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Alvopetro Announces 21% Increase in 2P Reserves


Alvopetro Announces 21% Increase in 2P Reserves
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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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Baytex Announces Fourth Quarter and Full Year 2020 Financial and Operating Results and Year End 2020 Reserves


(1)
The terms adjusted funds flow , exploration and development expenditures , net debt and operating netback do not have any standardized meaning as prescribed by Canadian Generally Accepted Accounting Principles ( GAAP ) and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. See the advisory on non-GAAP measures at the end of this press release.
(2)
Barrel of oil equivalent ( boe ) amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. The use of boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. ....

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