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Alvopetro Announces Record February Sales Volumes and Operational Update
Alvopetro Announces Record February Sales Volumes and Operational Update Canada...
About this update from Alvopetro Energy Ltd.
[{"type":"text","content":"\n \n \n \n Alvopetro Announces Record February Sales Volumes and Operational Update\n \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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n March 2, 2021\n \n /CNW/ - Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) ($ figures are expressed in US$ unless otherwise noted) announces record daily average February sales volumes, updated results from our 183-1 deep basin Gomo natural gas well, and the early commencement of long-term debt repayments.\n \n \n \n February Sales Volumes\n \n \n \n Alvopetro's February natural gas sales averaged 12.7 mmcfpd with associated natural gas liquids sales from condensate of 99 bpd, for an overall daily average of 2,222 boepd, based on field estimates.  This represents 14% and 16% increases over Q4 2020 and\n \n January 2021\n \n production levels, respectively.  In\n \n December 2020\n \n , we successfully conducted tests of our Caburé gas processing facility to ensure the facility can meet required sales quality specifications at higher production rates.  This allowed us to increase production in February to accommodate incremental demand from our offtaker, Bahiagás.  Alvopetro expects to continue production at these rates for March.  In addition, February is our first month of production at the recently recalculated gas sales price of BRL$1.06/m3 (\n \n $5.88\n \n /mcf), which represents a 10% increase from the prior period.  Under our gas contract, our sales price is recalculated every 6 months based on a basket of global energy price markers and is subject to an escalating minimum base price, currently set at\n \n $5.28\n \n /mmbtu.  Our semi-annual gas sales price is denominated in the local c...