ALVOF - Alvopetro reports February sales volumes drilling program & debt repayments

Alvopetro Energy (OTCQX:ALVOF) reported February sales volumes of 2479 boepd, including natural gas sales of 14.3 mmcfpd and associated natural gas liquids sales from condensate of 99 bopd based on field estimates. All natural gas sales in February are at our new contracted price of BRL1.94/m3 or $11.28/mcf, a 48% increase from earlier contracted price of BRL1.31/m3. After a thorough process to commission the drilling rig, on Mar.2, the company spud the 182-C1 well on Block 182, the first of two conventional natural gas exploration wells planned for 2022; the well will take ~42 days to drill. With continued strong production levels and increased natural gas price effective Feb. 1, 2022, the company repaid an additional $1.5M of its outstanding credit facility on Feb. 18, 2022, taking the outstanding balance down to $5M.

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Alvopetro reports February sales volumes, drilling program & debt repayments