Corporate PresentationNovember 2021

TSXV: ALVOTCQX: ALVOF

2

Cautionary Statements

• Forward Looking Statements. This presentation contains forward-looking statements including forecasted future earnings and sales volumes, the anticipated timing of projects, 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, the impact of the COVID-19 pandemic, 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, costs and expenses, and health, safety and environmental risks; and fluctuations in foreign currency exchange rates and commodity prices. 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 2020 MD&A and in our 2020 Annual Information Form all of which are available on SEDAR and can be accessed at www.sedar.com.

• Test results. There is no representation by Alvopetro that the data relating to any well test 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.

• Non-GAAP Measures. This presentation contains financial terms that are not considered measures under International Financial Reporting Standards (“IFRS”), such as funds flow from operations, funds flow per share, operating netback, funds flow netback, net debt and net working capital (deficit) surplus. For further information and reconciliation to these GAAP measures, see “Non-GAAP Measures” in our most recent MD&A. This presentation also refers to Net Asset Value, Net Asset Value per Share, and Earnings Before Interest, Tax, Depreciation, and Amortization (“EBITDA”). These measures are commonly utilized in the oil and gas industry and are considered informative for management and shareholders. Net Asset Value represents the value of the underlying assets held by the Company less net debt and Net Asset Value per Share is used to indicate the per unit market value. See Endnote 2 at the end of this presentation for further details as to how Net Asset Value and Net Asset Value per Share is computed. EBITDA is used to measure the Company’s operating performance and the cash available for reinvestment and distribution to stakeholders. Its most comparable GAAP measure is the Company’s net income (loss) and is reconciled to such by adding back depletion and depreciation, impairment, interest and taxes, as presented on the Company’s Statement of Operations and Comprehensive Income (Loss). The non-GAAP measures within this presentation may not be comparable to those reported by other companies nor should they be viewed as an alternative to measures of financial performance calculated in accordance with IFRS.

3

Cautionary Statements

• Net Present Value. 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 March 8, 2021 with an effective date of December 31, 2020 (the “GLJ Report”). Full disclosure with respect to the Alvopetro’s reserves as at December 31, 2020 is included in the annual information form which is filed on SEDAR (www.sedar.com). It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to the Alvopetro’s reserves estimated 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 probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

• Prospective Resources. This presentation discloses estimates of Alvopetro’s prospective resources as evaluated by GLJ with an effective date of July 31, 2020 (as announced by Alvopetro on September 8, 2020) and as evaluated by GLJ with an effective date of December 31, 2020 (as announced by Alvopetro on March 23, 2021). 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 noted news releases dated September 8, 2020 and March 23, 2021 for additional information as well as supplementary information contained in the Company’s annual information form which has been filed on SEDAR.

• Contingent Resources. This news release discloses estimates of Alvopetro’s contingent resources and the net present value associated with net revenuesassociated with the production of such contingent resources as evaluated by GLJ with an effective date of December 31, 2020 (as announced by the Company on March 23, 2021). 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 March 23, 2021 and supplementary information contained in Alvopetro’s annual information form for the year-ended December 31, 2020 which has been filed on SEDAR (www.sedar.com).

• Currency. All amounts within this presentation are in U.S. dollars, unless otherwise noted.

4

Alvopetro - A Leading Brazilian Independent Gas Company

First Brazilian integrated onshore natural gas producer

• 9.6 mmboe 2P (88% natural gas) with focus on core Caburé field & Gomo tight gas potential

• Strategic midstream infrastructure to support organic growth (100% working interest)

• Near-term high impact exploration and tight gas development catalysts

Balanced reinvestment and stakeholder return model – accelerated shareholder dividends

• Supported by low leverage, high margins, and strong cash flows

• Already repaid 57% of initial project finance loan ($6.5 million outstanding)

• Quarterly dividend of $0.06/share to shareholders of record on September 29, 2021

Strong operating and financial results well ahead of expectations

• Strong production averaging 2,086 boepd in 1st year of operations, 2,382 boepd in October

• Gas sales to AA-rated offtaker, realized price +24% to $7.01/mcf (5) effective Aug 1/21

• 2021 EBITDA guidance increased from $17 million to over $23 million (+35%)

Proven management team with successful LatAm track record

• Experience building and managing growth portfolios from 0 to 40+ kboe/d at Petrominerales (Colombia) and Pacalta Resources (Ecuador)

• Managed successful exits of both businesses, generating ~$2.8 billion in proceeds

Demonstrated ESG commitment

• Our commitment to social and environmental responsibility takes us beyond regulations

• Delivering affordable clean energy to the local community

• 53% reduction in greenhouse gas emissions when compared to fuel oil

All references to “$” refers to U.S. dollars. C$ refers to Canadian dollars

5

Brazil a Growing Market with Attractive Fundamentals

Resources:

World Bank; ANP.gov.br - Development Perspective presentation (May 2018), Pre-Salt Exploration presentation (May 2018), Brazilian O&G Market Revival presentation (May 2018),

ANP presentation, Pathway for Energy Transition post COVID-19 (June 2020)

Brazil is ripe for growth -- carrying out the most pro-business reforms in the past year (World Bank)

Brazil

New natural gas market. 48% of supply is currently imported

Largest oil producer in S. America and 9th

globally

World’s 9th largest economy

Significant growth opportunities through Petrobras divestments

Attractive fiscal regime with 5.5-11% royalties & 15%-34% income tax

Stable regulatory framework attracting new investments

6

State of Bahia – Reconcavo Basin

• Oldest producing basin in Brazil

• Reconcavo Basin: 23.9 mbopd + 2.2 e6m3/d (77 mmcf/d)

• Brazil's 4th largest city Salvador (pop 2.9 million)

• Important natural harbor All Saints Bay

• Major industrial complex Camacari

• Alvopetro SA operating in Brazil since 2006, acquired blocks in Rounds 7, 9, 11, 12, & 13

• Alvopetro produces 18% of Basin's natural gas production

• Brazil’s 14th largest producer

• First independently owned UPGN (gas processing facility)

• First independent gas sales agreement with the local distribution company

7

Corporate Overview – Operating and Financial Results

Financial & Reserves

Cash ($000’s) (3) $8,084

Working capital net of debt($000’s) (3),(7) $294

Q3 2021 funds flow from operations ($000’s) (3) $7,930

- Per basic/diluted share $0.24/$0.22

2P reserves (mboe) (4) 9,593

2P reserve life index (years) 13.7

Net asset value ($000’s) (2) $195,509

Net asset value per share (2) C$7.21/$5.79

Capital structure

Common shares outstanding (000’s) (1) 33,776

November 9, 2021 share price(1) C$4.95/$3.95

52 week high/low–C$/share (1) C$5.26/C$1.62

Q3 2021 dividend per common share $0.06

Annualized yield at last share price 6.1%

Market cap (000’s) (1) C$167,193/$133,416

Insider ownership % (1) 10.9%

Q3 2021 Operating Netback

Average realized prices(3)

Natural gas ($/mcf) 7.07

NGL – condensate ($/bbl) 79.36

Oil ($/bbl) 61.11

Total ($/boe) 44.04

Operating netback ($/boe) (3)

Realized sales price 44.04

Royalties (4.02)

Production expenses (3.64)

Operating netbackFunds flow netback(3)

36.3835.05

All references to “$” refers to U.S. dollars. C$ refers to Canadian dollars

8

• Upstream – core asset is a joint development of a conventional natural gas discovery - ALV 49.1% (light blue )

• Unitized development area - 7 wells and all production facilities

• Designed gross production plateau 15.9 mmcf/d (450 e3m3)

-

7.5

15.0

22.5

30.0

37.5

-

3.0

6.0

9.0

12.0

1 2 3 4 5 6 7 8 9 10 11

Caburé ALV Gas Production profile (Case: 2P)*Mmscf/d Bcf

Average daily production (mmcf/d)

Cumulative production (Bcf)

*Caburé only, ALV company working interest, based on

GLJ 12/31/20 reserve report forecast

Caburé – Asset Overview (49.1% ALV)

Virtual Field Tour: https://www.youtube.com/watch?v=p1AvDNX0YXk&t=16s

9

• ALV owned 11-km transfer pipeline from the Unit (red )

• ALV Gas Plant (UPGN) constructed by Enerflex with 18 mmcfpd capacity

• Bahiagás 15-km pipeline (black ) & 70 mmcfpd citygateat our plant site completed in July 2020

• The first non-Petrobras gas plant in state of Bahia capable of delivering ANP sales specified natural gas

• Gas deliveries commenced on July 5, 2020

• Precedent setting long-term GSA signed with Bahiagas gas distribution company (majority owned by Mitsui – Fitch AA rating)

• Gas price floor of US$5.52/mmbtu and cap of US$9.38/mmbtu (indexed to US CPI) as of August 1, 2021

• Current natural gas price: August 1, 2021 – January 31, 2022 of BRL$1.31/m3 (+24%), US$7.01/mcf(5)*

• Forecasted natural gas price: February 1, 2022 to July 31, 2022 of BRL$1.90/m3 (+45%), US$10.15/mcf(5)*

• Highly strategic legacy asset that positions ALV to unlock remaining natural gas potential

Midstream - Infrastructure & Marketing (100% ALV)

*Natural gas prices will be impacted by fluctuations in BRL/USD currency exchange. Gas

volumes are heat-content adjusted so that Alvopetro receives payments on an energy basis.

10

Gas Treatment Facility and City Gate (100% ALV)

N

Virtual Field Tour: https://www.youtube.com/watch?v=p1AvDNX0YXk&t=16s

11

ESG – First Year of Caburé Operations

12

Growth Plan (100% working interest)

• Highly under-explored prospective land base (23,527 acres, 100% working interest)

• Eight exploration prospects identified, supported by high quality reprocessed seismic

• Exploration program with unrisked prospective resource evaluated by GLJ (best estimate)(8):

• ALV-182-C1 4.6 mmboe

• ALV-183-B1 5.9 mmboe

• Gomo/Murucututu tight gas play

– 183(1) tie-in early 2022

– Broader development plan starting in 2022

– MURS1 fit-for purpose development well,with uphole conventional exploration potential

• Petrobras divesting all onshore production

• Midstream processing opportunities

Objective is to fully utilize our strategic midstream assets (18 mmcfpd)

13

Reserves & Resources – Near-term Catalysts

Reserves (mboe) 1P 2P 3P

Caburé 4,098 6,018 7,668

Gomo 843 3,276 5,951

Other 167 300 589

Total Company Reserves(4) 5,108 9,593 14,209

Resource (mboe) Low Best High

Risked Contingent – Gomo(9) 2,874 3,451 5,665

Risked Prospective - Gomo(9) 6,555 12,072 17,827

Unrisked Prospective – 183-B1(8) 2,065 5,901 13,429

Unrisked Prospective – 182-C1(8) 1,168 4,618 16,757

Risked Prospective – 183-B1(8) 901 2,574 5,859

Risked Prospective – 182-C1(8) 545 2,157 7,825

Resource NPV10BT ($000’s) Low Best High

Risked Contingent - Gomo(9) 31,329 37,711 70,937

Risked Prospective - Gomo(9) 65,565 144,784 220,437

Reserves NPV10BT ($000’s) 1P 2P 3P

Caburé 107,524 146,901 177,496

Gomo 8,047 44,389 88,751

Other 893 3,925 8,569

Total Company Reserves(4) 116,463 195,215 274,816

14

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

Consistent growth and execution has generated a 843% (1) shareholder return since 2018

Track Record of Delivery

Caburé Unitization & Signed GSA

• The unitization agreement at Cabure encompasses 4 existing wells the first of which was drilled in 2014

• After considerable time and effort, that agreement was finalized between all commercial and regulatory participants, paving the way for the eventual monetization of the asset

April-May 2018 October 2018 Through June 2019 September 2019 Mid 2019 - May 2020 July 5, 2020

Equity Support for Project Development

• Completed a private placement for aggregate gross proceeds of C$5.2mm ($4.0mm)

• The Placement was priced at C$0.45/sh($0.35/sh), equal to the 5-day VWAP

• The transaction brought in strategic US investors

• Underpinned listing on OTCQX"

Award Development Contracts

• UPGN facility & operating agreement

• 11km transfer pipeline contract award

• Environmental licenses and ANP authorizations received

Project Financing Secured

• Entered into a $15mm Credit Agreement with Cordiant Capital

• The Facility is secured by all of Alvopetro's assets, matures in 3 years and bears a 9.5% interest rate, payable monthly

• The net proceeds funded: exploration drilling; Cabure Transfer Pipeline; Gas Treatment Facility; Caburé & Gomo development costs

PortfolioGrowth

• Unit facilities construction & development drilling increased 2P reserves by 30% to 7.9 mmboe

• Completed final construction of Caburé development

• Stimulated and tested 183(1) Gomo well

First Caburé Gas

• Gas sales commenced July 5, 2020

• Supports shareholder returns, and organic growth

• Increased 2P reserves by 21% to 9.6 mmboe

• September 7, 2021: Completed effective 3:1 share consolidation and repurchased 1.3% of shares outstanding

July 2020>

• Strong first year of operations: 2,086 boepd, funds flow from operations $18.1 million

• Q3 2021: 2,459 boepd• Forecasted 2021 EBITDA

>$23 million• Repaid 57% of project

debt financing to-date• Completed effective 3:1

share consolidation and repurchased 1.3% of shares outstanding

• Quarterly dividends commenced in Q3 2021 at $0.06/share

Exceeding Expectations

15

Why Invest?

• Stable production profile with little to no maintenance capital and a 13.7-year reserve lifeindex

• Highly strategic infrastructure in heart of the Basin near major industrial demand

• Attractive long-term gas sales agreement with $5.52/mmbtu floor price, realized priceincrease 24% to $7.01/mcf effective August 1, 2021, forecasting further increase to$10.15/mcf effective February 1, 2022 (5)

• High margin production – Q3 2021 operating netback of $36.38/boe and funds flow fromoperations of $7.9 million ($0.24 per basic share and $0.22 diluted share)

• 2021 EBITDA guidance increased from $17 million to >$23 million (+35%)

• Low leverage with working capital exceeding debt by $0.3 million(7)

• Disciplined & balanced stakeholder return and reinvestment model

• Commenced quarterly dividends in Q3 2021 at $0.06/share

• Strong organic growth plan

• Near-term, high-impact exploration catalysts + Gomo development upside

• Attractive valuation relative to Brazilian peers – trading at 69% of 2P NAV

Virtual Field Tour: https://www.youtube.com/watch?v=p1AvDNX0YXk&t=16s

16

Calgary, Canada:

Alvopetro Energy Ltd.

Suite 1920, 215 – 9th Avenue SW

Calgary, Alberta, Canada

T2P 1K3

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

@AlvopetroEnergy @Alvopetro Alvopetro EnergyAlvopetro Energy Ltd

17

Endnotes

1. As of November 9, 2021. C$ share price and C$ market cap (TSXV), $ share price and $ market cap (OTCQX). Share price return 2018-2020 YTD from December 29, 2017 to November 9, 2021(TSXV). All share prices have been adjusted for effective 3:1 consolidation following September 7, 2021 share restructuring.

2. Net Asset Value of $195.5 million ($5.79/share, C$7.21/share) includes; 2P NPV10 before tax of $195.2 million of reserves as evaluated by GLJ as at 12/31/20 plus working capital, net of debt of $0.3 million as of September 30, 2021.Per share value based on 33,776,234 shares outstanding as of November 9, 2021. C$/share based on November, 2021 exchange rate of C$1.2448/$1US.

3. Cash balance and working capital, net of debt as of September 30, 2021. Operating netback and funds flow from operations for three months ended September 30, 2021.

4. Proved (“1P”) reserves, proved plus probable (“2P”) reserves, and proved plus probable plus possible (“3P”) reserves evaluated by GLJ as of December 31, 2020.

5. The natural gas price is set semi-annually in Brazilian Real/m3. US$ price of $7.01/mcf as of August 1, 2021 based on average heat content to date of 7% and October

31, 2021 foreign exchange rate of 5.643. The natural gas price as of February 1, 2022 of BRL1.90/m3 and US$10.15/mcf is based on actual commodity prices to

October 31, 2021, forecasted commodity prices by GLJ Ltd. as of October 1, 2021, our average heat content to date of 107%, the October 31, 2021 foreign exchange

rate of 5.643 and US CPI inflation to September 30, 2021. Actual realized prices in US$/mcf will fluctuate with fluctuations in the BRL/USD exchange rate. See GLJ’s

price forecast at https://www.gljpc.com/sites/default/files/pricing/oct21.pdf.

6. Based on EIA & EPA average energy and emissions intensities.

7. Working capital net of debt is computed as net working capital surplus decreased by the carrying amount of the Credit Facility. As of September 30, 2021, the net working capital surplus of $6.8 million exceeds the carrying amount of the Credit Facility by $0.3 million. Undiscovered Petroleum Initially in Place (“UPIIP”) and Prospective Resources evaluated by GLJ with an effective date of July 31, 2020. See Alvopetro press release dated September 8, 2020 for further details. UPIIP values do not include an implied truncation for minimum economic field size. Prospective resources have been truncated for minimum economic field size of 2.2 BCF. Prospective resources have both a chance of discovery and a chance of development, which combined represent for any undiscovered accumulation its chance of commerciality. For the 182-C1 prospect, the chance of discovery is 0.48, with a chance of development of 0.98, for an overall chance of commerciality of 0.47. For the 183-B1 prospect, the chance of discovery is 0.44, with a chance of development of 1.00, for a chance of commerciality of 0.44. The chance of commerciality has been included in the estimation of the risked prospective resources.

8. Contingent and Prospective Resources on Alvopetro’s Gomo property as evaluated by GLJ with an effective date of December 31, 2020. See Alvopetro press release

dated March 23, 2021, for further details and supplementary information contained in the Company’s annual information form which has been filed on SEDAR

(www.sedar.com).

Appendix

Additional Technical Materials

19

Natural Gas Exploration Drilling Program (100% ALV)

• ALV-182-C1 & ALV-183-B1 Pre-Rift natural gas prospects (100% WI)

• Unrisked prospective resource evaluated by GLJ (best estimate)(8)

• ALV-182-C1 4.6 mmboe (47% COS)• ALV-183-B1 5.9 mmboe (44% COS)

• Prospects defined on reprocessed 3D seismic data

• Key analog fields• Biriba OGIP 55 BCF (9.2 mmboe)• Sussuarana OGIP 26 BCF (4.3 mmboe)

Miranga

Biriba

SussuaranaRio Pojuca

Tie

Riacho Sao Pedro

Caburé

Agua Grande

Fazenda Belem

Mata Sao Joao

Jaquipe

Remanso

ALV-182-C1

ALV-183-B1

A

A’

20

Gomo Deep Basin Natural Gas Resource (100% ALV)

• 5,460-acre tight gas resource

• Confirmed natural gas resource in 197-1 and 183-1 wells

• Environmental permit for 8-km tie-in approved. Initiated installation.

• 2P reserves 3.3mmboe (19.7 Bcfe) (4) including two development locations at 183-1

• Best Estimate Risked Contingent Resource 3.5mmboe (20.7Bcfe)(9)

• Best Estimate Risked Prospective Resource 12.1mmboe (72.4Bcfe)(9)

• Planning “fit for purpose” development wells

183-

1197-

1

Jan2

A A’

Tested Gas

3275m

3550m

21

Indicative Gomo/Murucututu Development Plan

22

BasementBasement

SussuaranaBiriba

A A’

A”

182-C1 Block

183-B1 Block

• 3100 meters TVD (100% WI)• Gas prospect defined on

reprocessed 3D seismic• 1300-acre Pre-Rift prospect• Seal potential for Agua Grande

Fm and Sergi Fm similar to the fault set up for the offsetting Biriba analog gas field

• Sand/sand juxtaposition in analogs indicates sealing faults

ALV-183-B1 Pre-Rift Agua Grande/Sergi Gas Prospect

A

A’

A”

• GLJ independent prospective resource assessment, gross lease unrisked prospective resource 5.9 mmboe(8)

• 44% chance of discovery, 100% chance of development

23

ALV-182-C1 Agua Grande/Sergi Gas Prospect

• 2900 meters TVD (100% WI)• 780-acre pre-rift prospect, maximum

column height 135m• Gas prospect defined on reprocessed

3D seismic• Seal potential is excellent for Sergi Fm

juxtaposed against basement. Agua Grande Fm is juxtaposed against Afligidos shale

• GLJ independent prospective resource assessment gross lease unrisked prospective resource 4.6 mmboe(8)

• 48% chance of discovery, 98% chance of development

3FBL 0007 BA well projected 9km (closest well to penetrate below Sergi)

Basement

Basement

Sergi

Sergi

Pitanga

NW SE

24

Gomo Development Plan – Reserves and Resource

Development Plans• Reserves: Pipeline to current well locations. 2 development wells • Contingent Resource: 4 additional development wells from the current well locations• Prospective Resource: 10 additional wellbores from 3 future multi-well development

locations. Additional pipeline capacity for increased production.

25

Gomo Development: Single Well Economics

2P assessment (GLJ):• 5.2Bcf sales gas+129mbbls

of condensate = 1.0 mmboe• Year 1 average production rate:

1.34 mmcfpd, 257 boepd(including condensate)

• Field condensate rate is 24bbl/mmcf. Sales based on field heat content (no assumption for UPGN condensate yield)

• Capex: $5.8MM• F&D: $5.80/boe• First year NOI: $3.5MM• Full cycle IRR: 45%• Simple payout: 1.8 years