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Alvopetro Announces Binding Arbitration Decision in Favour of Alvopetro
Alvopetro Announces Binding Arbitration Decision in Favour of Alvopetro Canada NewsWire ...
About this update from Alvopetro Energy Ltd.
[{"type":"text","content":"\n\n\nAlvopetro Announces Binding Arbitration Decision in Favour of Alvopetro\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCanada NewsWire\n\n\nCALGARY, AB, April 28, 2026 /CNW/ -  Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) (\"Alvopetro\") announces that the arbitral tribunal (the \"Tribunal\") before the International Court of Arbitration of the International Chamber of Commerce (\"ICC\") has found in favour of Alvopetro's request to give effectiveness to the decision of the independent expert (the \"Expert\") appointed by Alvopetro and our third-party partner (the \"Partner\") in connection with the redetermination of working interests in the unitized area which includes Alvopetro's Caburé natural gas field (the \"Unit\").\nBackgroundAlvopetro's interest in the Unit is governed by a Unit Operating Agreement (\"UOA\") and our working interest is subject to periodic redeterminations. The first redetermination commenced in 2023, and the parties engaged the Expert to evaluate each party's interpretation of the respective working interests. On April 4, 2024, Alvopetro and our Partner received the Expert's decision wherein the Expert found in favour of Alvopetro, increasing Alvopetro's working interest in the Unit from 49.1% to 56.2%. Alvopetro's Partner filed a notice of dispute with respect to the Expert's decision, seeking to stay the redetermination procedure. Alvopetro subsequently filed a request for emergency arbitration before the ICC seeking to make the Expert decision effective starting on June 1, 2024, as provided for in the UOA. On May 10, 2024, Alvopetro received the order of the emergency arbitrator wherein the arbitrator found in favour of Alvopetro, making the Expert decision effective June 1, 2024. On August 1, 2025, the order of the emergency arbitrator was upheld by the Tribunal, until the issuance of the final order.Tribunal Final DecisionOn April 27, 2026, Alvopetro received the final order (the \"Final Order\") of the Tribunal. Pursuant to the Final Order, the Tribunal found in favour of Alvopetro stating that the decision of the Expe...