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Corporate Presentation November 2025 TSXV: ALV OTCQX: ALVOF a
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| TSXV: ALV, OTCQX: ALVOF Proven team with successful track record First Brazilian integrated onshore natural gas producer Alvopetro - A Disciplined Capital Allocation Model All references to “$” refers to U.S. dollars. C$ refers to Canadian dollars Balanced reinvestment and stakeholder return model High rate of return opportunities in Brazil & Canada 2 Strong operating and financial results well ahead of expectations
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| TSXV: ALV, OTCQX: ALVOF At a Glance – Value, Yield, Growth 3 Market Summary Shares outstanding(1) 36.7 million Average daily trading volume(1) 48,214 Insider ownership(1) 9.5% Market cap/Enterprise value(2) $166 million/$164 million Operating & Financial Production – Q3 2025 2,343 boepd Production mix 89% natural gas 2P Reserves(4) 9.1 MMboe 2P NPV 10 before tax(4) $327.8 million 2P NPV 10 after tax(4) $273.0 million Q3 funds flow from operations(3)(9) $10.4 million Enterprise Value/annualized FFFO(9) 3.9 times Working capital (3)(6)(9) $2.2 million Quarterly dividend – Q3 2025 $0.10/share Current Enterprise Value US$164MM 0 200 400 600 800 1P Probable 2P Possible Murucututu Contingent Resource* Murucututu Prospective Resource* US$ millions Brazil - Reserves & Resources, NPV10 before tax (4)(7)(8)(12) December 31, 2024 Caburé Murucututu Oil fields *Risked, best estimate $0.06 $0.06 $0.08 $0.08 $0.08 $0.12 $0.14 $0.14 $0.14 $0.14 $0.09 $0.09 $0.09 $0.09 $0.10 $0.10 $0.10 $0.00 $0.02 $0.04 $0.06 $0.08 $0.10 $0.12 $0.14 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Dividends declared - US$/share Dividend History (Current Annualized Yield – 8.9%)
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| TSXV: ALV, OTCQX: ALVOF Focused on Delivering Shareholder Returns 1,650% return since 2018 including dividends (based on payment date), assumes cash returns without reinvestment 4 Cabure unitization completed Bahiagas GSA signed Enerflex agreement signed $4 million equity financing Permits Received $15 million Credit Facility+30% 2P Reserves First natural gas sales +21% 2P Reserves Share Restructuring and Buyback First dividend declared ($0.06/share) +52% 2P reserves value (NPV10BT) Divdiend +33% Credit Facility repaid Dividend +50% +17% 2P reserves value (NPV10BT) Dividend +17% 197(1) well on production 183-A3 well results Dividend -36% Expert decision Emergency Arbitration decision 183-A3 Completion Updated GSA +53% 1P reserves (NPV10BT) Dividend +11% 183-D4 well results 183-D4 on production - 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 CAD$ Share price (TSXV)
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| TSXV: ALV, OTCQX: ALVOF New natural gas market. 32% of supply is currently imported Largest oil producer in S. America and 9th globally World’s 9th largest economy Expanding onshore oil & gas market Attractive fiscal regime with 5.5-11% royalties & 15%-34% income tax Stable regulatory framework attracting new investments Brazil Brazil a Growing Market with Attractive Fundamentals 5
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| TSXV: ALV, OTCQX: ALVOF State of Bahia – Reconcavo Basin • Oldest producing basin in Brazil: 23.9 Mbopd + 2.2 e6m3/d (77 MMcf/d) • Brazil's 4th largest city Salvador (pop 2.9 million) • Well developed industrialized region • Majority of natural gas consumed in Camacari industrial complex • Highly strategic infrastructure 6 Bahia Gas City Gate Pojuca Power Substation Camacari City Gate Braskem Plant Dax RefineryUltra Cargo Terminal Landulpo Alves Refinery Candeias Petrobras Carmo Station RLAM Alvopetro UPGN Bahiagás City Gate Bahiagás Distribution Pipeline Caburé Field (56%) ALV 183-A3 ALV 197-1 ALV 183-B Alvopetro Pipeline Murucututu Project(100%) ALV 183-D4
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| TSXV: ALV, OTCQX: ALVOF Caburé – Asset Overview – 56.2% ALV(12) • The Caburé field is a joint development of a conventional natural gas discovery • Unitized area development - 12 wells and all production facilities • Gross Unit production capacity up 33% to 21.2 MMcfpd (600 e3m3/d) • Unit development plan includes 5 development wells, 4 of which have now been drilled Virtual Field Tour: https://www.youtube.com/watch?v=p1AvDNX0YXk&t=16s 7 ALV 183-A3 ALV 197-1 ALV 183-B1 Bahiagás Distribution Pipeline Caburé Field (56.2%) Murucututu Project (100%) Alvopetro Pipeline Alvopetro UPGN Bahiagás City Gate ALV 183-D4 4 new wells drilled in 2025 Top Caruaçu Depth subsea structure map 10m C.I. CARN-3D GWC -1306m IMET-3 IMET-10 CARN-2D Subsea Elevation Producing Pojuca Sands Producing Caruaçu Sands
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| TSXV: ALV, OTCQX: ALVOF Midstream - Infrastructure & Marketing (100% ALV) • 11-km transfer pipeline & Gas Plant (UPGN) with 18+ MMcfpd capacity • Bahiagás 15-km Distribution pipeline & 70 MMcfpd citygate at our plant site • Updated GSA effective January 1, 2025, increasing firm sales volumes by 33% • Price set quarterly based on Brent and Henry Hub benchmark prices • Natural gas price BRL1.81/m3, US$10.15/Mcf(5) – effective November 1, 2025 • Highly strategic legacy asset that positions ALV to unlock our natural gas potential 8 ALV 183-A3 ALV 197-1 ALV 183-B1 Bahiagás Distribution Pipeline Caburé Field (56%) Murucututu Project (100%) Alvopetro Pipeline Camacari City Gate UPGN Caburé City Gate ALV 183-D4
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| TSXV: ALV, OTCQX: ALVOF Strong Production Results 9 *field estimates 1,701 1,629 2,106 1,738 2,446 2,298 2,205 2,766 138 138 157 1,701 1,629 2,106 1,738 2,446 2,436 2,343 2,923 - 500 1,000 1,500 2,000 2,500 3,000 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Oct 2025* Alvopetro - Daily sales volumes (boepd) Brazil - boepd Canada - boepd Total Company - Avg daily boepd
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| TSXV: ALV, OTCQX: ALVOF 66.16 64.30 59.19 55.09 50.77 54.72 55.90 7.76 5.73 5.38 6.64 5.30 5.51 6.32 2.02 1.94 1.89 2.15 7.60 2.97 3.54 75.94 71.97 66.46 63.88 63.67 63.20 65.76 87% 89% 89% 86% 80% 87% 85% 0% 20% 40% 60% 80% 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Operating Netback Margin(9) (% of Sales Price) Operating netback - $/boe Operating Netback(9)- $/boe Operating netback - $/boe Production & transportation expenses Royalties Sales price Operating netback margin Operating Netback – Q3 2025 10 Q3 2025 realized price of $65.76/boe Including natural gas sales of $11.04/Mcf Subtract: Q3 2025 royalties of $3.54/boe Effective royalty rate of 5.4% (4.9% in Brazil and 15.7% in Canada). Subtract: Q3 2025 production and transportation expenses of $6.32/boe Production expenses of $6.10/boe and transportation expense of $0.22/boe. =Q3 2025 operating netback of $55.90/boe Increase of $1.18/boe from Q2 2025 due mainly to higher realized prices Q3 2025 operating netback margin of 85% Operating netback as a % of realized sales price * *Includes additional non-recurring royalties arising out of GORR dispute, representing amounts from July 2020 to December 2024. For future periods we expect our Brazilian royalties as a percentage of sales to be approximately 5% to 7%, based on forecasted commodity prices.
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| TSXV: ALV, OTCQX: ALVOF Disciplined Capital Allocation – Balancing Organic Growth & Returns 11 Balanced reinvestment and stakeholder returns since July 2020: • 52% of funds flow from operations dedicated to reinvestment • 47% returned to stakeholders (dividends, repurchases, debt & interest payments, capital lease) • 1% dedicated to building financial resources - 4,000 8,000 12,000 16,000 20,000 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 US$000's Funds Flow From Operations(9) & Capital Allocation Capital expenditures Capital lease Credit Facility payments (interest & repayments) Dividends declared Shares repurchased Funds Flow From Operations Capex 52% Capital lease 6% Credit Facility (Repayments + Interest) 9% Dividends 32% Share repurchases 1% Building cash and working capital 1% Allocation of Funds Flow from Operations July 2020 to September 30, 2025
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| TSXV: ALV, OTCQX: ALVOF Brazilian Organic Growth Plan Near-term goal of 18 MMcfepd Longer-term vision of 35 MMcfepd Caburé Unit and midstream • Gas plant capacity 18+ MMcfpd • Redetermination - Unit working interest and production entitlement increased from 49.1% to 56.2%(12) • Further expand Unit capacity with additional development wells and facility expansion Murucututu (100%) • Field production facilities in-place • Successful 183-A3 Caruaçu well completed in Q3 2024 • 183-D4 follow up well on production in August 2025 • Multi-year development in Gomo and Caruaçu Formations • 2P Reserves, Risked Best Estimate Contingent & Risked Best Estimate Prospective Resource of 4.6 MMboe, 4.5 MMboe & 10.2 MMboe, respectively(4)(7)(10) 12 Bahiagas City Gate Pojuca Power Substation Camacari City Gate Braskem Plant Dax Refinery Alvopetro UPGN Bahiagás City Gate Bahiagás Distribution Pipeline Caburé Field (56%) ALV 183-A3 ALV 197-1 ALV 183-B Alvopetro Pipeline Murucututu Project(100%) ALV 183-D4
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| TSXV: ALV, OTCQX: ALVOF Murucututu (100% ALV) - 183-D4 Caruaçu Development • Based on cased-hole Gamma Ray log and normalized gas while drilling, the 183-D4 well encountered potential natural gas pay in the Caruaçu Member of the Maracangalha Formation, with an aggregate 61 metres total vertical depth (“TVD”) of potential natural gas pay between 2,439 and 2,838 metres TVD • Completed the well in 7 intervals and brought online in August • IP30 rate of 5.8 MMcfpd (165 e3m3/d) and 97 bopd of condensate, with aggregate production from the well of 1,071 boepd over first 30 days 13 ALV 183-A3 ALV 197-1 Caburé Field (56%) Murucututu Project (100%) Alvopetro Pipeline ALV 183-D4 183-D4 Caruaçu gas pay 61 metres TVD >50% Vshale & > normalized 4x background gas Caruaçu Subsea Depth Structure 10m C.I. Caruaçu Sand Trend NDE 183-D4 183-A3 183-1 197-1
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| TSXV: ALV, OTCQX: ALVOF Murucututu Cross section and Area Definitions 14 Caruaçu Subsea Depth Structure 10m C.I. Caruaçu Sand Trend NDE 183-D4 183-A3 183-1 197-1 • At 12/31/2024 GLJ assigned 5.2 BCF of 2P reserves to the 183-D4 location with assumed IP30 productivity of 569 boepd. • Contingent Resource of 4.6 Bcf assigned to sequence 6.3. • Planning an expanded Caruacu focused development program following up on 183-D4 success. LKG -2524m ss WUT -2750m ss Effective Porosity 183-1 183-A3 183-D4 100m 500m SN
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| TSXV: ALV, OTCQX: ALVOF Murucututu – Positioned for Growth 15 • ALV can drill 6+ development wells from 3 existing well pads all connected to our field production facility at 183-1 • Drilled 183-D4 well a follow-up to 183-A3 106m updip Caburé Murucututu
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| TSXV: ALV, OTCQX: ALVOF Murucututu Multi-Year Development Plan 16 • 2P Reserves: 3 existing wells + 5 undeveloped locations (183-D4, 183-D1, 183-A2, Mur-2, Mur-3) • Contingent Resource (best est): 4 development wells • Prospective Resource (best est): 12 additional wells Existing Pipeline Existing Well Future Pipeline Future Well Caburé Block Murucututu Block Caburé Murucututu
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| TSXV: ALV, OTCQX: ALVOF Western Canadian Growth Platform - Mannville Stack Heavy Oil Fairway 17 Expanded AMI • Expanded focus area – Mannville Stack western Saskatchewan • Multi-zone with large amounts of OOIP • Partnered with an established operator with strong track record • Attractive economics through the application of multilateral drilling technology • Shallow depths, lower geological risk, lower drilling costs, high IRR, short times from spud to onstream to payout • Initial AMI (red outline) - 50% working interest in 27.5 sections (8,890 acres net) of land, 4 (2.0 net) wells on production • Expanded AMI (green outline) – agreed to pay 100% of 2 additional wells to earn a 50% interest in 46.9 additional sections (15,010 acres net) • After earning will have a 50% interest in 74.4 sections (23,900 net acres) • Increases our footprint in proven play fairway
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| TSXV: ALV, OTCQX: ALVOF Attractive Economics With Multilateral Drilling Technology 18
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| TSXV: ALV, OTCQX: ALVOF Western Canadian Type Curve Economics Gross Type Well Economics: Capital costs C$1.8 million/well 19 Target Type Well 121,000 bbls recoverable 80% * Target Type Curve 97,000 bbls recoverable WTI Payout (months) IRR NPV10 (MMCAD) Recycle Ratio 60 29 24% $ 0.4 1.6x 70 17 56% $ 1.3 2.2x 80 12 94% $ 2.3 2.9x WTI Payout (months) IRR NPV10 (MMCAD) Recycle Ratio 60 19 47% $ 1.1 2.1x 70 12 94% $ 2.2 2.9x 80 9 153% $ 3.4 3.8x As of Sept 30,2025
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| TSXV: ALV, OTCQX: ALVOF Western Canadian Conceptual Multi-Year Development 20 Assumptions: • Pre-Drill Type Curves: 121 & 97 Mbbl EUR Gross • 12 Gross wells per year starting in 2026 (52 wells total) • Flat WTI: $70USD/BBL
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| TSXV: ALV, OTCQX: ALVOF Why Invest? 21 Results Value Yield Growth
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| TSXV: ALV, OTCQX: ALVOF Calgary, Canada: Alvopetro Energy Ltd. Suite 401, 255 – 17th Avenue SW Calgary, Alberta, Canada T2S 2T8 Tel: (587) 794-4224 Email: info@alvopetro.com Salvador, Brazil: Alvopetro S/A Extração de Petróleo e Gás Natural Rua Ewerton Visco, 290, Boulevard Side Empresarial, Sala 2004, Caminho das Árvores, Salvador-BA CEP 41.820-022 Tel: + 55 (71) 3432-0917 Email: info@alvopetro.com www.alvopetro.com TSXV: ALV OTCQX: ALVOF Icon Description automatically generated Icon Description automatically generated Icon Description automatically generated @AlvopetroEnergy @Alvopetro Alvopetro EnergyAlvopetro Energy Ltd
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| TSXV: ALV, OTCQX: ALVOF Cautionary Statements • Forward Looking Statements. This presentation contains forward-looking statements including forecasted future earnings and sales volumes, forecasted natural gas prices under the Company’s long-term gas sales agreement, the anticipated timing of projects, forecasted royalty rates, future exploration and development plans (including the timing and associated spending of such), the Company’s dividend policy and plans for dividends and other returns to stakeholders in the future, and results from future operations. These statements are based on current assumptions and judgments that involve numerous risks and uncertainties, which may cause actual results to differ from those anticipated. These risks include, but are not limited to: the timing of regulatory licenses and approvals, equipment availability, the impact of pandemics and other worldwide events, the ability to access capital markets, the risks inherent in the oil and gas industry, operational risks relating to exploration, development and production; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production; the outcomes of future redeterminations; the outcomes of disputes; costs and expenses, and health, safety and environmental risks; fluctuations in foreign currency exchange rates and commodity prices; market uncertainty associated with trade or tariff disputes; and general economic conditions. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Certain of these risks are set out in more detail in our 2024 MD&A and in our 2024 Annual Information Form both of which are available on SEDAR+ and can be accessed at www.sedarplus.ca. • Testing and Well Results. There is no representation by Alvopetro that the data relating to any drilling or test results or initial production results contained in this presentation is necessarily indicative of long-term performance or ultimate recovery. The reader is cautioned not to unduly rely on such data as such data may not be indicative of future performance of the well or of expected production or operational results for Alvopetro in the future. Data included herein including net pay and porosities should be considered to be preliminary until further testing, pressure transient analysis and other detailed analysis and interpretation has been completed. • Non-GAAP and Other Financial Measures. This presentation contains financial terms that are not considered measures under International Financial Reporting Standards (“IFRS”), such as average realized natural gas price ($/Mcf), average realized NGL – condensate price ($/bbl), average realized oil price ($/bbl), averaged realize price ($/boe), funds flow from operations, funds flow from operations per share, operating netback, operating netback per boe, operating netback margin, and working capital. For further information and reconciliation to these GAAP measures, see “Non-GAAP and Other Financial Measures” in our most recent MD&A. Operating netback margin is computed as operating netback per boe divided by average realized sales price per boe. This presentation also refers to produ ction replacement ratio. Production replacement ratio is calculated by dividing the change in reserve volumes plus current year production by current year production. For further details on the calculation, see Alvopetro’s press release dated February 26, 2025. The non-GAAP and other financial measures within this presentation may not be comparable to those reported by other companies nor should they be viewed as an alternative to measur es of financial performance calculated in accordance with IFRS. • Boe disclosure. The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equiva lency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil. • Currency. All amounts within this presentation are in U.S. dollars, unless otherwise noted. • Sales volumes. Alvopetro reported volumes are based on sales volumes which, due to the timing of sales deliveries, may differ from production volumes. 23
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| TSXV: ALV, OTCQX: ALVOF Cautionary Statements • Net Present Value and Reserves Disclosed. The net present value of future net revenue attributable to Alvopetro’s reserves is stated without provision for interest costs and general and administrative costs, but after providing for estimated royalties, production costs, development costs, other income, future capital expenditures, well abandonment and reclamation costs for only those wells assigned reserves and material dedicated gathering systems and facilities for only those wells assigned reserves by GLJ Ltd. (“GLJ”) respectively. The GLJ evaluation was dated February 26, 2025, with an effective date of December 31, 2024 (the “GLJ Report”). Full disclosure with respect to the Alvopetro’s reserves as at December 31, 2024 is included in the annual information form for the year-ended December 31, 2024 which has been filed on SEDAR+ (www.sedarplus.ca). It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to the Alvopetro’s reserves estimated by GLJ represent the fair market value of those reserves. Actual reserves may be greater than or less than the estimates provided herein. Possible reserves are those additional reserves that are less certain to be recovered than pro bable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. The GLJ Report incorporates Alvopetro’s working interest share of remaining recoverable reserves as at December 31, 2024. With respect to the Caburé natural gas field, Alvopetro’s working interest was 56.2% as of December 31, 2024 and the net present values disclosed herein are based on this 56.2% working interest. As further discussed in Endnote 12, Alvopetro’s partner is disputing the results of the first redetermination which was completed in 2024. • Prospective Resources. This presentation discloses estimates of Alvopetro’s prospective resources as evaluated by GLJ with an effective date of December 31, 2024. There is no certainty that any portion of the prospective resources will be discovered and even if discovered, there is no certainty that it will be commercially viable to produce any portion. Estimates of prospective resources involve additional risks over estimates of reserves. The accuracy of any resources estimate is a function of the quality and quantity of available data and of engineering interpretation and judgment. While resources presented herein are considered reasonable, the estimates should be accepted with the understanding that reservoir performance subsequent to the date of the estimate may justify revision, either upward or downward. Prospective resources have both a chance of discovery and a chance of development, which combined represent for any undiscovered accumulation its chance of commerciality. Please refer to the not ed news release dated February 26, 2025 for additional information. Supplementary information is included in the Company’s annual information form for the year-ended December 31, 2024 which has been filed on SEDAR+ (www.sedarplus.ca). • Contingent Resources. This news release discloses estimates of Alvopetro’s contingent resources and the net present value associated with net revenues associated with the production of such contingent resources as evaluated by GLJ with an effective date of December 31, 2024. There is no certainty that it will be commercially viable to produce any portion of such contingent resources and the estimated future net revenues do not necessarily represent the fair market value of such contingent resources. Estimates of contingent resources involve additional risks over estimates of reserves. For additional details with respect to Alvopetro’s contingent resources, please refer to our news release dated February 26, 2025. Additional disclosure with respect to the Alvopetro’s contingent resources as at December 31, 2024 has been included in the Company’s annual information form for the year- ended December 31, 2024 which has been filed on SEDAR+ (www.sedarplus.ca). 24
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| TSXV: ALV, OTCQX: ALVOF Endnotes 1. As of November 5, 2025. Average daily trading volume is based on average volumes traded on all Canadian exchanges (TSXV and other Canadian) andon the OTCQX in the six months commencing on May 6, 2025 and ending on November 5, 2025. 2. Enterprise value of $163.5 million is computed as US$ market cap of $165.7 million as of November 5, 2025 adjusted for working capital as of September 30, 2025 of $2.2 million. US$ market cap of $165.7 million is based on C$ share price (TSXV) and 36,732,097 shares outstanding as of November 5, 2025, converted to US$ market cap based on November 5, 2025 exchange rate of C$1.412/$1US. Enterprise value to annualized funds flow from operations is based on the enterprise value as of November 5, 2025 divided by annualized funds flow from operations based on the funds flow from operations for the three months ended September 30, 2025. 3. Working capital as of September 30, 2025. Funds flow from operations for the three months ended September 30, 2025. See ‘Non-GAAP and Other Financial Measures’ in Cautionary Statements. 4. Proved (“1P”) reserves, proved plus probable (“2P”) reserves, and proved plus probable plus possible (“3P”) reserves evaluated by GLJ. On February 26, 2025 Alvopetro announced 1P, 2P and 3P reserves data as of December 31, 2024. Full disclosure with respect to the Company’s December 31, 2024 Reserves is included in the Company’s annual information form for the year-ended December 31, 2024 which has been filed on SEDAR+ (www.sedarplus.ca). Amounts reflected include reserves assigned to the Bom Lugar and Mãe da lua oil fields. On October 72025, Alvopetro announced that it had entered into an agreement to dispose of these fields for total consideration up to $0.6 million, including deferred consideration. The disposition is subject to standard regulatory approvals, including approval by the ANP. 5. Effective January 1, 2025 the natural gas price is set quarterly in Brazilian Real/m3 based on Brent oil equivalent prices and Henry Hub natural gas prices. As of November 1, 2025 our natural gas price is BRL1.81/m3. Realized prices in US$/Mcf will fluctuate with fluctuations in the BRL/USD exchange rate. Our realized natural gas price, net of sales taxes, is estimated at $10.15/Mcf as of November 1, 2025 (based on our average heat content to date and the USD/BRL foreign exchange rate on October 31, 2025 of 5.38). See GLJ Ltd.’s most recent price forecast https://www.gljpc.com/price-forecasts/current-historical-forecasts/. 6. Working capital is computed as current assets less current liabilities. 7. Contingent and Prospective Resources on Alvopetro’s Murucututu property as evaluated by GLJ with an effective date of December 31, 2024. See Alvopetro’s press release dated February 26, 2025 for further details. Additional disclosure is included in the Company’s annual information form for the year-ended December 31, 2024 which has been filed on SEDAR+ (www.sedarplus.ca). 8. For any abbreviations referred to herein, refer to our most recent MD&A or our AIF, both of which are filed on SEDAR+ (www.sedarplus.ca). 9. See ‘Non-GAAP and Other Financial Measures’ in Cautionary Statements. 10. See ‘Prospective Resources’ and/or ‘Contingent Resources’in Cautionary Statements. 11. See ‘Testing and Well Results’ in Cautionary Statements. 12. Alvopetro’s original working interest share of the unitized area (the “Unit”) including Alvopetro’s Caburé and Caburé Leste fields and two fields held by a third-party was 49.1%. The working interest is subject to redetermination, the first of which was completed in April 2024. An independent expert (the “Expert”) was engaged in connection with the first redetermination to evaluate the redetermination and the impact to each party’s working interest. Following the Expert’s decision, Alvopetro’s working interest was increased from 49.1% to 56.2%. The effective date of the redetermined working interest is June 1, 2024. For further details on the Expert decision, refer to Alvopetro’s press release dated April 5, 2024 and to the Material Change Report dated April 12, 2024. Alvopetro’s partner is disputing the Expert decision; however pursuant to a decision of an emergency arbitrator appointed under the International Chamber of Commerce (as announced by Alvopetro on May13, 2024), the decision of the Expert is binding until such time as the matter is reviewed and decided upon by an arbitral tribunal under the Rules of Arbitration of the ICC. The redetermination dispute has proceeded to a full arbitration under the Rules of the ICC; however the timing and outcome of the full arbitration is uncertain and the resulting impact on the reserves and the net present value of future netrevenue attributable to such reserves as presented herein may be material. Further details are available in the Company’s annual information form for the year-ended December 31, 2024 which has been filed on SEDAR+ (www.sedarplus.ca). In addition, future redeterminations may also have a material impact on Alvopetro’s reserves and future cash flows. 25