Mr. Corey Ruttan reports

ALVOPETRO ANNOUNCES NOVEMBER 2023 SALES VOLUMES AND AN OPERATIONAL UPDATE

Alvopetro Energy Ltd. has released November, 2023, sales volumes and an operational update.

November, 2023, sales volumes

November sales volumes averaged 2,264 boepd (barrels of oil equivalent per day), including natural gas sales of 12.9 MMcfpd (million cubic feet per day), associated natural gas liquids sales from condensate of 105 bopd and oil sales of 15 bopd, based on field estimates.

Operational update

The company completed drilling the 183-A3 well on the company's 100-per-cent-owned Murucututu natural gas field in October. The well was drilled to a total measured depth of 3,540 metres and, 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 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. Alvopetro has now commenced completion operations at the 183-A3 well and after completion, the well will be put on production to the company's adjacent production facility.

Corporate presentation

Alvopetro's updated corporate presentation is available on the company's 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 on-shore natural gas potential in the state of Bahia in Brazil, building off the development of the company's Cabure natural gas field and its strategic mid-stream infrastructure.

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