ALVOF - Alvopetro Announces Incentive Share Grants

Canada NewsWire

CALGARY, AB , June 28, 2021 /CNW/ - Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces that the Board of Directors, in consultation with management, have approved a grant of 500,000 deferred share units ("DSUs") under the Company's Incentive Share Plan to the non-executive directors of the Board.  The DSUs were granted in appreciation of the contribution efforts of each director to the Company's achievements and in recognition of the fact that in prior years, the annual cash compensation to each director was well below compensation paid by peer companies.  The DSUs were granted on June 28, 2021 , will vest on June 28, 2024 , and expire on June 28 , 2026.  Following the grant of DSUs there are now 1,400,000 outstanding incentives granted under the Company's Incentive Share Plan and a total of 6,327,250 stock options outstanding under the Company's Stock Option Plan, representing an aggregate 7.7% of the shares outstanding.

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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 natural gas field 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.

SOURCE Alvopetro Energy Ltd.

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