Mr. Corey Ruttan reports

ALVOPETRO ANNOUNCES SEPTEMBER SALES VOLUMES AND AN OPERATIONAL UPDATE

Alvopetro Energy Ltd. had September sales volumes of 2,627 boepd (barrels of oil equivalent per day) (based on field estimates). In Brazil, September sales averaged 2,508 boepd, including natural gas sales of 14.1 MMcfpd (million cubic feet per day) and associated natural gas liquids sales from condensate of 162 bopd. In September, the company completed the planned upgrade of its gas processing facility (UPGN-Cabure). This required a five-day planned shutdown of all Brazil production, which impacted September sales volumes. The upgrade was successfully completed and production in Brazil has returned to previous levels. Canadian production averaged 135 bopd, with sales of 119 bopd, marginally lower than prior months as a result of oil in tanks at the end of the quarter.

President and chief executive officer Corey C. Ruttan commented:

"We have had very strong production results in the first nine months of the year and we have an active capital program in the fourth quarter. In Brazil, we are on track with our 2026 facility projects with the upgrade of our gas processing facility now complete and our Murucututu field level expansions all under way. In the next 30 days, we expect to finish the completion of our 183-H2 well and the drilling of the 183-G2 well. In Canada, we are drilling two more wells on our original joint venture lands this month and later this quarter we plan to drill the five earning wells on our more recently announced joint venture. We are looking forward to an exciting quarter in Brazil and Canada to finish off the year."

Operational update

Murucututu (100 per cent Alvopetro)

The 183-H2 well was drilled to a total measured depth (MD) of 3,176.5 metres. Based on open-hole logs, the well encountered potential net natural gas pay in the Caruacu member of the Maracangalha formation, totalling 44.4 metres total vertical depth (TVD) of potential natural gas pay, with average porosity of 9.6 per cent and average water saturation of 32.8 per cent, using a 6-per-cent porosity cut-off, 50-per-cent Vshale cut-off and 50-per-cent water saturation cutoff. The company is currently completing the well and expect to bring it on production later this month.

The company is also currently drilling its 183-G2 well, which is the first Caruacu development well drilled from its newly constructed 183-G well pad. The company has finished the first phase of the well and are now drilling the intermediate hole section. Drilling is expected to be finished later in October.

The company has now completed the planned upgrade of its UPGN-Cabure gas processing facility. This upgrade gives the company increased flexibility to process up to 50 per cent of plant throughput with Murucututu natural gas. The company is also targeting a fourfold increase in Murucututu field takeaway capacity by expanding field processing facilities and pipelines. The company anticipates completion of these projects by early 2027.

Canada

The company's original partner is currently drilling the first of two planned multilateral wells in Saskatchewan. Alvopetro's working interest is 50 per cent in one well and 30 per cent in the other well. Both wells will then be completed and equipped and are expected to be on production this quarter. Alvopetro's estimated share of the cost of these two wells is $1.6-million.

On the company's new joint venture announced earlier this quarter, the company is expecting to commence drilling the first of the five earning wells in early November, targeting completion of all wells by the end of the year. Alvopetro is responsible for 100 per cent of the costs of the five earning wells, estimated at $8.5-million.

Investor conferences

Corey C. Ruttan, president and chief executive officer, will be presenting at two upcoming investor conferences:

Schachter Catch the Energy Conference

Conference date:  Oct. 17, 2026

Presentation time:  10:30 a.m. to 11 a.m. MT

Location:  Mount Royal University (4825 Mt. Royal Gate SW, Calgary, Alta.); Bella Concert Hall & Ross Glen Hall (presentation room 4)

The conference is hosted by Josef Schachter, CFA and author of the Schachter Energy Report. Alvopetro's presentation will include a moderated Q&A (question and answer) session. In addition, company personnel will be available throughout the day at Alvopetro's booth to answer investor questions.

LD Micro Main Event XX

Conference dates:  Oct. 19 to Oct. 21, 2026

Presentation date and time:  Oct. 20, 2026, at 10 a.m. PT

Location:  Luxe Sunset Blvd Hotel

Mr. Ruttan will also be available for one-on-one meetings with investors throughout the conference.

Corporate presentation

Alvopetro's updated corporate presentation is available on the company's website.

About Alvopetro Energy Ltd.

Alvopetro Energy is deploying a balanced capital allocation model where the company seeks to reinvest roughly half its cash flows into organic growth opportunities and return the other half to stakeholders. Alvopetro's organic growth strategy is to focus on the best combinations of geologic prospectivity and fiscal regime. Alvopetro is balancing capital investment opportunities in Canada and Brazil where the company is building off the strength of our Cabure and Murucututu natural gas fields and the related strategic mid-stream infrastructure.

We seek Safe Harbor.