Alvopetro Energy Ltd.(简称“Alvopetro”或“公司”)宣布,截至2025年12月31日,公司探明储量(“1P”)为810万桶油当量(MMboe),探明加概算储量(“2P”)为1310万桶油当量(MMboe),分别较2024年12月31日增长79%和43%。1P储量的税前净现值(按10%折现率计算)(“NPV10”)增长38%至2.456亿美元,2P储量的NPV10增长20%至3.936亿美元。此外,公司还宣布,经风险评估的最佳估计或有资源量为380万桶油当量(NPV10为8800万美元),经风险评估的最佳估计远景资源量为1210万桶油当量(NPV10为2.643亿美元)。本文所列储量和资源数据基于GLJ有限公司(“GLJ”)于2026年2月25日编制的独立储量和资源评估报告(“GLJ储量和资源报告”),该报告生效日期为2025年12月31日。GLJ
Alvopetro Announces 2025 Year End Reserves Including a 79% Increase in 1P Reserves
Source: www.gulfoilandgas.com 2/25/2026, Location: South America
Alvopetro Energy Ltd. ("Alvopetro" or the "Company") announces our reserves as at December 31, 2025 with total proved ("1P") reserves of 8.1 MMboe and total proved plus probable ("2P") reserves of 13.1 MMboe, increases of 79% and 43%, respectively, from December 31, 2024. The before tax net present value discounted at 10% ("NPV10") of our 1P reserves increased 38% to $245.6 million and the NPV10 of our 2P reserves increased 20% to $393.6 million. We also announce risked best estimate contingent resources of 3.8 MMboe (NPV10 $88.0 million) and risked best estimate prospective resources of 12.1 MMboe (NPV10 $264.3 million). The reserves and resources data set forth herein is based on an independent reserves and resources assessment and evaluation prepared by GLJ Ltd. ("GLJ") dated February 25, 2026 with an effective date of December 31, 2025 (the "GLJ Reserves and Resources Report").
The GLJ Reserves and Resources Report incorporates Alvopetro's working interest share of remaining recoverable reserves held by Alvopetro in both Brazil and Canada. In Brazil, as of December 31, 2025, Alvopetro held a 100% working interest in the Murucututu natural gas field, a 56.2% working interest in the unitized area (the "Unit") which includes our Cabur锟� and Cabur锟� Leste natural gas fields (collectively referred to as "Cabur锟�" in this news release) as well as a 100% working interest in two oil fields (Bom Lugar and M锟絜-da-lua). Alvopetro has entered into an assignment agreement to dispose of these oil fields, the closing of which is subject to standard regulatory approvals, including approval of the ANP. In Canada, as of December 31, 2025, Alvopetro held a 50% working interest in 75 sections of land (23,539 net acres) focused on the Mannville Stack heavy oil play fairway in Western Saskatchewan.
All references herein to $ refer to United States dollars, unless otherwise stated.
President & CEO, Corey C. Ruttan commented:
"Our 2025 year end reserves reflect another strong year for Alvopetro incorporating the results from our successful 183-D4 well in the Carua锟絬 Formation on our 100% interest Murucututu project, and our newly added Canadian assets. Exiting 2025, we posted record Q4 production of 2,867 boepd, increasing further to 3,099 boepd in January, to start off 2026. We significantly strengthened our asset base in 2025, increasing 2P reserves by 43%, replacing 2025 production more than 5 times, and with a 2P reserve life index of 12.5 years. This further strengthens our disciplined capital allocation model, balancing returns to stakeholders and organic growth."
December 31, 2025 GLJ Reserves and Resource Report:
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After 2025 production of 0.9 MMboe, 1P reserves increased 79% to 8.1 MMboe, representing a 1P production replacement ratio(1) of 485%. The increase was mainly due to results from our 183-D4 well on our Murucututu field which commenced production in August 2025 and added an additional five proved undeveloped locations to our 1P reserves as well as newly added Canadian reserves of 0.3 MMboe.
2P reserve volumes increased 43% to 13.1 MMboe, representing a 2P production replacement ratio of 530%(1). Success on our 183-D4 well also contributed to the bulk of the increase to 2P reserves which includes eight undeveloped locations. In Canada, 0.7 MMboe of 2P reserves were assigned.
With increased reserve volumes, 1P NPV10 increased 38% to $245.6 million and 2P NPV10 increased 20% to $393.6 million.
2P reserves life index(1) of 12.5 years
Risked best estimate contingent resources decreased by 0.7 MMboe from 4.5 MMboe to 3.8 MMboe at December 31, 2025 with a NPV10 of $88.0 million, decreases from December 31, 2024 of 16% and 20% respectively. The decreases were associated with the migration of contingent resources to Reserves for the Carua锟絬 Formation at Murucututu.
Risked best estimate prospective resources increased from 10.2 MMboe to 12.1 MMboe with a NPV10 of $264.3 million, increases of 19% and 27% respectively from December 31, 2024. The increases were mainly due to additional prospective resource in the Carua锟絬 Formation at Murucututu adjacent to the assigned reserves area.
2026 Capital Plan
Brazil
Our 2026 capital plan is designed to address the better than anticipated results from our 183-D4 well brought on production from our 100% interest Murucututu project in August 2025. In 2026, we have a multi-pronged facilities focused plan designed to increase our ability to deliver Murucututu production, and to be in a position to fully unlock the potential of this asset on a multi-year basis.
We plan to expand our Murucututu field production facility and pipeline offtake capacity to support an increase in our Murucututu field capacity from our current level of approximately 150 e3m3/d up to 600 e3m3/d.
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In parallel, we plan to enhance our gas processing capability at our UPGN Cabur锟� to accommodate increasing proportions of richer gas production from our Murucututu field, also targeting a total capacity of up to 600 e3m3/d.
In addition to these sales specified natural gas deliveries through the UPGN Cabur锟� we are evaluating alternatives to deliver non-specified natural gas to additional offtakers. We plan to balance these opportunities with continued facilities enhancements and increasing Bahiag锟絪 sales to accommodate our longer-term growth objectives.
Our 2026 drilling and completions plan includes the sidetrack of one unfinished well from 2025 at Cabur锟�. At Murucututu, our 2026 plan includes a recompletion of one well in the Gomo Formation and the drilling and completion of one new well targeting the Carua锟絬 Formation. We are also permitting a new drilling pad that can support the drilling of our planned Carua锟絬 development drilling plan updip of our highly successful 183-D4 well.
Our 2026 capital budget for these projects is $21 million. Once our facilities focused 2026 plan is completed, we will be positioned to accelerate our Murucututu multi-year development drilling plan in support of our longer-term growth objectives.
Canada
In the fourth quarter of 2025, we completed drilling our two additional earning wells to earn a 50% working interest in 47 additional sections of land. This expands our area of mutual interest with our partner, bringing our land position up to 75 gross sections (23,539 net acres), all targeting the Mannville stack heavy oil play fairway and the application of open hole multilateral drilling technology. We believe that this expanded land base can support the drilling of over 100 Tier 1 wells. In January 2026, we completed drilling two additional wells and now have a total of 8 (4.0 net) wells on production. Alvopetro's share of these two gross (1.0 net) wells was budgeted at C$2.0 million in 2026. The pace of drilling of our broader development inventory will be executed in coordination with our partner and is expected to be largely dictated by anticipated oil prices.
GLJ RESERVES AND RESOURCES REPORT
The GLJ Reserves and Resources Report has been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook" or "COGEH") that are consistent with the standards of National Instrument 51-101 ("NI 51-101"). GLJ is a qualified reserves evaluator as defined in NI 51-101. The GLJ Reserves and Resources Report was an evaluation of all reserves of Alvopetro in Brazil and Canada. In Brazil, this includes our working interest share as of December 31, 2025 of the Unit (referred to herein as the Cabur锟� natural gas field), our Murucututu natural gas field, as well as our Bom Lugar and M锟絜-da-lua oil fields. Alvopetro has entered into an assignment agreement to dispose of its interest in these oil fields, subject to regulatory approvals, and these properties are referenced below as "Oil Fields Held for Sale". In Canada, the GLJ Reserves and Resources Report includes our 50% working interest in reserves focused on the Mannville Stack heavy oil play fairway in Saskatchewan. The GLJ Reserves and Resources Report also includes an evaluation of the gas resources of our Murucututu natural gas field. In addition to the reserves assigned to our Murucututu field, contingent resource was assigned to the area in proximity to our existing Murucututu reserves, deemed to be discovered. The area mapped by 3D seismic west and north of the area defined as contingent was assigned prospective resource. Additional reserves and resources information as required under NI 51-101 will be included in the Company's Annual Information Form for the 2025 fiscal year which will be filed on SEDAR+ (&&&&&www.sedarplus.ca) by April 30, 2026.
Future Development Costs (1)(2)(3)(7)(8)
The table below sets out the total development costs deducted in the estimation of future net revenue attributable to proved reserves, proved plus probable reserves and proved plus probable plus possible reserves (using forecast prices and costs), by field and by country, in the GLJ Reserves and Resources Report. Total development costs include capital costs for drilling and completing wells and for facilities but excludes abandonment and reclamation costs which are deducted separately in the computation of future net revenue.
The future development costs for the Cabur锟� field include Alvopetro's working interest share (56.2%) for side-tracking one unfinished well from 2025.
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The future development costs for the Murucututu field in the proved category include the recompletion of one well in the Gomo Formation and the drilling and completion of six new wells targeting the Carua锟絬 Formation and one well targeting the Gomo Formation. Also included in the proved category are costs associated with upgrading the Murucututu field production facility and pipeline capacity to increase the overall field capacity from 150 e3m3/d up to 600 e3m3/d. The probable category includes two additional development wells, one targeting the Gomo Formation and one targeting the Carua锟絬 Formation.
The future development costs for the Bom Lugar and M锟絜-da-lua fields (currently held for sale) in the proved category include costs to stimulate the BL-06 well on the Bom Lugar field and the existing well at the M锟絜-da-lua field . Costs in the probable category also include one development well and costs for a facilities upgrade at the Bom Lugar field.
The future development costs in Canada in the proved category include Alvopetro's share of costs to drill four additional wells (2.0 net), one (0.5 net) of which was completed in January of this year. The probable category includes an additional four wells (2.0 net).
The GLJ Reserves and Resources Report for Murucututu contingent resources assumes capital deployment starting in 2029 for the drilling and completion of wells with total project costs of $40.2 million and first commercial production in 2029. The information presented herein is based on company net project development costs. The recovery technology assumed for purposes of the estimate is based on established technologies utilized repeatedly in the industry.
There can be no certainty that the project will be developed on the timelines discussed herein. The project is based on a pre-development study. Development of the project is dependent on several contingencies as further described in this news release. Significant positive factors relevant to the estimate include existing production in close proximity, proximity to infrastructure, existing long-term gas sales agreement and corporate commitment to the project. Significant negative factors relevant to the estimate include reservoir performance and the economic viability of the project (with sensitivity to low commodity prices), access to and amount of capital required to develop resources at an acceptable cost, and regulatory approvals for planned activities including stimulations and new infrastructure developments.
Summary of Development Pending Risked Company Gross Contingent Resources(1)(2)(5)(6)
The GLJ Reserves and Resources Report estimates the Chance of Development as the product of two main contingencies associated with the project development, which are: 1) the probability of corporate sanctioning, which GLJ estimates at 95%; and 2) the probability of finalization of a development plan, which GLJ estimates at 95%. The product of these two contingencies is 90%. As there is no risk related to discovery, the Chance of Commerciality for the contingent resource is therefore 90% which is the risk factor that has been applied to the Development Risked company gross contingent resources and the net present value figures reported below.
The GLJ Reserves and Resources Report for Murucututu prospective resources assumes capital deployment starting in 2029 for the drilling and completion of wells and pipeline expansion costs, with total project costs of $100.2 million in Low case, $127.0 million in the Best case and $136.0 million in the High case and first commercial production in 2029. The information presented herein is based on Company project development costs. The recovery technology assumed for purposes of the estimate is based on established technologies utilized repeatedly in the industry.
There can be no certainty that the project will be developed on the timelines discussed herein. Development of the project is dependent on several contingencies as further described in this news release. The project is based on a conceptual study. Significant positive factors relevant to the estimate include existing production in close proximity, proximity to infrastructure, existing long-term gas sales agreement and corporate commitment to the project. Significant negative factors relevant to the estimate include reservoir performance and the economic viability of the project (with sensitivity to low commodity prices), access to and amount of capital required to develop resources at an acceptable cost, and regulatory approvals for planned activities including stimulations and new infrastructure developments.
Summary of Development Risked Company Gross Prospective Resources(1)(2)(4)(6)
The GLJ Reserves and Resources Report estimates the Chance of Commerciality as the product between the Chance of Discovery and the Chance of Development. The Chance of Discovery of the prospective resources has been assessed at 90%, while the Chance of Development has been assessed as the same as for the Contingent Resources described above at 90%. The resulting Chance of Commerciality is 81%, which have been applied to the company gross unrisked prospective resources and the net present value figures reported below.
UPCOMING 2025 RESULTS AND LIVE WEBCAST
Alvopetro anticipates announcing its 2025 fourth quarter and year-end results on March 17, 2026 after markets close and will host a live webcast to discuss the results at 8:00am Mountain time, on March 18, 2026. Details for joining the event are as follows:
DATE: March 18, 2026
TIME: 8:00 AM Mountain/10:00 AM Eastern
LINK: &&&&&https://us06web.zoom.us/j/82316007995
DIAL-IN NUMBERS: &&&&&https://us06web.zoom.us/u/kdThlHQznI
WEBINAR ID: 823 1600 7995
The webcast will include a question-and-answer period. Online participants will be able to ask questions through the Zoom portal. Dial-in participants can email questions directly to socialmedia@alvopetro.com.
CORPORATE PRESENTATION
Alvopetro's updated corporate presentation is available on our website at:
&&&&&http://www.alvopetro.com/corporate-presentation.
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