Mr. Corey Ruttan reports

ALVOPETRO ANNOUNCES US$0.14 PER SHARE Q2 2023 DIVIDEND

Alvopetro Energy Ltd.'s board of directors has declared a quarterly dividend of 14 U.S. cents per common share, payable in cash on July 14, 2023, to shareholders of record at the close of business on June 30, 2023. This dividend is designated as an eligible dividend for Canadian income tax purposes.

Dividend payments to non-residents of Canada will be subject to withholding taxes at the Canadian statutory rate of 25 per cent. Shareholders may be entitled to a reduced withholding tax rate under a tax treaty between their country of residence and Canada. For further information, see Alvopetro's website.

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

We seek Safe Harbor.