Mr. Corey Ruttan reports

ALVOPETRO PUBLISHES 2022 SUSTAINABILITY REPORT

Alvopetro Energy Ltd. has released its 2022 sustainability report, highlighting its approach to environmental, social and governance (ESG) practices for the year ended Dec. 31, 2022, and outlining the company's commitment to building a sustainable future for all of its stakeholders. A full copy of the Report, which was approved by Alvopetro's Board of Directors, can be found on our website at https://alvopetro.com/Sustainability.

2022 ESG highlights included:

• Natural gas focused production (96% of total 2022 production);
• Alvopetro's locally produced natural gas resulted in average savings of 57% for consumers relative to imported LNG;
• Maintained low emission intensity with Scope 1 & 2 emissions intensity of 7.4 kg CO2e per boe;
• No reported environmental spills;
• Zero lost-time safety incidents;
• 33% of our total workforce and 38% of our senior leadership team positions are held by women;
• Strengthened commitment to biodiversity and conservation with our northeastern collared sloth conservation program;
• Expanded social investment programs to benefit over 600 recipients, increasing spending by 156% ; and,

With increased production and cash flows, we paid over $20 million in royalties, income taxes and sales taxes, contributing to direct and indirect benefits for the communities we operate and to Brazil as a whole.

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 Cabure and Murucututu natural gas fields and our strategic midstream infrastructure.

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.

We seek Safe Harbor.