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electroCore Announces Changes to its Board of Directors

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electroCore Announces Changes to its Board of Directors

News and Market Data on electroCore

 

Julie Bruzzone Goldstein and Tricia Wilber to join the Board, adding significant marketing, media and brand strategy experience

ROCKAWAY, N.J., 
March 09, 2022 (GLOBE NEWSWIRE) — 
electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company, today announced the appointment of  Julie Bruzzone Goldstein and  Tricia Wilber to the company’s Board of Directors effective 
March 15, 2022. The Company also announced that effective 
March 4, 2022, Dr.  Stephen Ondra is resigning from the Board to focus on his new role as Chief Medical Advisor at MITRE, and  Michael Atieh will not be standing for re-election to the Board at the 2022 Annual General Meeting.  

“Ms. Goldstein and  Ms. Wilber are successful business leaders with proven track records, and I am pleased to welcome them to our Board,” said  Peter Cuneo, Chairman of the Board of Directors of electroCore. “As the company continues to invest in direct-to-consumer initiatives, their breadth of knowledge and experience will add significant value as we seek to expand the reach and impact of our therapies. These appointments are great additions to our Board of Directors, and we look forward to their contributions.”    

Mr. Cuneo continued, “I would like to recognize and thank  Mr. Atieh and  Dr. Ondra for their long service and myriad contributions to the Company. Their leadership and dedication, Mr. Atieh’s role as our previous Chairman, and both Directors’ service on various committees, have greatly advanced our business. Both  Mr. Atieh and  Dr. Ondra will remain available to the Company as advisors to the Chairman and CEO. We wish them continued success in their future endeavors.”

Ms. Goldstein brings to electroCore more than 30 years of leadership expertise in product, media and entertainment marketing, which spans a career in radio, television, music and theater. Ms. Goldstein’s specific expertise includes operations, sales development, advertising, and project management. She has also spearheaded many major national and international marketing campaigns. She worked as a 
Broadway producer for the musical, First Date, and served in senior marketing positions, artist development and media-sales at JIVE Records, TV Guide Television Network, RCA Records, 
Virgin Records and multiple radio stations. As a key player, her expertise around spending and strategic marketing techniques contributed to RCA’s turnaround. She received the Billboard Magazine’s Radio Promotion Director of the Year, Bertelsmann Key Management Award, and 
Virgin Records Promotion Director of the Year.  Ms. Goldstein holds a Bachelor of Arts in Communications and Social Welfare from 
California State University at Chico. 

During her distinguished career,  Ms. Wilber has been a Chief Marketing Officer, global business strategist, and board member who delivers organizational and cultural transformation for branding. She is a pioneer in new franchise models and branded partnerships.  Ms. Wilber last served as the Executive Vice President, CMO, and Managing Director of Partnerships, EMEA, the highest position in the marketing department at 
Disney, where she drove growth for Walt Disney Company’s marquee brands by leading marketing and communications for 
Disney, Pixar, Star Wars, and Marvel. Additionally, she established and led EMEA’s 40-country integrated marketing, franchise and partnership functions, including a major reorganization of the EMEA channels to boost growth and profitability by significantly reducing expenses. She served as a Director for the board of 
Euro Disney SCA, and served as a member of the board of directors of 
Magical Cruise Company, more commonly known as 
Disney Cruise Line.  Ms. Wilber holds a Bachelor of Arts in History from 
Brown University.

About electroCore, Inc.
electroCore, Inc. is a commercial stage bioelectronic medicine company dedicated to improving patient outcomes through its non-invasive vagus nerve stimulation therapy platform, initially focused on the treatment of multiple conditions in neurology. The company’s current indications are the preventive treatment of cluster headache and migraine, the acute treatment of migraine and episodic cluster headache, the acute and preventive treatment of migraines in adolescents, and paroxysmal hemicrania and hemicrania continua in adults.

Forward-Looking Statements
This press release and other written and oral statements made by representatives of electroCore may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about electroCore’s business prospects and clinical and product development plans (including with respect to enrollment in ongoing studies); its pipeline or potential markets for its technologies; the timing, outcome and impact of regulatory, clinical and commercial developments including online, e-commerce, direct-to-consumer channels, telehealth portal, and cash pay initiatives; the issuance of 
U.S. and international patents providing expanded IP coverage; the possibility of future business models and revenue streams from the company’s potential use of nVNS for the acute treatment of PTSD, stroke and hemorrhagic brain injury, the potential of nVNS generally and gammaCore in particular and other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “believes,” “intends,” other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore™, the potential impact and effects of COVID-19 on the business of electroCore, electroCore’s results of operations and financial performance, and any measures electroCore has and may take in response to COVID-19 and any expectations electroCore may have with respect thereto, competition in the industry in which electroCore operates and overall market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the 
SEC available at www.sec.gov.

For more information, visit www.electrocore.com.

Investors:
Rich Cockrell

CG Capital
404-736-3838
ecor@cg.capital
or
Media Contact:
Jackie Dorsky
electroCore
908-313-6331
Jackie.dorsky@electrocore.com

PDS Biotechnology Announces Conference Call and Webcast for Fourth Quarter and Full Year 2021 Financial Results

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PDS Biotechnology Announces Conference Call and Webcast for Fourth Quarter and Full Year 2021 Financial Results

Research, News, and Market Data on PDS Biotech

 

FLORHAM PARK, N.J., March 09, 2022 (GLOBE NEWSWIRE) — PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing novel cancer therapies and infectious disease vaccines based on the Company’s proprietary Versamune® and Infectimune™ T-cell activating technologies, today announced the Company will release financial results for the three- and twelve-month periods ended December 31, 2021, on Wednesday, March 23, 2022, before the market opens. Following the release, management will host a conference call to review the financial results and provide a business update.

The conference call is scheduled to begin at 8:00 AM EDT on Wednesday, March 23, 2021. Participants should dial 877-407-3088 (United States) or 201-389-0927 (International) and mention PDS Biotechnology. A live webcast of the conference call will also be available on the investor relations page of the Company’s website at www.pdsbiotech.com. After the live webcast, the event will be archived on PDS Biotech’s website for six months.

About PDS Biotechnology
PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of cancer and infectious disease immunotherapies based on the Company’s proprietary Versamune® and Infectimune™ T-cell activating technology platforms. Our Versamune®-based products have demonstrated the potential to overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them.  The Company’s pipeline products address various cancers including HPV16-associated cancers (anal, cervical, head and neck, penile, vaginal, vulvar) and breast, colon, lung, prostate and ovarian cancers.  

Our Infectimune™ -based vaccines have demonstrated the potential to induce not only robust and durable neutralizing antibody responses, but also powerful T-cell responses including long-lasting memory T-cell responses. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.

Investor Contact:
Rich Cockrell
CG Capital
Phone: +1 (404) 736-3838
pdsb@cg.capital 

Lifeist Portfolio Company, Mikra, Begins Presales of CELLF™

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Lifeist Portfolio Company, Mikra, Begins Presales of CELLF™

Research, News, and Market Data on Lifeist Wellness

 

With a waitlist of over 40,000 subscribers, Mikra launches presale of innovative cellular therapeutic to help combat oxidative stress

TORONTO, March 09, 2022 (GLOBE NEWSWIRE) — Lifeist Wellness Inc. (“Lifeist” or the “Company”) (TSXV: LFST) (FRANKFURT: M5B) (OTCMKTS: NXTTF), a health-tech company that leverages advancements in science and technology to build breakthrough companies that transform human wellness, today announced a number of business updates regarding its wholly owned U.S. subsidiary, Mikra, Cellular Sciences Inc. (“Mikra”), including the commencement of presales in the U.S. for its novel cellular therapeutic compound, CELLF™, targeted at combating oxidative stress.

“Lifeist’s U.S. portfolio company Mikra is demonstrating meaningful momentum with today’s launch of presale activities for CELLF™, founded upon clear consumer research insight,” said Meni Morim, CEO of Lifeist. “We believe that Mikra has the real potential to help accelerate Lifeist’s path to profitability and value creation for shareholders, while simultaneously improving human health and wellness, and we fully support Faraaz and the team’s plan.”

Added Faraaz Jamal, COO of Lifeist and CEO of Mikra, “We are building a different type of biological sciences company. The real health crisis is not reduced longevity. Humans are living longer, but they’re not able to enjoy those extra years because they’re plagued with many chronic issues. But it’s so hard for us to evaluate longevity or health span because it requires lifetimes. Multi-omics data is the name of the game now – we’ve entered an era of precision medicine and wellness. For every product we launch, we look at how it affects you on a cellular level by mapping what gene expression pathways are triggered, positively and negatively. That way, we know that our product is actually affecting you positively at the most microscopic level: your cells.”

Mikra, Cellular Sciences has commenced its genomic and transcriptomic clinical trials to gather evidence for CELLF™ at a molecular and cellular level.

Lifeist recognizes Mikra’s potential to help accelerate the Company’s path to profitability and increasing its total addressable markets outside of Canada, through a predominantly subscription based product pipeline, differentiated through its transparent R&D pillar that pledges rigorous clinical testing, the sharing of test result data, and launching new and improved iterations of existing products. With this unique selling point, Mikra intends to drive consumer trust and capture share of a $105 billion U.S. nutraceutical market through clear distribution pathways both online and offline.

Lifeist has approved a budgetary allocation to Mikra of up to $8.5 million for the fiscal year 2022, subject to ongoing achievement of internal milestones governing each new product, and assuming reinvestment of all anticipated Mikra profits back into Mikra.

CELLF[1] Presale Commences

With a waitlist of over 40,000 subscribers and positive feedback at levels of testing, Mikra has launched presale of its innovative cellular therapeutic CELLF to help combat oxidative stress, which may manifest in symptoms such as systemic fatigue, inflammation, and brain fog.

Monthly subscriptions at www.wearemikra.com start at US$88.00 + applicable taxes, for a 30-day supply of 10ml single-serve sachets, with sales on Amazon USA targeted to commence shortly afterward. With respect to distribution in Canada, Mikra is in the process of obtaining a Natural Product Number (NPN) from Health Canada. Subject to NPN receipt, Mikra anticipates launching a Canadian retail distribution strategy in calendar Q3 2022.

Mikra’s Data-Driven Product Pipeline

Mikra subscribes to the mentality that nutraceuticals specifically meant to affect change at a cellular level should be more akin to how software and pharmaceutical companies continually improve and upgrade their products. To do so Mikra is partnering with precision clinical partners, commencing with InVivo Biosystems, to accurately evaluate CELLF on a cellular level and to better understand, with precision and speed, which human cellular pathways relate to healthy aging and performance. This insight will fuel CELLF’s data warehouse creating a pipeline of iterative and more effective versions of CELLF. Mikra intends to share publicly complete data on all trials related to CELLF, adhering to Mikra’s brand pillar of “Transparent R&D” ensuring a changelog for all subsequent versions of CELLF.

Complementing this transparent R&D approach, Mikra is in the process of establishing a scientific advisory group, composed of distinguished physicians and medical researchers to consult on CELLF iterations and new products in development.

As part of Mikra’s marketing activities, Mikra has concurrently issued a U.S. consumer facing press release found here.

About Lifeist Wellness Inc.

Sitting at the forefront of the post-pandemic wellness revolution, Lifeist leverages advancements in science and technology to build breakthrough companies that transform human wellness. Portfolio business units include: CannMart, which operates a B2B wholesale distribution business facilitating recreational cannabis sales to Canadian provincial government control boards; CannMart Labs, a BHO extraction facility for the production of high margin cannabis 2.0 products; the CannMart.com marketplace, which provides U.S. customers with access to hemp-derived CBD and smoking accessories; Australian Vapes, the country’s largest online retailer of vaporizers and accessories; Findify, a leading AI-powered search and discovery platform; and Mikra, a biosciences and consumer wellness company seeking to develop innovative therapies for cellular health.

Information on Lifeist and its businesses can be accessed through the links below:

www.lifeist.com
www.cannmart.com
www.australianvaporizers.com.au
www.wearemikra.com

Contacts

Lifeist Wellness Inc.
Meni Morim, CEO
Matt Chesler, CFA, Investor Relations
Ph: 647-362-0390
Email: ir@lifeist.com 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.

Forward Looking Information

This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen.

The forward-looking information contained herein, including, without limitation, statements related to Mikra’s contribution to the Company’s anticipated path to profitability and value creation for shareholders, the anticipated therapeutic benefits of Mikra’s first product CELLF™, the anticipated budget allocated to Mikra’s development and the development of its products, the establishment of a scientific advisory group and the launch of Mikra’s Canadian retail strategy in the third quarter of this calendar year are made as of the date of this news release and is based on assumptions management believed to be reasonable at the time such statements were made, including, without limitation, that: pre-clinical trials will prove successful, the Company’s previously filed application for a patent will be granted, expectations that CELLF will gain market acceptance along with the expansion of the market for nutraceutical products, expectations that the allocated budget to Mikra will be sufficient to pursue its business strategy as anticipated and that future sales of Mikra’s products through a subscription based model is the appropriate sales model to contribute to the Company’s path to profitability, Mikra will be able to attract the distinguished medical personnel it seeks to consult on iterations of CELLF™ and new products in development, Mikra will obtain a Natural Product Number from Health Canada, in a timely manner, enabling Mikra to distribute products in Canada, management’s perceptions of the Company’s standing in the online marketplace for nutraceutical and well products, Lifeist’s beliefs regarding the expected demand for nutraceutical and wellness products and the expected growth of the nutraceutical market, the timing of product availability, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: unforeseen developments that would delay Mikra’s ability to launch CELLF as anticipated and in a timely manner, the risk that preclinical trials are not as successful as anticipated and do not demonstrate the expected therapeutic benefits and/or fail to strengthen the Company’s patent claim, the risk that the expected demand for nutraceutical products in general and those of Mikra in particular does not develop as anticipated, the failure to convert the current number of subscribers on the pre-sales waitlist to actual sales, the inability to attract qualified physicians and medical researchers to consult on product development, the failure to obtain the requisite Natural Product Number from Health Canada resulting in Mikra not being able to distribute products in Canada, unforeseen budgetary constraints, redeployment of capital and/or Mikra’s failure to meet internal milestones governing the development of any new product, regulatory risk, risks relating to the Company’s ability to execute its business strategy and the benefits realizable therefrom and risks specifically related to the Company’s operations. Additional risk factors can also be found in the Company’s current MD&A and annual information form, both of which have been filed under the Company’s SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Source: Lifeist Wellness Inc.

Ayala Pharmaceuticals to Present at the 32nd Annual Oppenheimer Healthcare Conference

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Ayala Pharmaceuticals to Present at the 32nd Annual Oppenheimer Healthcare Conference

Research, News, and Market Data on Ayala Pharmaceuticals

 

REHOVOT, Israel and WILMINGTON, Del., March 09, 2022 (GLOBE NEWSWIRE) — Ayala Pharmaceuticals, Inc. (Nasdaq: AYLA), a clinical-stage oncology company focused on developing and commercializing small molecule therapeutics for patients suffering from rare and aggressive cancers, primarily in genetically defined patient populations, today announced that it will present at the 32nd Annual Oppenheimer Healthcare Conference, taking place on March 15-17, 2022. The company will also participate in one-on-one investor meetings at the conference.

Details on the presentation can be found below.

32nd Annual Oppenheimer Healthcare Conference
 
Format: Virtual Presentation
   
Date: Tuesday, March 15, 2022
   
Time: 10:40 AM – 11:10 AM EDT

A webcast of the presentation will be available on the “Events and Presentations” section of the Ayala Pharmaceuticals website.

About Ayala Pharmaceuticals
Ayala Pharmaceuticals, Inc. is a clinical-stage oncology company focused on developing and commercializing small molecule therapeutics for patients suffering from rare and aggressive cancers, primarily in genetically defined patient populations. Ayala’s approach is focused on predicating, identifying and addressing tumorigenic drivers of cancer through a combination of its bioinformatics platform and next-generation sequencing to deliver targeted therapies to underserved patient populations. The company has two product candidates under development, AL101 and AL102, targeting the aberrant activation of the Notch pathway with gamma secretase inhibitors to treat a variety of tumors including Adenoid Cystic Carcinoma, Triple Negative Breast Cancer (TNBC), T-cell Acute Lymphoblastic Leukemia (T-ALL), Desmoid Tumors and Multiple Myeloma (MM) (in collaboration with Novartis). AL101, has received Fast Track Designation and Orphan Drug Designation from the U.S. FDA and is currently in a Phase 2 clinical trial for patients with ACC (ACCURACY) bearing Notch activating mutations and in a Phase 2 clinical trial for patients with TNBC (TENACITY) bearing Notch activating mutations and other gene rearrangements. AL102 is currently in a Pivotal Phase 2/3 clinical trials for patients with desmoid tumors (RINGSIDE) and is being evaluated in a Phase 1 clinical trial in combination with Novartis’ BMCA targeting agent, WVT078, in Patients with relapsed/refractory Multiple Myeloma. For more information, visit www.ayalapharma.com.

Contacts:

Investors:
Joyce Allaire
LifeSci Advisors LLC
+1-617-435-6602
jallaire@lifesciadvisors.com  

Ayala Pharmaceuticals:
+1-857-444-0553
info@ayalapharma.com

Tonix Pharmaceuticals Announces Appointment of Jeffrey Rosenfeld, Ph.D., as Executive Director, Genomics and Bioinformatics

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Tonix Pharmaceuticals Announces Appointment of Jeffrey Rosenfeld, Ph.D., as Executive Director, Genomics and Bioinformatics

Research, News, and Market Data on Tonix Pharmaceuticals

 

CHATHAM, N.J., March 09, 2022 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (Tonix or the Company), a clinical-stage biopharmaceutical company, today announced the appointment of Jeffrey Rosenfeld, Ph.D., as its new Executive Director, Genomics and Bioinformatics. In this role, Dr. Rosenfeld will direct Tonix’s pharmacogenomics efforts including applying artificial intelligence, genome-wide association studies and mathematical modeling techniques to the analysis of patient outcomes in Tonix’s clinical trials.

“Dr. Rosenfeld brings substantial genomics expertise to Tonix that will support our efforts in pharmacogenomics and companion diagnostics,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “As we continue to advance our pipeline and programs, Dr. Rosenfeld’s abilities and his passion for genomics will support the future success of our drug development efforts.”

“I am excited to join Tonix to lead the Company’s efforts to integrate genomics with clinical trials,” said Dr. Rosenfeld. “I look forward to working closely with the team to fully realize the potential of the Company’s deep portfolio of product candidates.”

Dr. Rosenfeld has a record of achievement in genomics and bioinformatics. Over his 15-year career in genomics, he has contributed to a wide range of biological and genetic projects, including genetic association studies of schizophrenia and clinical cancer genome sequencing. Most recently, he led an effort to investigate markers for autism in paternal sperm. For the past seven years, Dr. Rosenfeld has been an Assistant Professor of Pathology and Laboratory Medicine and the Manager of the Biomedical Informatics Shared Resource at the Rutgers Cancer Institute of New Jersey. In 2013, he founded Genome Liberty which developed tools for direct-to-consumer pharmacogenomics testing. Dr. Rosenfeld earned his B.S. in Biology and M.S. in Biotechnology from the University of Pennsylvania and a Ph.D. in Biology from New York University. He completed doctoral research at the Cold Spring Harbor Laboratory.

About Tonix Pharmaceuticals Holding Corp.

Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics and diagnostics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of immunology, central nervous system (CNS) and infectious disease product candidates. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including Tonix’s lead immunology candidate TNX-15001, which is a humanized monoclonal antibody targeting CD40 ligand being developed for the prevention of allograft rejection and the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to start in the second half of 2022. The Company’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL2, (cyclobenzaprine HCl sublingual tablets), is a small molecule drug in mid-Phase 3 development for the management of fibromyalgia, with a new Phase 3 study expected to start in the first half of 2022. TNX-102 SL is also being developed to treat Long COVID, a chronic post-COVID-19 condition. Tonix expects to initiate a Phase 2 study in Long COVID in the first half of 2022. TNX-13003 is a biologic designed to treat cocaine intoxication that is expected to start a Phase 2 trial in the first half of 2022. Tonix’s infectious disease pipeline includes a vaccine in development to prevent smallpox, next-generation vaccines to prevent COVID-19 and an antiviral to treat COVID-19. Tonix’s lead vaccine program is TNX-801 (live horsepox virus for percutaneous administration) for preventing smallpox and monkeypox4. Horsepox is also the basis for Tonix’s recombinant pox vaccine (RPV) platform. Tonix’s lead vaccine candidates designed for COVID-19, TNX-1840 and TNX-18505, are live virus vaccines in development based on the RPV platform. Finally, TNX-35006 (sangivamycin, i.v. solution) is a small molecule antiviral drug to treat acute COVID-19 and is in the pre-IND stage of development.

1TNX-1500 is an investigational new biologic at the pre-IND stage of development and has not been approved for any indication.
2TNX-102 SL is an investigational new drug and has not been approved for any indication.
3TNX-1300 is an investigational new biologic and has not been approved for any indication.
4TNX-801 is an investigational new biologic at the pre-IND stage of development and has not been approved for any indication.
5TNX-1840 and TNX-1850 are investigational new biologics at the pre-IND stage of development and have not been approved for any indication. TNX-1840 and TNX-1850 are designed to express the spike protein of SARS-CoV-2 from omicron and BA.2 variants, respectively, based on the experience from TNX-1800, which expresses the spike protein from the ancestral Wuhan strain.
6TNX-3500 is an investigational new drug at the pre-IND stage of development and has not been approved for any indication.

This press release and further information about Tonix can be found at www.tonixpharma.com.

Forward-Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; delays and uncertainties caused by the global COVID-19 pandemic; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission (the “SEC”) on March 15, 2021, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

Contacts

Jessica Morris (corporate)
Tonix Pharmaceuticals
investor.relations@tonixpharma.com
(212) 688-9421

Olipriya Das, Ph.D. (media)
Russo Partners
olipriya.das@russopartnersllc.com
(646) 942-5588

Peter Vozzo (investors)
ICR Westwicke
peter.vozzo@westwicke.com
(443) 213-0505

Source: Tonix Pharmaceuticals Holding Corp.

Grindrod Shipping (GRIN) – Price Weakness Creates Attractive Opportunity

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Tuesday, March 08, 2022

Grindrod Shipping (GRIN)
Price Weakness Creates Attractive Opportunity

Grindrod Shipping, originated in South Africa with roots dating back to 1910. The company is based in Singapore, with offices around the world including, London, Durban, Cape Town, Tokyo and Rotterdam. Its primary listing is on Nasdaq and secondary listing on the JSE.

Grindrod Shipping owns and operates a diversified fleet of owned, long-term chartered and joint-venture dry-bulk and liquid-bulk vessels across the globe.

Poe Fratt, Senior Research Analyst, Logistics, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Recent stock price weakness warranted? We don’t think so and see no fundamental reason for the more than 12% drop, including more than 6% yesterday, seen since hitting a multi-year high of $27.10 last Thursday. The weakness is even more surprising since a competitor highlighted solid Supra market fundamentals last Friday.

    Positive bias to 2022 EBITDA and dividend estimates.  Due to strong 4Q2021 results, high 1Q2022 forward cover and management color on the recent earnings call, our 2022 EBITDA estimate is $202.0 million based on TCE rates of $25.5k/day for Supras/Ultras and $22.1k/day for Handys. 1Q2022 is off to a good start with forward cover of 1,474 Supra/Ultra operating days booked at $24.4k/day and 1,103 Handy …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Vectrus (VEC) – A Transformational Combination Reports 4Q21 Results

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Tuesday, March 08, 2022

Vectrus (VEC)
A Transformational Combination; Reports 4Q21 Results

Vectrus Inc is a U.S.-based company that provides services to the U.S. government. It operates as one segment and offer facility and logistics services and information technology and network communications services. The information technology and network communications capabilities consist of communications systems operations and maintenance, management and service support, systems installation and activation, system-of-systems engineering and software development, and mission support for the department of defense. The facility and logistics service include airfield management, ammunition management, civil engineering, communications, emergency services, life support activities, public works, security, transportation operations and others.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Vertex Combination. Yesterday, Vectrus announced it is combining with The Vertex Company in an all-stock merger that values Vertex at $2.1 billion. The combined company will offer significantly expanded technology and service capabilities, delivering a comprehensive suite of integrated solutions and critical service offerings to support national security readiness and modernization initiatives around the world.

    Through the $2.5 billion, 7% Margin Goal.  With pro forma 2021 combined revenue of $3.4 billion and adjusted EBITDA of $283 million, or an 8.3% margin, Vectrus will exceed its $2.5 billion, 7% adjusted EBITDA margin goal. Significantly, the combined entity’s $11.3 billion backlog provides high revenue visibility with the potential of increased adjusted EBITDA margin going forward …

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Indonesia Energy Corp (INDO) – Rating lowered in response to meteoric rise in stock price

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Tuesday, March 08, 2022

Indonesia Energy Corp (INDO)
Rating Lowered In Response To Meteoric Rise In Stock Price

Indonesia Energy Corp Ltd is an oil and gas exploration and production company focused on Indonesia. It holds two oil and gas assets through its subsidiaries in Indonesia: one producing block (the Kruh Block) and one exploration block (the Citarum Block). The Kruh Block is located to the northwest of Pendopo, Pali, South Sumatra. The Citarum Block is located to the south of Jakarta.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    The shares of INDO have risen from $2.90 at the beginning of the year to $62.46 (up 2054%) briefly trading above $86 at one point. Most of the rise has come in the last five trading days with the stock beginning last week at $13.30. The impetus for the rise was a jump in oil prices (up from $101 to $120 last five trading days). However, the jump in the shares of INDO far surpasses that justified by the rise in oil prices. We would remind investors that there is little to report recently from an operational point of view regarding the company.

    The stock price has soared past our price target of $15, which was raised just last Tuesday.  We warned at the time of our price target increase that the shares of INDO are thinly traded and can be volatile. We also said that the increase in our price target was using up our gun powder and that future target increases would be difficult. Now that the stock has risen to a level more than five times …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Avivagen Secures New Influential Customer in Mexico

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Avivagen Secures New Influential Customer in Mexico

Research, News, and Market Data on Avivagen

 

Ottawa, ON /Business Wire/ March 8, 2022 /– Avivagen Inc.  (TSXV:VIV, OTCQB:VIVXF) (“Avivagen”), a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that safely enhances feed intake and supports immune function, thereby supporting general health and performance, is pleased to announce that a large, influential and industry-leading poultry producer in Mexico has placed an order for its OxC-beta Livestock™ product, through Avivagen’s Mexican consultant Meyenberg International Group.

The sale follows a successful customer evaluation trial confirming that OxC-betaTM Livestock increased productivity, flock health, uniformity and improved skin pigmentation within its operations. This small initial order is expected to be delivered in Q2.  Based on discussions with the customer, Avivagen anticipates receiving increasingly larger orders in the coming quarters as the customer implements OxC-beta in an increasing number of its contract farms.

“This new purchase, while modest,  is continued proof that once large and reputable food producers begin to trial OxC-beta, they consistently see strong results in improved health and production,” says Kym Anthony, Chief Executive Officer, Avivagen. “We’re excited to increase our reach in Mexico, and we expect our relationship with this high-profile customer to grow over the coming months.”

The sale has twofold significance. First, this customer is a relatively large producer with the capacity to regularly use a considerable quantity of OxC-beta in its operations. Thus, they represent an important potential recurring revenue stream for Avivagen. Secondly, the company is a prominent member of ANFACA, a producer association with a large membership based in Jalisco, Mexico. The adoption of OxC-beta in their operations provides other potential customers in the region with validation of the product’s effectiveness under local conditions and will help facilitate additional new sales.

The Mexico Animal feed market is expected to expand to more than US$8 billion by 2025. Growth in the Mexico poultry industry is noted as a key driver of that growth.[i]

About Avivagen
Avivagen is a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that, by safely supporting immune function, promote general health and performance.  It is a public corporation traded on the TSX Venture Exchange under the symbol VIV and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada. For more information, visit www.avivagen.com. The contents of the website are expressly not incorporated by reference in this press release.

About OxC-beta™ Technology and OxC-beta™ Livestock
Avivagen’s OxC-beta™ technology is derived from Avivagen discoveries about ?-carotene and other carotenoids, compounds that give certain fruits and vegetables their bright colours. Through support of immune function the technology provides a non-antibiotic means of promoting health and growth. OxC-beta™ Livestock is a proprietary product shown to be an effective and economic alternative to the antibiotics commonly added to livestock feeds. The product is currently available for sale in the United States, Philippines, Mexico, Taiwan, New Zealand, Thailand, Brazil, Australia, and Malaysia.

Avivagen’s OxC-beta™ Livestock product is safe, effective and could fulfill the global mandate to remove all in-feed antibiotics as growth promoters. Numerous international livestock trials with poultry and swine using OxC-beta™ Livestock have proven that the product performs as well as, and, sometimes, in some aspects, better than in-feed antibiotics.

Forward Looking Statements
This news release includes certain forward-looking statements that are based upon the current expectations of management. Forward-looking statements involve risks and uncertainties associated with the business of Avivagen Inc. and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “aim”, “anticipate”, “appear”, “believe”, “consider”, “could”, “estimate”, “expect”, “if”, “intend”, “goal”, “hope”, “likely”, “may”, “plan”, “possibly”, “potentially”, “pursue”, “seem”, “should”, “whether”, “will”, “would” and similar expressions.

Statements set out in this news release relating to the expectations for the new customer to order more and larger orders of Avivagen product, the anticipated benefits of the new customer relationship to Avivagen, future growth and prospects for Avivagen and the possibility for OxC-beta™ Livestock to replace antibiotics in livestock feeds as growth promoters are forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. For instance, the new customer is under no obligation to order Avivagen products in the future and could stop ordering at any time, the benefits Avivagen anticipates from this new customer relationship may not be realized, Avivagen’s products may not gain market acceptance or regulatory approval in new jurisdictions or for new applications and may not be widely accepted as a replacement for antibiotics as growth promoters in livestock feeds due to many factors, many of which are outside of Avivagen’s control.  Readers are referred to the risk factors associated with the business of Avivagen set out in Avivagen’s most recent management’s discussion and analysis of financial condition available at www.SEDAR.com. Except as required by law, Avivagen assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information:
Avivagen Inc.
Drew Basek
Director of Investor Relations
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6 Phone: 416-540-0733
E-mail: d.basek@avivagen.com

Kym Anthony
Chief Executive Officer
100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6 Head Office Phone: 613-949-8164
Website: www.avivagen.com

Source: Avivagen

Release – Defense Metals Corp. Continues to Drill High Grade at Wicheeda

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Defense Metals Corp. Continues to Drill High Grade at Wicheeda With 3.23% Total Rare Earth Oxide Over 162 Metres; Including 4.21% Over 45 Metres From Surface

News, and Market Data on Defense Metals

 

News Release – Vancouver, British Columbia –March 8, 2022:Defense Metals Corp. (“Defense Metals” or the “Company”) (TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) is pleased to announce results for an additional six diamond drill holes totalling 845 metres from the Company’s 29 hole, 5,349 metre diamond drill program completed during fall 2021. Drill holes WI21-39 and WI21-40 collared from the same pad, and holes WI21-41 through WI21-44 sited 100 metres north were designed to further delineate the Wicheeda Rare Earth Element (REE) deposit.

Drill hole WI21-40 returned 3.23% TREO (total rare earth oxide) over 162 metres[1].  Along with previously reported drill hole WI21-33 on section grading 3.17% TREO over 196 metres, these two holes yielded the highest-grade x width of the 2021 drill program to date. In addition to significant composite mineralized widths, these holes continue to demonstrate the presence of higher-grade zones of carbonatite at surface and at depth extending below the current resource pit shell.

The Company continues to receive additional assay results from the 2021 Wicheeda REE Deposit resource expansion and delineation campaign that will be released in the coming days and weeks.

Luisa Moreno, President, and Director of Defense Metals commented: “Drilling at depth within the northern Wicheeda Deposit has intersected significant new zones of high-grade REE mineralization with the potential to expand the mineral resource, and importantly may also contribute to supporting higher grades across the range of potential mine life.”

Resource infill drill hole WI21-39 (-60o dip / 285o azimuth) returned assays of 2.62% TREO over 110 metres1andin conjunction with WI21-36 and WI21-37 completes sectional drilling within the northern quarter of the Wicheeda Deposit confirming the presence of high-grade dolomite carbonatite within 2019 near surface drill holes to a vertical depth of 175 metres and horizontal width of 160 metres (Table 1 and Figure 1).

Delineation drill hole WI21-40 (-60o dip / 285o azimuth) intersected mineralized dolomite carbonate from surface grading 3.23% TREO over 162 metres1; including higher grade intervals from surface of 4.21% TREO over 44.75 metres1, and at depth of 3.67% TREO over 71 metres1 extending 15 metres below the current resource pit shell (Figure 2). Importantly drill holes WI21-33, WI21-36, and WI21-40 establish the presence of a previously unrecognized zone of high-grade dolomite carbonate at depth within the northeast quadrant of the Wicheeda Deposit. Mineralized zones within WI21-40W and WI21-33 extend downhole 60 and 80 metres respectively below the current resource, and 15 and 32 metres below the resource pit shell providing the potential to expand mineral resources.

Drill hole WI21-44 (-60o dip / 240o azimuth) collared 100metres to the north intersected a mixed interval of dolomite carbonatite near surface and REE mineralized syenite at depth high averaging 1.72% TREO over 108 metres; including 2.59% TREO over 54 metres near surface (Figure 3).

[1]TREO % sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3.

[1] The true width of REE mineralization is estimated to be 70-100% of the drilled interval.

Table 1. Wicheeda REE Deposit 2021 Diamond Drill Intercepts

Hole ID From (m) To (m) Interval (m) TREO[1] (%) Ce2O3 (%) La2O3 (%) Nd2O3 (%) Pr2O3 (%) Sm2O3 (ppm) Gd2O3 (ppm) Eu2O3 (ppm) Dy2O3 (ppm) Tb4O7 (ppm) Ho2O3 (ppm)
WI21-39 (285/-60) 4 114 110 2.62 1.28 0.87 0.30 0.10 320 158 73 42 13 5
and 114 224.8 110.8 0.72 0.35 0.21 0.10 0.03 129 75 31 30 8 4
WI21-40 (345/-65) 2.75 165 162.25 3.23 1.57 1.11 0.36 0.13 370 158 70 39 13 4
including 2.75 47.5 44.75 4.21 2.05 1.46 0.46 0.16 452 197 92 61 18 7
including 96 167 71 3.67 1.79 1.26 0.41 0.14 411 173 75 35 13 3
WI21-43 (045/-85) 10.75 124.1 113.35 0.55 0.26 0.17 0.07 0.02 121 84 33 35 9 5
WI21-44 (240/-60) 17.5 125.6 108.1 1.72 0.83 0.57 0.20 0.07 266 141 69 47 14 6
including 35 89 54 2.59 1.24 0.87 0.29 0.10 384 205 102 70 20 9
WI21-33 (350/-80) 5.00 201.00 196 3.17 1.52 1.07 0.37 0.13 382 181 81 42 14 4
including 5.00 55.25 50.25 3.63 1.74 1.26 0.41 0.14 396 181 84 52 16 6
including 146.00 201.00 55.00 4.29 2.07 1.48 0.47 0.17 489 232 112 52 18 5
WI21-34 (040/-55) 3.00 117.00 114.00 2.97 1.46 1.02 0.33 0.11 323 134 58 23 9 2
including 3.00 70.00 67.00 3.84 1.89 1.34 0.41 0.15 379 160 69 29 11 3
WI21-35 (080/-55) 1.20 121.00 119.80 3.87 1.87 1.34 0.43 0.15 434 200 88 52 17 6
WI21-36 (108/-80) 1.10 174.00 172.90 2.34 1.14 0.78 0.27 0.09 293 134 59 35 11 4
including 1.10 35.65 34.55 3.45 1.66 1.21 0.38 0.13 374 170 72 37 13 4
including 136.00 174.00 38.00 3.02 1.46 1.05 0.33 0.12 337 157 68 40 13 4
WI21-37 (108/-45) 2.00 139.85 137.85 3.19 1.56 1.10 0.35 0.12 351 144 66 30 11 3
including 2.00 57.00 55.00 4.00 1.96 1.38 0.42 0.15 427 164 76 35 12 3
WI21-38 (220/-70) 1.35 82.00 80.65 3.08 1.50 1.07 0.33 0.12 346 154 70 40 13 4
including 1.35 24.75 23.4 6.01 2.91 2.14 0.62 0.23 607 246 114 60 20 6

A series of short drill holes WI21-41 (-55o dip / 025o azimuth), WI21-42 (-70o dip / 025o azimuth), and WI21-43 (-85o dip / 045o azimuth) totalling 285 metres successfully delineated the northeast margin of the deposit. Drill hole WI21-43 intersected several carbonate dykes, syenite and limestone host rocks above resource cut-off averaging 0.55% TREO over 113 metres (Figure 3).    

Figure 1. Drill Section Holes WI21-36, WI21-37, and WI21-39

Figure 2. Drill Section Holes WI21-33, WI21-36, and WI21-40

Figure 3. Drill Section Holes WI21-43 and WI21-44

About the Wicheeda REE Property

The 100% owned 2,008-hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway, and major highways.

The Wicheeda REE Project yielded a robust 2021 PEA that demonstrated an after-tax net present value (NPV@8%) of $517 million, and 18% IRR[1]. A unique advantage of the Wicheeda REE Project is the production of a saleable high-grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423 tonnes REO annually. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.

Methodology and QA/QC

The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Langley (sample preparation) and Vancouver (ICP-MS fusion), B.C. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of the Defense Metals and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. A 0.1-gram sample pulp was then subject to multi-element ICP-MS analysis via lithium-borate fusion to determine individual REE content (ME-MS81h). Defense Metals follows industry standard procedures for the work carried out on the Wicheeda Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the laboratory for analysis. Defense Metals detected no significant QA/QC issues during review of the data.

Qualified Person

The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in NI 43-101. Mr. Raffle verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.  

About Defense Metals Corp.

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

For further information, please contact:

Todd Hanas, Bluesky Corporate Communications Ltd.

Vice President, Investor Relations

Tel: (778) 994 8072

Email: todd@blueskycorp.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statement Regarding “Forward-Looking” Information

This news release contains “forward?looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, drill results including anticipated timeline of such results/assays, the Company’s plans for its Wicheeda REE Project, expanded resource and scale of expanded resource, expected results and outcomes, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed drilling results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward?looking statements or forward?looking information, except as required by law.

[1] Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com).

C-Suite Interview with Aurania Resources (AUIAF) CEO, President, and Chairman Keith Barron

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Noble Capital Markets Senior Research Analyst Mark Reichman sits down with Aurania Resources CEO, President, and Chairman Keith Barron.

Research, News, and Advanced Market Data on AUIAF


View all C-Suite Interviews


The 2022 C-Suite Interview series is now available on major podcast platforms

About Aurania

Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Release – Alvopetro Announces 2021 Year End Reserves With a 52 Increase In 2P NPV Before Tax

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Alvopetro Announces 2021 Year End Reserves With a 52% Increase In 2P NPV Before Tax

News, and Market Data on Alvopetro Energy

 

CALGARY, AB, March 8, 2022 /CNW/ – Alvopetro Energy Ltd. (TSXV:ALV) (OTCQX: ALVOF) announces our reserves as at December 31, 2021 with total proved plus probable (“2P”) reserves of 8.7 mmboe and a before tax net present value discounted at 10% of $297.0 million.  The before tax net present value of our 2P reserves (discounted at 10%) increased by 52% from December 31, 2020, primarily due to increases in forecasted natural gas prices. 2P reserve volumes decreased by 9% due to 2021 production. In addition, Alvopetro announces the December 31, 2021 assessment of the Company’s Murucututu natural gas resource (previously referred to as the Gomo natural gas resource) with risked best estimate contingent resource of 3.5 mmboe and risked best estimate prospective resource of 12.1 mmboe, both of which are virtually unchanged from December 31, 2020.  The Murucututu natural gas contingent and prospective resource values (risked best estimate net present value before tax, discounted at 10%) increased by 61% to $60.7 million and by 44% to $208.7 million, respectively.  The reserves and resources data set forth herein is based on an independent reserves and resources assessment and evaluation prepared by GLJ Ltd. (“GLJ”) dated March 7, 2022 with an effective date of December 31, 2021 (the “GLJ Reserves and Resources Report”).  

All references herein to $ refer to United States dollars, unless otherwise stated.

December 31, 2021 GLJ Reserves and Resource Report Highlights

  • 2P net present value before tax discounted at 10% increased 52% to $297.0 million primarily due to higher forecasted commodity prices.
  • Proved reserves (“1P”) and 2P reserves decreased to 4.4 mmboe (-13%) and 8.7 mmboe (-9%) respectively, due to 2021 production volumes.
  • This represents a 2P Net Asset Value of CAD$11.20/share ($8.77/share).
  • Risked best estimate contingent and risked best estimate prospective resource of 3.5 mmboe and 12.1 mmboe, respectively were consistent with prior year with an increase of 61% and 44% respectively on risked best estimate before tax net present value discounted at 10%, due primarily to higher forecasted commodity prices.

Corey Ruttan, President and Chief Executive Officer, commented:

“Our 2021 year-end reserves and resource evaluations highlight the strong profitability from our Caburé natural gas field and the long-term potential of our Murucututu project. The increase in forecasted cash flows reflects the impact of global commodity prices on our forecasted natural gas prices under our long-term gas sales agreement and our most recent price increase effective February 1, 2022. Our 2022 capital program is focused on natural gas exploration and development aimed at expanding our production and reserve base and maximizing the utilization of our strategic midstream infrastructure that is concurrently being expanded to a capacity of at least 500,000 m3/d (17.7 mmcfpd).”

SUMMARY

December 31, 2021 Gross Reserve and Gross Resource Volumes: (1)(5)(6)(7)(8)(9)(10)(11)(14)

December 31, 2021 Reserves (Gross)

Total Proved(1P)

Total Proved plus Probable(2P)

Total Proved plus Probable plus Possible (3P)

(Mboe)

(Mboe)

(Mboe)

Caburé Property

3,224

5,141

6,796

Murucututu Property

1,024

3,286

5,974

Other Properties

173

310

606

Total Company Reserves

4,421

8,737

13,376

See ‘Footnotes’ section at the end of this news release

December 31, 2021 Murucututu Resources (Gross)

Low Estimate

Best Estimate

 High Estimate

(Mboe)

(Mboe)

(Mboe)

Risked Contingent Resource

Risked Prospective Resource

2,715

6,555

3,465

12,127

5,697

17,937

See ‘Footnotes’ section at the end of this news release

Net present value before tax discounted at 10%:(2)(5)(6)(7)(8)(9)(10)(11)(12)(13)

Reserves

1P

2P

3P

(MUS)

(MUS)

(MUS)

Caburé Property

150,414

216,859

265,483

Murucututu Property

20,239

72,307

135,821

Other Properties

3,107

7,833

15,418

Total Company

173,759

297,000

416,723

See ‘Footnotes’ section at the end of this news release

Murucututu Resource

Low Estimate

Best Estimate

 High Estimate

(MUS)

(MUS)

(MUS)

Risked Contingent Resource

Risked Prospective Resource

48,505

100,348

60,669

208,677

108,043

312,055

See ‘Footnotes’ section at the end of this news release

NET ASSET VALUE

Following the December 31, 2021 reserves evaluation, based on the before tax net present value of Alvopetro’s 2P reserves (discounted at 10%), our total net asset value is $297.3 million; CAD$11.20 per common share outstanding.  Our 2P net asset value of $297.3 million is before including the before tax net present value (discounted at 10%) of our risked best estimate risked contingent resource of $60.7 million and our risked prospective resource of $208.7 million from the Murucututu natural gas field.

Net Asset Value (in MUS, other than per share amounts)

1P

2P

3P

Before Tax Net Present Value, discounted at 10% (MUS)

173,759

297,000

416,723

Working capital net of debt – as at September 30, 2021(a)(b)

294

294

294

Total Net Asset Value(b),(c)(d)

174,053

297,294

417,017

CAD per basic share(e)

6.56

11.20

15.71

a)

Working capital net of debt is computed as the Company’s net working capital the carrying amount of the Company’s Credit Facility, decreased by net working capital surplus, as of September 30, 2021.

b)

Non-GAAP measure. See ‘Non-GAAP Measures‘ in this news release.

c)

Alvopetro has reflected the contractual obligations pursuant to our September 2018 Gas Treatment Agreement with Enerflex, including the equipment rental component of the agreement which is treated as a right of use asset and reflected as a capital lease obligation on our financial statements. As the future capital lease payments reduce the forecasted future net revenue in all reserves categories, the capital lease obligation as reflected on the Company’s financial statements has not been included in the table above.

d)

The net asset value reflected above includes the present value of before tax cash flows from the Company’s reserves only. No amounts have been included with respect to contingent or prospective resource volumes.

e)

Converted to Canadian dollars (“CAD”) based on the exchange rate on March 7, 2022. The per share calculation is computed based on 33.9 million common shares outstanding as of March 7, 2022.

PRICING ASSUMPTIONS – FORECAST PRICES AND COSTS 

GLJ employed the following pricing and inflation rate assumptions as of January 1, 2022 in the GLJ Reserves and Resources Report in estimating reserves and resources data using forecast prices and costs.

Year

Brent Blend Crude Oil FOB North Sea ($/Bbl) 

National Balancing Point (UK)($/mmbtu)

NYMEX Henry Hub Near Month Contract($/mmbtu)

Alvopetro-Bahiagas Gas Contract$/mmbtu(Current Year)

Alvopetro-Bahiagas Gas Contract$/mmbtu(Previous Year)

Change from prior year

2022

76.00

20.75

3.80

9.51

6.40

49%

2023

72.51

12.00

3.50

10.09

6.65

52%

2024

71.24

8.50

3.15

9.86

6.89

43%

2025

72.66

8.67

3.21

9.00

7.14

26%

2026

74.12

8.84

3.28

8.89

7.31

22%

2027

75.59

9.02

3.34

8.99

7.45

21%

2028

77.11

9.20

3.41

9.15

7.59

21%

2029

78.66

9.39

3.48

9.33

7.74

21%

2030

80.22

9.57

3.55

9.52

7.90

21%

2031*

81.83

9.76

3.62

9.71

8.06

20%

*Escalated at 2% per year thereafter

As of February 1, 2022, Alvopetro’s contracted natural gas price under the terms of our long-term gas sales agreement is based on the ceiling price within the contract and is forecasted to remain at the ceiling price until 2024. The forecasted prices in the GLJ Reserves and Resource Report do not reflect the most recent increase in global commodity prices which further extends the period under which Alvopetro’s contracted price will be at the ceiling in the contract.  The ceiling price incorporates assumed US inflation of 5% in 2022, 3% in 2023 and 2% thereafter.

GLJ RESERVES AND RESOURCES REPORT 

The GLJ Reserves and Resources Report has been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook (“COGEH”) that are consistent with the standards of National Instrument 51-101 (“NI 51-101”). GLJ is a qualified reserves evaluator as defined in NI 51-101. The GLJ Reserves and Resources Report was an evaluation of all reserves of Alvopetro including our Caburé and Caburé Leste natural gas fields (collectively referred to as our Caburé natural gas field), our Murucututu natural gas project (previously referred to as Gomo), as well as our Bom Lugar and Mãe-da-lua oil fields. The GLJ Reserves and Resources Report also includes an evaluation of the gas resources of our Murucututu natural gas.  In addition to the reserves assigned to our two existing Murucututu wells (197-1 and 183-1) and two additional development locations, contingent resource was assigned to the area in proximity to our existing Murucututu reserves, deemed to be discovered.  The area mapped by 3D seismic west and north of the area defined as contingent was assigned prospective resource. Additional reserves and resources information as required under NI 51-101 will be included in the Company’s Annual Information Form for the 2021 fiscal year which will be filed on SEDAR by April 30, 2022.

December 31, 2021 Reserves Information:

Summary of Reserves (1)(3)(4)(5)(7)(8)

Light & Medium Oil

Residue Gas

Natural Gas Liquids

Oil Equivalent

Company Gross

Company Net

Company Gross

Company Net

Company Gross

CompanyNet

Company Gross

Company Net

(Mbbl)

(Mbbl)

(MMcf)

(MMcf)

(Mbbl)

(Mbbl)

(Mboe)

(Mboe)

Proved

Producing

0

0

18,267

17,287

180

171

3,224

3,052

Developed Non-Producing

26

23

2,095

1,953

52

48

427

397

Undeveloped

147

138

3,254

3,012

80

74

770

714

Total Proved

173

161

23,616

22,252

312

294

4,421

4,163

      Probable

137

128

22,731

21,331

390

365

4,316

4,048

Total Proved plus Probable

310

289

46,347

43,583

702

659

8,737

8,212

      Possible

296

277

23,401

21,866

443

413

4,639

4,334

Total Proved plus Probable plus Possible

606

565

69,748

65,448

1,146

1,072

13,376

12,545

See ‘Footnotes’ section at the end of this news release

Summary of Before Tax Net Present Value of Future Net Revenue – MUS (2)(5)(7)(8)(12)(13)

Undiscounted

5%

10%

15%

20%

Proved

Producing

175,800

162,812

150,414

139,568

130,152

Developed Non-Producing

13,952

10,341

7,977

6,411

5,327

Undeveloped

35,028

22,103

15,369

11,298

8,559

Total Proved

224,780

195,256

173,759

157,277

144,037

       Probable

267,646

168,096

123,240

96,623

78,449

Total Proved plus Probable

492,425

363,352

297,000

253,900

222,486

       Possible

316,880

175,731

119,723

89,422

70,217

Total Proved plus Probable plus Possible

809,305

539,083

416,723

343,322

292,703

See ‘Footnotes’ section at the end of this news release

Summary of After Tax Net Present Value of Future Net Revenue – MUS (2)(5)(7)(8)(12)(13)

Undiscounted

5%

10%

15%

20%

Proved

Producing

158,208

146,984

136,050

126,439

118,078

Developed Non-Producing

11,493

8,683

6,730

5,402

4,469

Undeveloped

26,984

17,474

12,283

9,039

6,802

Total Proved

196,686

173,141

155,064

140,880

129,349

       Probable

207,798

135,466

100,859

79,563

64,708

Total Proved plus Probable

404,484

308,607

255,923

220,443

194,057

       Possible

241,128

139,526

97,153

73,331

57,863

Total Proved plus Probable plus Possible

645,612

448,133

353,076

293,774

251,919

See ‘Footnotes’ section at the end of this news release

Future Development Costs (2)(5)(7)(8)(12)(13)

The table below sets out the total development costs deducted in the estimation in the GLJ Reserves and Resources Report of future net revenue attributable to proved reserves, proved plus probable reserves and proved plus probable plus possible reserves (using forecast prices and costs), by field. Total development costs include capital costs for drilling and facility and pipeline expenditures but excludes abandonment and reclamation costs.

Under each reserve category, Alvopetro has elected to reflect 100% of the contractual obligations pursuant to our Gas Treatment Agreement with Enerflex, including all operating, capital, and related financing costs for the full duration of the agreement. These costs are mainly attributable to the Caburé field and also represent the majority of the future development costs for the Caburé field in the table below. The future costs associated with equipment rental are also reflected as a capital lease obligation on our financial statements other than future anticipated equipment rental costs associated with the facility expansion, which will be reflected once completed.

The future development costs for the Murucututu field in the proved category are for the remaining costs anticipated in 2022 for the pipeline and field facility development to tie-in the 183(1) well to Alvopetro’s midstream assets, as well as a development location. In the probable and possible categories, there are future development costs for an additional development location and the stimulation and tie-in of the 197(1) well. Also included in the Murucututu future development costs for all reserve categories are a portion of the anticipated contractual obligations associated with the expansion of the gas treatment facility. The future development costs for Bom Lugar in the proved category include costs for a directional wellbore and facilities upgrade. A second directional well is included in the future development costs for the possible category for Bom Lugar. Future development costs at the Mãe-da-lua field relate to a stimulation of the existing producing well.

MUS, Undiscounted

2022

2024

2024

2025

2026

Remaining

Total

Proved

Caburé Natural Gas Field 

3,000

1,730

1,730

1,730

5,096

–

13,286

Murucututu Gas Field

10,550

433

441

–

–

–

11,424

Bom Lugar Oil Field

333

2,771

–

–

–

–

3,104

Mãe-da-lua Oil Field

–

439

–

–

–

–

439

Total Proved

13,883

5,373

2,171

1,730

5,096

–

28,253

Proved Plus Probable

Caburé Natural Gas Field

3,000

1,730

1,730

1,730

1,730

4,237

14,157

Murucututu Gas Field

16,350

1,463

441

450

459

468

19,631

Bom Lugar Oil Field

333

3,517

–

–

–

–

3,850

Mãe-da-lua Oil Field

0

439

–

–

–

–

439

Total Proved Plus Probable

19,638

7,149

2,171

2,180

2,189

4,705

38,078

Proved Plus Probable Plus Possible

Caburé Natural Gas Field

3,000

1,730

1,730

1,730

1,730

5,786

15,706

Murucututu Gas Field

16,350

1,463

441

450

459

946

20,109

Bom Lugar Oil Field

333

7,514

–

–

–

–

7,847

Mãe-da-lua Oil Field

0

439

–

–

–

–

439

Total Proved Plus Probable Plus Possible

19,683

11,146

2,171

2,180

2,189

6,732

44,101

See ‘Footnotes’ section at the end of this news release

Reconciliation of Alvopetro’s Gross Reserves (Before Royalty) (1)(5)(7)(8)(13)

 

 

Proved(Mboe)

 

 

Probable(Mboe)

 

Proved Plus Probable(Mboe)

 

 

Possible(Mboe)

Proved plus Probable plus Possible

(Mboe)

December 31, 2020

 

5,108

4,485

9,593

4,615

14,209

Extensions

176

(176)

–

–

–

Technical Revisions

(12)

11

(1)

24

23

Economic Factors

9

(4)

5

–

5

Production

(861)

–

(861)

–

(861)

December 31, 2021

4,421

4,316

8,737

4,639

13,376

See ‘Footnotes’ section at the end of this news release

December 31, 2021 Murucututu Contingent Resources Information:

Summary of Unrisked Company Gross Contingent Resources (1)(3)(4)(5)(7)(10)(11)

Development Pending Economic Contingent Resources

Low Estimate

Best Estimate

 High Estimate

Residue gas (MMcf)

15,719

20,061

32,984

Natural gas liquids (Mbbl)

389

496

815

Oil equivalent (Mboe)

3,008

3,839

6,313

See ‘Footnotes’ section at the end of this news release.

Summary of Before Tax Net Present Value of Future Net Revenue of Unrisked Contingent Resources- MUS (2)(5)(10)(11)(12)(13)

Undiscounted

5%

10%

15%

20%

Low Estimate

158,700

84,965

53,745

37,370

27,487

Best Estimate

222,759

109,139

67,223

46,563

34,432

High Estimate

415,317

193,940

119,715

84,746

64,509

See ‘Footnotes’ section at the end of this news release.

The GLJ Contingent Resource Report for Murucututu assumes capital deployment during 2023 for the drilling of wells and expansion of facilities, with total project costs of $23.9 million and first commercial production in 2023. There can be no certainty that the project will developed on the timelines discussed herein. Development of the project is dependent on several contingencies as further described in this news release.  The information presented herein is based on company net project development costs.

Summary of Development Pending Risked Company Gross Contingent Resources(1)(3)(4)(5)(7)(10)(11)

The GLJ Reserves and Resources Report estimates the Chance of Development as the product of two main contingencies associated with the project development, which are: 1) the probability of corporate sanctioning, which GLJ estimates at 95%; 2) the probability finalization of a development plan, which GLJ estimates at 95%. The product of these two contingencies is 90%.   As there is no risk related to discovery, the Chance of Commerciality for the contingent resource is therefore 90% which is the risk factor that has been applied to the Development Risked company gross contingent resources and the net present value figures reported below.

Low Estimate

Best Estimate

 High Estimate

Residue gas (MMcf)

14,187

18,105

29,768

Natural Gas Liquids (Mbbl)

351

448

736

Oil equivalent (Mboe)

2,715

3,465

5,697

See ‘Footnotes’ section at the end of this news release.

Summary of Development Pending Risked Before Tax Net Present Value of Future Net Revenue of Contingent Resources- MUS(2)(5)(10)(11)(12)(13)

Undiscounted

5%

10%

15%

20%

Low Estimate

143,226

76,681

48,505

33,726

24,807

Best Estimate

201,040

98,498

60,669

42,023

31,074

High Estimate

374,824

175,031

108,043

76,483

58,219

See ‘Footnotes’ section at the end of this news release.

December 31, 2021 Murucututu Prospective Resources Information:

Summary of Unrisked Company Gross Prospective Resources (1)(3)(4)(5)(7)(9)(11)

Prospective Resources

Low

Best

High

Residue gas (MMcf)

42,228

78,126

115,553

Natural gas liquids (Mbbl)

1,044

1,931

2,856

Oil equivalent (Mboe)

8,082

14,952

22,115

See ‘Footnotes’ section at the end of this news release.

Summary of Before Tax Net Present Value of Future Net Revenue of Unrisked Prospective Resources- MUS (2)(5)(9)(11)(12)(13)

Undiscounted

5%

10%

15%

20%

Low Estimate

474,489

220,405

123,722

77,245

51,350

Best Estimate

1,005,490

449,220

257,284

167,675

117,555

High Estimate

1,584,857

678,025

384,741

252,103

178,690

See ‘Footnotes’ section at the end of this news release.

The GLJ Prospective Resource Report for Murucututu assumes capital deployment starting 2024 for the drilling of wells, expansion of field facilities, and additional pipeline capacity, with total project costs of $66.1 million and first commercial production in 2024. There can be no certainty that the project will developed on the timelines discussed herein. Development of the project is dependent on several contingencies as further described in this news release.  The information presented herein is based on company project development costs.

The GLJ Reserves and Resources Report estimates the Chance of Commerciality as the product between the Chance of Discovery and the Chance of Development. The Chance of Discovery of the prospective resources has been assessed at 90%, while the Chance of Development has been assessed as the same as for the Contingent Resources described above at 90%. The resulting Chance of Commerciality is 81%, which has been applied to the company gross unrisked prospective resources and the net present value figures reported below.   

Summary of Development Risked Company Gross Prospective Resources(1)(3)(4)(5)(7)(9)(11)

The GLJ Reserves and Resources Report estimates the Chance of Commerciality as the product between the Chance of Discovery and the Chance of Development. The Chance of Discovery of the prospective resources has been assessed at 90%, while the Chance of Development has been assessed as the same as for the Contingent Resources described above at 90%. The resulting Chance of Commerciality is 81%, which has been applied to the company gross unrisked prospective resources and the net present value figures reported below.   

Low

Best

High

Residue gas (MMcf)

34,250

63,366

93,723

Natural gas liquids (Mboe)

847

1,566

2,317

Oil equivalent (Mboe)

6,555

12,127

17,937

See ‘Footnotes’ section at the end of this news release.

Summary of Development Risked Before Tax Net Present Value of Future Net Revenue of Prospective Resources- MUS(2)(5)(9)(11)(12)(13)

Undiscounted

5%

10%

15%

20%

Low Estimate

384,847

178,765

100,348

62,652

41,649

Best Estimate

815,529

364,352

208,677

135,997

95,346

High Estimate

1,285,440

549,930

312,055

204,475

144,931

See ‘Footnotes’ section at the end of this news release.

Upcoming 2021 Results and Live Webcast

Alvopetro anticipates announcing its 2021 fourth quarter and year-end results on March 17, 2022 after markets close and will host a live webcast to discuss the results at 8:00 am Mountain time, on the March 18, 2022. Details for joining the event are as follows:

DATE: March 18, 2022TIME: 8:00 AM Mountain/10:00 AM EasternLINK: https://zoom.us/j/99386897923  DIAL-IN NUMBERS: https://zoom.us/u/aixrWbAbO  WEBINAR ID: 993 8689 7923

The webcast will include a question and answer period. Online participants will be able to ask questions through the Zoom portal. Dial-in participants can email questions directly to socialmedia@alvopetro.com.

Corporate Presentation

Alvopetro’s updated corporate presentation is available on our website at:

http://www.alvopetro.com/corporate-presentation. 

FOOTNOTES

(1)

Mboe = thousands of barrels of oil equivalent.

(2)

MUS = 000’s of U.S. dollars.

(3)

Mbbl = thousands of barrels.

(4)

MMcf = Million cubic feet.

(5)

References to Company Gross reserves or Company Gross Resources means the total working interest share of remaining recoverable reserves or resources owned by Alvopetro before deductions of royalties payable to others and without including any royalty interests owned by Alvopetro. 

(6)

References to “Other Properties” refers to the Company’s Bom Lugar and Mae-da-lua oil fields.

(7)

The tables above are a summary of the reserves of Alvopetro and the net present value of future net revenue attributable to such reserves as evaluated in the GLJ Reserves and Resources Report based on forecast price and cost assumptions. The tables summarize the data contained in the GLJ Reserves and Resources Report and as a result may contain slightly different numbers than such report due to rounding. Also due to rounding, certain columns may not add exactly.

(8)

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.

(9)

Prospective Resources – Prospective Resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects.  Prospective resources have both an associated chance of discovery and a chance of development.  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. Prospective Resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery as described in footnote 11.

(10)

Contingent Resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage.  Contingent Resources are further classified in accordance with the level of certainty associated with the estimates as described in footnote 11 and may be subclassified based on project maturity and/or characterized by their economic status. The Contingent Resources estimated in the GLJ Reserves and Resources Report are classified as “economic contingent resources”, which are those contingent resources that are currently economically recoverable.  All such resources are further sub-classified with a project status of “development pending”, meaning that resolution of the final conditions for development are being actively pursued. The recovery estimates of the Company’s contingent resources provided herein are estimates only and there is no guarantee that the estimated resources will be recovered. There is uncertainty that it will be commercially viable to produce any portion of the resources. Actual recovered resource may be greater than or less than the estimates provided herein.

(11)

Low Estimate: This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.

Best Estimate: This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.

High Estimate: This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

(12)

The net present value of future net revenue attributable to Alvopetro’s reserves and resources are 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. The net present values of future net revenue attributable to the Alvopetro’s reserves and resources estimated by GLJ do not represent the fair market value of those reserves. Other assumptions and qualifications relating to costs, prices for future production and other matters are summarized herein. The recovery and reserve and resource estimates of the Company’s reserves and resources provided herein are estimates only and there is no guarantee that the estimated reserves and resources will be recovered. Actual reserves and resources may be greater than or less than the estimates provided herein.

(13)

GLJ’s January 1, 2022 escalated price forecast is used in the determination of future gas sales prices under Alvopetro’s long-term gas sales agreement and for all forecasted oil sales and natural gas liquids sales. See https://www.gljpc.com/sites/default/files/pricing/jan22.pdf  for GLJ’s price forecast.

(14)

The GLJ Reserves and Resources Report was an evaluation of the Company’s contingent and prospective resource of the Company’s Murucututu natural gas project and excluded an evaluation of the 183-B1 and 182-C1 exploration prospects which were evaluated by GLJ in an independent resource assessment dated September 4, 2020 with an effective date of July 31, 2020. For further details, see our September 8, 2020 press release and the annual information for the year-ended December 31, 2020 which has been filed on SEDAR.

Alvopetro Energy Ltd.’s vision is to become a leading independent upstream and midstream operator in Brazil. Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil, building off the development of our Caburé natural gas field and our strategic midstream infrastructure.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

All amounts contained in this news release are in United States dollars, except as otherwise noted.

Oil and Natural Gas Reserves. The disclosure in this news release summarizes certain information contained in the GLJ Reserves and Resources Report but represents only a portion of the disclosure required under NI 51-101. Full disclosure with respect to the Company’s reserves as at December 31, 2021 will be contained in the Company’s annual information form for the year ended December 31, 2021 which will be filed on SEDAR (www.sedar.com) on or before April 30, 2022. All net present values in this press release are based on estimates of future operating and capital costs and GLJ’s forecast prices as of December 31, 2021. The reserves definitions used in this evaluation are the standards defined by COGEH reserve definitions and are consistent with NI 51-101 and used by GLJ. The net present values of future net revenue attributable to the Alvopetro’s reserves estimated by GLJ do not represent the fair market value of those reserves. Other assumptions and qualifications relating to costs, prices for future production and other matters are summarized herein. The recovery and reserve estimates of the Company’s reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. 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.

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 included in the GLJ Reserves and Resources Report. 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. Full disclosure with respect to the Company’s contingent resources as at December 31, 2021 will be contained in the Company’s annual information form for the year ended December 31, 2021 which will be filed on SEDAR (www.sedar.com) on or before April 30, 2022.

Prospective Resources – This news release discloses estimates of Alvopetro’s prospective resources included in the GLJ Reserves and Resources Report. 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. Full disclosure with respect to the Company’s prospective resources as at December 31, 2021 will be contained in the Company’s annual information form for the year ended December 31, 2021 which will be filed on SEDAR (www.sedar.com) on or before April 30, 2022.

Abbreviations:

1P

=

proved reserves

2P

=

proved plus probable reserves

3P

=

proved plus probable plus possible reserves

CAD$

=

Canadian dollars

F&D

=

finding and development costs

FDC

=

future development costs;

Mboe

=

thousand barrels of oil equivalent

MMbtu

=

million British Thermal Units

MMcf

=

million cubic feet

MMcf/d

=

million cubic feet per day

MMboe

=

million barrels of oil equivalent

MMUS

=

millions of U.S. dollars

MUS

=

thousands of U.S. dollars

 

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 equivalency 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.

Forward-Looking Statements and Cautionary Language. This news release contains “forward-looking information” within the meaning of applicable securities laws. The use of any of the words “will”, “expect”, “intend” and other similar words or expressions are intended to identify forward-looking information. Forward–looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking information concerning the plans relating to the Company’s operational activities and the expected natural gas price, gas sales and gas deliveries under Alvopetro’s long-term gas sales agreement. The forward–looking statements are based on certain key expectations and assumptions made by Alvopetro, including but not limited to equipment availability, the timing of regulatory licenses and approvals, the success of future drilling, completion, testing, recompletion and development activities, the outlook for commodity markets and ability to access capital markets, the impact of the COVID-19 pandemic, the performance of producing wells and reservoirs, well development and operating performance, foreign exchange rates, general economic and business conditions, weather and access to drilling locations, the availability and cost of labour and services, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.  Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our annual information form which may be accessed on Alvopetro’s SEDAR profile at www.sedar.com. The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Non-GAAP Measures. This news release contains financial terms that are not considered measures under International Financial Reporting Standards (“IFRS”), such as working capital net of debt and net asset value. Working capital net of debt is computed as current assets less the sum of current liabilities and the carrying amount of the Company’s credit facility. Net asset value is computed based on the before-tax net present value of the Company’s proved plus probable reserves, discounted at 10%, increased by the Company’s working capital net of debt.  The non-GAAP measures do not have standardized meanings under IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. While these measures may be common in the oil and gas industry, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. The non-GAAP measures referred to in this report should not be considered an alternative to, or more meaningful than measures prescribed by IFRS and they are not meant to enhance the Company’s reported financial performance or position.  For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the “Non-GAAP Measures” section of the Company’s most recent MD&A which may be accessed through the SEDAR website at www.sedar.com.

SOURCE Alvopetro Energy Ltd.

Can Icahn and Buffett Both be Right on Occidental Petroleum

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Carl Icahn Selling into Warren Buffet’s Buying, Can they Both be Right?

 

“We started buying on Monday, and we bought all we could,” Warren Buffett told CNBC. The Berkshire Hathaway CEO was discussing a new 91.2 million share stake his company took in Occidental Petroleum (OXY). At the same time, Carl Icahn, another renowned investor, has been selling shares of OXY. Can they both be right?

 

Warren Buffet on OXY

Buffett pulled the trigger on $4.5 billion of Occidental, an energy exploration and production company, last week.  This gives Berkshire close to a 10% stake in the company. This is an increase in exposure for Berkshire as it also has positions worth $10 billion of preferred shares, along with warrants to buy 83.9 million common shares exercisable at $59.62.

Berkshires 2021 annual report showed they held $144 billion in cash and equivalents.

Carl Icahn on OXY

Billionaire investor Carl Icahn, sold his remaining lot of OXY last week. According to The Wall Street Journal, Icahn made about $1 billion on Occidental stock and still holds about 15 million in warrants (OXY WS). The warrants, which trade at around $34, have an exercise price of $22 a share (current level $57-$58).

Icahn still continues to have exposure to the energy sector through a roughly 6.4% stake worth $2 billion in Cheniere Energy (LNG), a liquefied natural gas producer, and a controlling interest worth $1 billion in CVR Energy (CVI), a petroleum refiner.

The activist investor became involved with Occidental in 2019 around the same time as Buffett. He urged the company to not pursue the debt-financed deal for Anadarko, which Buffett was for and helped enable with loans. Berkshire’s warrants and preferred shares were part of financing the arrangement.

 

Buffett vs Icahn

When you find two legendary investors taking opposite sides of the same trade at the same time, in a sector that is moving quickly, it’s worth stopping to try to understand why. Berkshire Hathaway’s Buffet, who is 91, was a heavy buyer of OXY while Carl Icahn, 86, was selling a huge position put on in 2019.

Description:
Since March 2019 OXY has consistently performed below the energy sector and S&P 500

 

There have been other times when one of these two was buying into the other’s selling. In 2016, Icahn exited a position in Apple (AAPL) he had held for about three years. Also, in 2016 Buffett began scaling into Apple. Icahn made a reported $2 billion profit on 180 million shares of Apple. It is unclear if the redeployment of the proceeds of this sale outpaced the earnings that would have occurred if he held Apple, which has grown 500% since.

Apple has been Buffett’s biggest public market win in the past decade. Berkshire holds about 900 million shares worth $145 billion, more than four times its cost.

Investment Styles

As an activist investor, Icahn’s primary methodology is to own a significant enough amount of a company to influence how the company is run. If a profit presents itself, he is likely to take it. Such was the case with the doubling of OXY in two months’ time this year.

Berkshire’s portfolio is mostly non-public companies it owns outright. As for publicly traded stocks, Buffett’s style is to be patient waiting for value in terms of price and potential.  Buffett has described his favorite holding period as “forever.”

Berkshire is also cash-heavy and should like to deploy $80 billion, but has been priced out of stocks and acquisitions for several years now. With recent market weakness, there may be some big purchases on the horizon.

Take-Away

Investors have different time frames and risk tolerance. More active traders like Icahn may sell if they see other opportunities where they believe the capital could produce a better return, whereas Berkshire’s longer-term view and huge cash position, could make their transactions based on a totally different set of factors. For Berkshire, this purchase may be as easy to understand as asking “do we expect OXY to perform better than cash.”

 

Paul Hoffman

Managing Editor, Channelchek

 

Suggested Reading



Using Warren Buffett’s SEC Filing as an Oracle

Cathie Wood Says Benchmark Funds are Where the Risk Is





Michael Burry vs Cathie Wood is Not an Even Competition

Warren Buffett vs Elon Musk, Who’s Right

 

Sources

https://www.channelchek.com/news-channel/Pros_and_Cons_of_a_Company_Like_Berkshire_Hathaway_in_your_Portfolio

https://www.cnbc.com/2022/03/05/berkshire-hathaway-reveals-5-billion-stake-in-oil-giant-occidental-petroleum.html

https://www.sec.gov/Archives/edgar/data/315090/000089924322009579/xslF345X03/doc4.xml

https://www.barrons.com/articles/warren-buffett-was-buying-occidental-carl-icahn-was-selling-who-will-be-right-51646672487?mod=hp_columnists


 

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