CALGARY, AB, Feb. 26, 2025 /CNW/ - Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) ("Alvopetro" or the "Company") announces our reserves as at December 31, 2024 with total proved ("1P") reserves of 4.5 MMboe and total proved plus probable ("2P") reserves of 9.1 MMboe, increases of 65% and 5%, respectively, from December 31, 2023. The before tax net present value discounted at 10% ("NPV10") of our 1P reserves increased 53% to $177.7 million and the NPV10 of our 2P reserves increased 6% to $327.8 million. We also announce risked best estimate contingent resources of 4.5 MMboe (NPV10 $110.0 million) and risked best estimate prospective resources of 10.2 MMboe (NPV10 $208.9 million). The reserves and resources data set forth herein is based on an independent reserves and resources assessment and evaluation prepared by GLJ Ltd. ("GLJ") dated February 26, 2025 with an effective date of December 31, 2024 (the "GLJ Reserves and Resources Report").
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Alvopetro Announces 2024 Year End Reserves Including a 65% Increase in 1P Reserves
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