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Alvopetro Announces Year-End 2020 Financial Results and Filing of Annual Information Form25.03.2021 | 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.
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)
Net present value before tax discounted at 10%: (1)(2)(3)(4)(5)(7)(8)(9)
Financial and Operating Highlights - Fourth Quarter of 2020
Financial and Operating Highlights - Year-End 2020
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
Corporate Presentation Alvopetro's updated corporate presentation is available on our website at: 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 Footnotes to Reserves and Resources disclosure above:
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.
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 Dieser Artikel stammt von Rohstoff-Welt.de
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