- Alvopetro Energy Ltd. (TSXV:ALV) (OTCQX: ALVOF) announces third quarter 2021 financial results and provides an operational update
- Corey Ruttan, CEO of Alvopetro Energy sat down with Caroline Egan to highlight the results
- Alvopetro achieved record quarterly production of 2,459 boepd, resulting in record operating netbacks and cash flow from operations
- Net income of $1.5 million, a decrease of $2.1 million from Q2 2021
- Net working capital surplus of $6.8 million
- Alvopetro Energy Ltd is a Canadian-based resource company
- Alvopetro Energy Ltd. (ALV) opened trading at C$4.95 per share
Alvopetro Energy Ltd. (TSXV:ALV) (OTCQX: ALVOF) announces third quarter 2021 financial results and provides an operational update.
All dollar references are United States dollars unless otherwise stated.
Corey Ruttan, CEO of Alvopetro Energy sat down with Caroline Egan to highlight the results.
“I am very pleased with our Q3 2021 performance, which marks a new level of delivery from both an operational and financial perspective. We achieved record quarterly production of 2,459 boepd under the strongest gas prices we have ever reported, resulting in record operating netbacks and cash flow from operations. We have also declared and paid our first quarterly dividend, underscoring our transformation into a business that delivers both organic growth and value through direct shareholder returns.”
Financial and operating highlights – Q3:
- Daily sales averaged 2,459 boepd, a 4 per cent increase from the Q2 2021 average of 2,361 boepd and a 39 per cent increase over the Q3 2020 average of 1,764 boepd
- Realized natural gas sales price averaged $7.07/mcf in the quarter, an increase of $1.01/mcf (17 per cent) from Q2 2021
- Net income of $1.5 million, a decrease of $2.1 million from Q2 2021
- Capital expenditures totaled $1.3 million
- Net working capital surplus of $6.8 million, including $8.1 million in cash and cash equivalents.
Alvopetro Energy Ltd.’s vision is to become a leading independent upstream and midstream operator in Brazil.
Alvopetro Energy Ltd is a Canadian-based resource company engaged in the exploration, acquisition, development, and production of hydrocarbons in Brazil.
Alvopetro Energy Ltd. (ALV) opened trading at C$4.95 per share.