Mr. Corey Ruttan reports

ALVOPETRO SUCCESSFULLY ACQUIRES FOUR BLOCKS IN BRAZIL'S OPEN ACREAGE BID ROUND

Alvopetro Energy Ltd. has been awarded four blocks in the sixth cycle of the permanent concession offer of the National Agency of Petroleum, Natural Gas and Biofuels in Brazil. The four blocks cover 462.4 square kilometres and are all located in the Tucano basin, north of the company's core operating area in the state of Bahia, including three exploration blocks (TUC-T-142, TUC-T-151 and TUC-T-174) and one marginal field (Subauma Mirim). The signing bonus to acquire the blocks totalled 600,000 reais ($100,000) with a minimum work commitment value totalling 8.3 million reais ($1.7-million). The work commitments can be fulfilled over three years for Subauma Mirim and six years for the three exploration blocks.

President and chief executive officer Corey C. Ruttan commented: "We are excited to add this large land position creating an additional platform for future growth. We look forward to applying our experiences in the Reconcavo basin to this emerging basin just to the north of our existing core operating area."

Alvopetro is deploying a balanced capital allocation model where it 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 it is building off the strength of its Cabure and Murucututu natural gas fields and the related strategic mid-stream infrastructure.

We seek Safe Harbor.