Mr. Corey Ruttan reports

ALVOPETRO ANNOUNCES OCTOBER 2023 SALES VOLUMES AND TIMING OF Q3 2023 RESULTS AND EARNINGS CALL

Alvopetro Energy Ltd. has provided an update on its October, 2023, sales volumes and the timing for the release of its Q3 2023 results and earnings call.

October, 2023, sales volumes

October sales volumes averaged 1,839 barrels of oil equivalent per day, including natural gas sales of 10.6 million cubic feet per day, associated natural gas liquids sales from condensate of 67 barrels of oil per day and oil sales of eight barrels of oil per day, based on field estimates.

In October, the company completed the BL-6 well on its Bom Lugar field and brought the well on production following an organic acid treatment. Based on field data, the BL-6 well produced a total of 227 barrels of oil in October and is currently averaging approximately 13 barrels of oil per day. This Bom Lugar oil production is expected to be sold in November and, as such, is not reflected in the October sales volumes in the attached table.

Coming Q3 2023 results and live webcast

Alvopetro anticipates announcing third quarter 2023 results on Nov. 8, 2023, after markets close, and will host a live webcast to discuss the results at 9 a.m. Mountain Time, on Nov. 9, 2023. Details for joining the event are as follows.

Date:  Nov. 9, 2023

Time:  9 a.m. Mountain Time/11 a.m. Eastern Time

Webinar ID:  859 4633 2872

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

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.

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