Mr. Corey Ruttan reports

ALVOPETRO ANNOUNCES Q3 2023 DIVIDEND OF US$0.14 PER SHARE

Alvopetro Energy Ltd. has declared a quarterly dividend of 14 U.S. cents per common share, payable in cash on Oct. 13, 2023, to shareholders of record at the close of business on Sept. 29, 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.

Corporate Presentation

Alvopetro's updated corporate presentation is available on its website.

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

We seek Safe Harbor.