is no certainty that any portion of the prospective resources will be discovered and even if discovered, there is no certainty that it will be commercially viable to produce any portion. Prospective Resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery as described in footnote (3).

(2)

Contingent Resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage.

(3)

Low Estimate: This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.
Best Estimate: This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.
High Estimate: This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

(4)

The Contingent Resources estimated in the GLJ Resource Report are classified as "economic contingent resources", which are those contingent resources that are currently economically recoverable. All such resources are further sub-classified with a project status of "development pending", meaning that resolution of the final conditions for development are being actively pursued.

(5)

The recovery estimates of the Company's contingent resources provided herein are estimates only and there is no guarantee that the estimated resources will be recovered. There is uncertainty that it will be commercially viable to produce any portion of the resources. Actual recovered resource may be greater than or less than the estimates provided herein.

(6)

Mboe - thousands of barrels of oil equivalent

(7)

The reserve table above is a summary of the reserves of Alvopetro as evaluated in the GLJ Reserve Report. The tables summarize the data contained in the GLJ Reserve 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.

(8)

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

(9)

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.

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

m3/d

= cubic metre per day

mmboe

= million barrels of oil equivalent

mmcf

= million cubic feet

mmcfpd

= million cubic feet per day

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.

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 is contained in the Company's annual information form for the year ended December 31, 2020 which has been filed on SEDAR (www.sedar.com). 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.

Contingent Resources. This news release discloses estimates of Alvopetro's contingent resources and the net present value associated with net revenues associated with the production of such contingent resources. There is no certainty that it will be commercially viable to produce any portion of such contingent resources and the estimated future net revenues do not necessarily represent the fair market value of such contingent resources. Estimates of contingent resources involve additional risks over estimates of reserves. For additional details with respect to Alvopetro's contingent resources, please refer to our news release dated March 23, 2021 and also additional details contained in our annual information form for the year-ended December 31, 2020 which has been filed on SEDAR (www.sedar.com).

Prospective Resources - This news release discloses estimates of Alvopetro's prospective resources and the net present value associated with net revenues associated with the production of such prospective resources. There is no certainty that it will be commercially viable to produce any portion of such prospective resources. Estimates of prospective resources involve additional risks over estimates of reserves. The accuracy of any resources estimate is a function of the quality and quantity of available data and of engineering interpretation and judgment. While resources presented herein are considered reasonable, the estimates should be accepted with the understanding that reservoir performance subsequent to the date of the estimate may justify revision, either upward or downward. For additional details with respect to Alvopetro's contingent resources, please refer to our news releases dated March 23, 2021 and September 8, 2020 and also additional details contained in our annual information form for the year-ended December 31, 2020 which has been filed on SEDAR (www.sedar.com)

Non-GAAP Measures. This news release contains financial terms that are not considered measures under International Financial Reporting Standards ("IFRS"), such as funds flow from operations, funds flow per share, net working capital, net debt, and operating netback. These measures are commonly utilized in the oil and gas industry and are considered informative for management and shareholders. Specifically, funds flow from operations and funds flow per share reflect cash generated from operating activities excluding changes in non-cash working capital. Management considers funds flow from operations and funds flow per share important as they help evaluate performance and demonstrate the Company's ability to generate sufficient cash to fund future growth opportunities. Net working capital includes current assets less current liabilities and is used to evaluate the Company's financial resources. 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 and is used by management to assess the Company's overall debt position and borrowing capacity. Operating netback is determined by dividing natural gas, oil and condensate sales (after sales taxes) less royalties, transportation and production expenses by sales volumes. Management considers operating netback important as it is a measure of profitability per barrel of oil equivalent sold and reflects the economic quality of production. Funds flow from operations, funds flow per share, net working capital, net debt and operating netbacks may not be comparable to those reported by other companies nor should they be viewed as an alternative to cash flow from operations, 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 MD&A which may be accessed through the SEDAR website at www.sedar.com. This news release also refers to Net Asset Value and Net Asset Value per Share. These measures are commonly utilized in the oil and gas industry and are considered informative for management and shareholders. Net Asset Value represents the value of the underlying assets held by the Company less its liabilities and Net Asset Value per Share is used to indicate the per unit market value.

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, 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.

SOURCE Alvopetro Energy Ltd.



Contact
PLEASE 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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