Mr. Corey Ruttan reports

ALVOPETRO ANNOUNCES INITIAL 183-H2 WELL RESULTS

Alvopetro Energy Ltd. has released initial 183-H2 well results. The company has now completed drilling the 183-H2 well on its 100-per-cent-owned Murucututu natural gas field. The 183-H2 well was drilled to a total measured depth (MD) of 3,176.5 metres in the area assigned prospective resource by the company's independent reserve evaluators, GLJ. 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 cut-off. The company plans to complete the well in up to seven intervals and are working to have the well on production early in Q4. Following casing the well, the drilling rig will move to drill the first Murucututu development well from the company's newly constructed 183-G well pad.

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 its Cabure and Murucututu natural gas fields and the related strategic mid-stream 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.

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