Alvopetro announces Block 256 update
Friday, Sep 23, 2016
Alvopetro Energy Ltd. (“Alvopetro”) (TSX-V:ALV) announces that we have completed drilling our 256(A1) well, located on Block 256 in the Recôncavo basin in the State of Bahia, Brazil. The 256(A1) well reached a total measured depth of 2,292 metres and did not discover commercial quantities of hydrocarbons. We plan to abandon the well. The 256(A1) well satisfies our current phase exploration work commitment with the Agencia Nacional do Petróleo, Gás Natural e Biocombustíveis of Brazil.

Our near-term focus is on building a natural gas business and we are actively working towards finalizing a unitization agreement with the adjacent resource owner while at the same time advancing negotiations to secure a gas sales contract in order to finalize the field commercialization plan for our 197(2) gas discovery.

Alvopetro Energy Ltd.’s vision is to be the premier independent exploration and production company in Brazil, maximizing shareholder value by applying innovation to underexploited opportunities. Our strategy is to focus on three core opportunities including lower risk development drilling on our mature fields, shallow conventional exploration, and the development of the significant hydrocarbon potential present in our deep Gomo tight-gas resource play. Our efforts in the near-term are concentrated on building a natural gas business by finalizing a unitization agreement and securing a gas sales contract for our 197(2) discovery.

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