The Rising Influence of Rising Affluence

[Bluewingcap]

ALVOF is hitting it's stride these days. In spite of some disappointing drilling in 2022, the company increased production and 2P reserves, paid off ALL debt, and is returning cash to investors at a furious pace while organically funding the next leg of growth. The upcoming dividend is $0.14/share ($0.56/share annualized). That's more than a 10% yield at current prices. I am most excited about the share repurchase program, as it will provide much needed liquidity in the market. The stock remains fundamentally cheap.

President & CEO, Corey C. Ruttan commented:

"We are very pleased with our 2022 results, from revenues of $63.5 million we generated $49.9 million of funds flow from operations and net income of $31.7 million, increases of 82%, 102% and 467% respectively, year over year. This represents industry leading operating netback margins underpinning our disciplined capital allocation model that balances organic growth and stakeholder returns. Since commencing production from our Caburé project in 2020, we have repaid all outstanding debt and today's announcement represents the third increase in our quarterly dividend since Q1 2022. With this, we will have already returned $22 million ($0.62/share) to shareholders in the form of dividends. We are also firmly focused on our next phase of growth and are looking forward to an exciting 2023 capital program."