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Alvopetro Announces 21% Increase in 2P Reserves News provided by Share this article Share this article CALGARY, AB, March 9, 2021 /CNW/ - Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces our reserves as at December 31, 2020 with total proved plus probable ( 2P ) reserves of 9.6 MMboe and a before tax value discounted at 10% of US$195.2 million, changes of 21% and (2%) respectively from our previous years reporting. The reserves data set forth herein is based on an independent reserve assessment and evaluation prepared by GLJ Ltd. ( GLJ ) dated March 8, 2021 with an effective date of December 31, 2020 (the GLJ Report ). December 31, 2020 Reserve Report Highlights Proved reserves ( 1P ) and 2P reserves increased to 5.1 mmboe (+4%) and 9.6 mmboe (+21%) respectively, primarily due to the addition of development locations at our Gomo development.

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