ALVOF - Alvopetro Energy (ALVOF) - Company update shows execution of game plan

Management reported an update on production, drilling, and price adjustments. July sales volume averaged 2,514 boe/d. This is an increase over June sales of 2,480 and May sales of 2,111 (includes 5 day processing plant shutdown). June-quarter volumes were up 7% year over year. Production for the month of June equates to roughly 15 mmcf/d gas equivalent. Production is expected to increase beginning in August with the Cabure gas processing facility expanding to 18 mmcf/d capacity. Additional statistical interval data on recently-drilled wells looks favorable. The 183-B1 and 182-C1 wells both discovered potential net natural gas pay in multiple formations. Both wells are subject to testing. Both wells lie west of existing production in the Murucututu/Gomo project. The new field could be a critical component of Alvopetro's long-term growth plans. On the Mururcututu project, the company is close to bringing a new well (183-1) to production and is extending pipeline to tie in another well (197-1) in the fourth quarter. New wells will help expand total production to the processing plant's new capacity of 18 mmcf/d. Read More >>