Mr. Corey Ruttan reports

ALVOPETRO ANNOUNCES 183-A3 WELL RESULTS

Alvopetro Energy Ltd. has completed drilling the 183-A3 well on its 100-per-cent-owned Murucututu natural gas field. Based on open-hole logs, the well encountered potential net natural gas pay across two separate formations, totalling 127.7 metres with an average porosity of 10.3 per cent.

Corey C. Ruttan, president and chief executive officer, commented, "The results from our up-hole 183-A3 Caruacu exploration target has significantly exceeded our predrill expectations and has the potential to open up a large, stacked, multizone development opportunity in further support of our longer-term natural gas growth objectives."

The 183-A3 well was drilled to a total measured depth (MD) of 3,540 metres. Based on open-hole logs, the well encountered potential net natural gas pay in both the Caruacu member of the Maracangalha formation and the Gomo member of the Candeias formation, with an aggregate 127.7 metres total vertical depth (TVD) of potential natural gas pay, using a 6-per-cent porosity cut-off, 50-per-cent Vshale cut-off and 50-per-cent water saturation cut-off.

Caruacu exploration target

In the Caruacu member, a total of 116.1 metres TVD of potential net natural gas pay was encountered between 2,542 metres and 3,062 metres, at an average water saturation of 38.5 per cent and an average porosity of 10.4 per cent. Alvopetro currently has no reserves or resources assigned to this target.

Candeias formation

In the Gomo member of the Candeias formation, a total of 11.6 metres TVD of potential net natural gas pay was encountered between 3,085 metres and 3,270 metres, at an average water saturation of 30.6 per cent and an average porosity of 9.1 per cent. Alvopetro's proved reserves for this development well had estimated 12.5 metres of net natural gas pay with porosity of 11 per cent and 17 per cent water saturation.

Based on these drilling results, subject to regulatory approvals and equipment availability, the company plans to complete the well and put it on production directly to the adjacent field production facility.

Corporate presentation

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

About Alvopetro Energy Ltd.

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 its Cabure natural gas field and its strategic mid-stream infrastructure.

We seek Safe Harbor.