Mr. Corey Ruttan reports

ALVOPETRO ANNOUNCES APRIL 2023 SALES VOLUMES, AN OPERATIONAL UPDATE AND TIMING OF Q1 2023 RESULTS AND EARNINGS CALL

Alvopetro Energy Ltd. has released April, 2023, average sales volumes, and has provided an operational update and timing for release of its first quarter 2023 results and earnings call.

April, 2023, sales volumes

April sales volumes averaged 1,972 barrels of oil equivalent per day, including natural gas sales of 11.3 million cubic feet per day and associated natural gas liquids sales from condensate of 84 barrels of oil per day, based on field estimates. Sales volumes in April declined from the company's average first quarter 2023 of 2,767 boe/d. April sales volumes were lower due to reduced demand during the month from Bahiagas, as well as higher nominated volumes from its partner at the Cabure unit. The company anticipates May sales volumes to continue at rates similar to average volumes in April. Future sales volumes will be dependent on available Cabure unit production, production additions from its Murucututu field with the development work planned this year and over all demand from Bahiagas.

Operational update

In March, the company commenced stimulation operations at its 197(1) well on its Murucututu natural gas field. While operations have progressed slower than initially scheduled, it has stimulated three of four planned intervals at the well, injecting a total of 89 tonnes of sand into the formation. Stimulation of the final interval is expected to be completed shortly, and the company expects the well to be on production this month. Following completion of stimulation operations, it plans to drill two Murucututu fit-for-purpose development wells in the second half of 2023.

On its Bom Lugar field, it spudded its first development well (BL-06) on April 30, and drilling is under way. The BL-06 well is targeting the Caruacu formation with additional potential in the deeper Gomo and Agua Grande formations. It expects drilling to be completed late in the second quarter.

Coming Q1 2023 results and live webcast

Alvopetro anticipates announcing first quarter 2023 results on May 10, 2023, after markets close, and will host a live webcast to discuss the results at 8 a.m. Mountain Time on May 11, 2023. Details for joining the event are as follows.

Date:  May 11, 2023

Time:  8 a.m. Mountain Time/10 a.m. Eastern Time

Dial-in numbers:  available at the Zoom website

Webinar ID:  891 9392 6478

The webcast will include a question-and-answer period. On-line participants will be able to ask questions through the Zoom portal. Dial-in participants can e-mail questions directly to socialmedia@alvopetro.com.

Corporate presentation

Alvopetro's updated corporate presentation is available on the company's website.

Alvopetro's vision is to become a leading independent upstream and mid-stream operator in Brazil. Its strategy is to unlock the onshore natural gas potential in the state of Bahia in Brazil, building off the development of its Cabure natural gas field and its strategic mid-stream infrastructure.

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