ALVOF - Alvopetro Energy (ALVOF) - April production levels remain on target

Alvopetro reported April sales volumes of 2,494 barrel of oil equivalent per day (boepd). Results were slightly below March sales volumes of 2,512 boepd and March quarter levels of 2,501 boepd reflecting natural well production declines. Results were slightly above the 2,461 boepd rate we have modeled for the June quarter. The completion of the 182-C1 well in March and the expected completion of the 183-B1 well in May should offset normal well declines and boost overall production going forward.Alvopetro anticipates announcing 2022-1Q results after market close on May 12th. Management will host a call with investors on May 13th at 10:00 EST. We are expecting revenues of $13.3 million, a 110% annual and 45% sequential increase due mainly to an increase in the price of gas received. We look for EBITDA of $11 million and earnings of $5.9 million ($0.17 per share). Read More >>