Alvopetro Publishes 2022 Sustainability Report

CALGARY, AB, Oct. 23, 2023 /CNW/ - Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) is pleased to announce the release of our 2022 Sustainability Report (the "Report"), highlighting our approach to environmental, social and governance ("ESG") practices for the year ended December 31, 2022 and outlining our commitment to building a sustainable future for all of our stakeholders. A full copy of the Report, which was approved by Alvopetro's Board of Directors, can be found on our website at https://alvopetro.com/Sustainability.

2022 ESG highlights included:

• Natural gas focused production (96% of total 2022 production);
• Alvopetro's locally produced natural gas resulted in average savings of 57% for consumers relative to imported LNG;
• Maintained low emission intensity with Scope 1 & 2 emissions intensity of 7.4 kg CO₂e per boe;
• No reported environmental spills;
• Zero lost-time safety incidents;
• 33% of our total workforce and 38% of our senior leadership team positions are held by women;
• Strengthened commitment to biodiversity and conservation with our northeastern collared sloth conservation program;
• Expanded social investment programs to benefit over 600 recipients, increasing spending by 156% ; and,
• With increased production and cash flows, we paid over $20 million in royalties, income taxes and sales taxes, contributing to direct and indirect benefits for the communities we operate and to Brazil as a whole.

Alvopetro's updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation. 

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Alvopetro Energy Ltd.'s vision is to become a leading independent upstream and midstream operator in Brazil. Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil, building off the development of our Caburé and Murucututu natural gas fields and our strategic midstream infrastructure.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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.

Forward-Looking Statements and Cautionary Language. This news release contains "forward-looking information" within the meaning of applicable securities laws. The use of any of the words "will", "expect", "intend" and other similar words or expressions are intended to identify forward-looking information. Forward?looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking information concerning Alvopetro's approach to ESG practices and plans for the future. The forward?looking statements are based on certain key expectations and assumptions made by Alvopetro, including but not limited to expectations and assumptions concerning the success of future drilling, completion, testing, recompletion and development activities, equipment availability, the timing of regulatory licenses and approvals, the outlook for commodity markets and ability to access capital markets, the impact of global pandemics and other significant worldwide events, the performance of producing wells and reservoirs, well development and operating performance, foreign exchange rates, general economic and business conditions, weather and access to drilling locations, the availability and cost of labour and services, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, expectations regarding Alvopetro's working interest and the outcome of any redeterminations, the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.  Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our annual information form which may be accessed on Alvopetro's SEDAR+ profile at www.sedarplus.ca. The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE Alvopetro Energy Ltd.