Corporate Presentation May 2014

Statements in this presentation may contain forward-looking statements including management’s assessment of future plans, operations, expectations of future production and capital expenditures. Information concerning reserves may also be deemed to be forward-looking statements as such estimates involve the implied assessment that the resources described can be economically produced. These statements are based on current expectations that involve numerous risks and uncertainties, which will cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks of the oil and gas industry (e.g. operational risks relating to exploration, development and production; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), fluctuation in foreign currency exchange rates and commodity price fluctuation. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Undiscovered Petroleum Initially-In-Place (“UPIIP”), equivalent to undiscovered resources, are those quantities of petroleum that are estimated, on a given date, to be contained in accumulations yet to be discovered. The recoverable portion of UPIIP is referred to as prospective resources, the remainder as unrecoverable. Undiscovered resources carry discovery risk. There is no certainty that any portion of these resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. A recovery project cannot be defined for this volume of UPIIP at this time. Discovered Petroleum Initially-In-Place (“DPIIP”), equivalent to "discovered resources", is that quantity of oil that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of DPIIP includes production, reserves, and contingent resources; the remainder is unrecoverable. A recovery project cannot be defined for these volumes of DPIIP at this time. There is no certainty that it will be commercially viable to produce any portion of the resources. This presentation contains financial terms that are not considered measures under International Financial Reporting Standards (“IFRS”), such as funds flow from operations, adjusted net income, funds flow per share, adjusted net income per share, operating netback, net debt and working capital. These measures are commonly utilized in the oil and gas industry and are considered informative for management and shareholders. We evaluate our performance and that of our business segments based on funds flow from operations and adjusted net income. Funds flow from operations is a non-IFRS term that represents cash generated from operating activities before changes in non-cash working capital. Adjusted net income is a non-IFRS term that is determined by adding back any losses or deducting any gains on the derivative liabilities. Management considers funds flow from operations, adjusted net income, funds flow per share and adjusted net income per shares important as they help evaluate performance and demonstrate the Company’s ability to generate sufficient cash to fund future growth opportunities and repay debt. Working capital surplus includes current assets less current liabilities and is used to evaluate the Company's short-term financial leverage. Net debt includes current assets less current liabilities and the principal amount of any out-of-the-money convertible debentures (i.e. when they are out of the money and not repayable in shares at maturity) and is used to evaluate the Company's leverage. Operating netback is determined by dividing oil sales less royalties, transportation and operating expenses by sales volume of produced oil. Management considers operating netback important as it is a measure of profitability per barrel sold and reflects the quality of production. Funds flow from operations, adjusted net income, funds flow per share, adjusted net income, working capital, net debt and operating netbacks may not be comparable to those reported by other companies nor should they be viewed as an alternative to cash flow from operations, net income or other measures of financial performance calculated in accordance with IFRS.

Cautionary Statements

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Our vision is to be the premier independent exploration and production company in Brazil, maximizing shareholder value by being the lowest cost operator and applying innovation to underexploited opportunities. Alvopetro aims to implement a large-scale, repeatable, low-risk, multi-well development program, utilizing advanced technology and completion techniques. Alvopetro’s strong financial position, along with our experienced team of professionals, local operating capabilities and highly prospective land base, will enable us to efficiently develop our resource opportunities. Our activities are targeting: mature fields, shallow conventional exploration, and the Gomo member of the Candeias Formation in the Recôncavo Basin. Supporting our strategy, Alvopetro’s experienced team brings developed basin expertise to Brazil’s underexploited resource opportunities and efficient, cost-effective and innovative operating capabilities.

Alvopetro’s Vision and Strategy

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December 2012: Petrominerales Ltd. acquired a 75% interest in seven exploration blocks in the Recôncavo Basin (Blocks 131, 132, 144, 157, 182, 196, 197) and three mature producing fields (Bom Lugar, Jiribatuba and Aracaju).

May 2013: Acquired Blocks 170 and Block 183, and awarded Blocks 106 and 107 in the Recôncavo Basin, and Block 177 in the Tucano Basin in the Brazil 11th Bid Round.

November 19, 2013: Petrominerales acquired the remaining 25% interest in Alvopetro for $9 million.

November 28, 2013: Alvopetro was formed as a result of a plan of arrangement involving Petrominerales Ltd. and Pacific Rubiales Energy Corp., with Alvopetro capitalized with C$100 million cash and holding all of Petrominerales' former Brazil assets, including a talented team of technical professionals in Brazil and certain of the former management and board members of Petrominerales. Through the completed Arrangement, Pacific Rubiales acquired all of Petrominerales’ outstanding shares, with former shareholders of Petrominerales receiving, for each Petrominerales share held, cash consideration of C$11.00 per share and one share of Alvopetro.

Alvopetro Energy Ltd., with its current Management Team and Board of Directors, commenced operations as a new resource company. Alvopetro was awarded Blocks REC-T 169, REC-T 198, REC-T 255 and REC-T 256 in the Recôncavo Basin in the Brazil 12th Bid Round.

History and Formation of Alvopetro Energy Ltd.

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• Experienced Leadership Team and Board of Directors

• Well capitalized - $87.4 million(1) of cash and working capital resources

• 85.1 million shares outstanding

• 148,500 gross acres (147,808 net acres)

• Highly under-explored area

• Large “unconventional” resource

• Shallow exploration potential

• 3 mature fields with NPV10 (BT) 2P reserves of US$21.7 million

• Compelling fiscal regime

Our Opportunity

Note: (1) As at March 31, 2014, includes cash and restricted cash. 5

Rio de Janeiro

Recôncavo Basin, Brazil

• Total Area: 10,000 sq km

• First oil drilled (1939)

• 6,000 wells drilled

• 86 producing fields

• Developed infrastructure

• PIIP – 6.3 billion bbls (conventional)

• OGIP – 3.2 TCF (conventional)

• Cumulative production – 1.5 billion bbls

• 34 degree API light oil

• Oil production 41,000 bbl/d

• Natural gas production 120 mmcf/d

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6 km Focused Land Base

Notes: (1) Does not include Blocks REC-T 169, REC-T 198, REC-T 255 and REC-T 256 awarded to Alvopetro in the Brazil 12th Bid Round. (2) Internal Management estimate.

• 148,500 gross acres (147,808 net acres)

• 16 exploration blocks

• 1,055 km2 of 3D seismic

• Initial focus is to demonstrate the commercial deliverability of Gomo sands

• Captured majority of deep Gomo play fairway in Miranga Low

• 14 wells with Gomo pay

• Gomo - 1.2 billion bbls of UPIIP(1)(2)

• Shallow conventional exploration potential

• 3 producing fields

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Seismic Processing is Critical-Bom Lugar Example

Processed Version from BDEP Reprocessed 3D

BL-001 ~300 MB EUR BL-001

~300 MB EUR

Producing Zone

NE

NE

SW

Facenda Onca 3D shot in 1993, sparse grid (~500m), 30 fold, pattern holes (3x500g) Alvopetro processing Post-Stack Migration, Surface Consistent, Amplitude Preserving, Signal to Noise enhancement, FXY-Interpolation, Kirchhoff Migration

SW

Pojuca

Marfim

Pre-Rift

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ANP 4th Bid round - Modified from Braga et al., 1987

Recôncavo Basin Geological Model

Gomo Play Fairway

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US Bakken Canadian Bakken Cardium EagleFord Niobrara Argentina Brazil

Elm Coulee ViewField West Pembina South Texas Colorado Mata Mora Reconcavo

Age Devonian /Mississpian

Devonian /Mississpian Cretaceous Cretaceous Cretaceous Cretaceous Cretaceous

Target Zone

Middle Bakken Middle Bakken Cardium Eagleford Niobrara B Vaca Muerta Gomo

Lithology

Siltsone /Carbonate Sand/Siltstone Sandstone Carbonate Carbonate/Chalk Silicoclastic Shale Sand

Thickness

2.4 - 4.3m 5m 5 - 8m 30 - 50m 20 - 50m 34 - 100m 10 - 200m

Depth 3000m 1,500 - 2,000m 2,000m 1,800 - 3,200m 1,800 - 2,700m 3000 - 3500m 2500 - 3500m

Porosity 3 - 9% 10% 6 - 12% 6 - 9% 5.5 - 10% 4 - 14% 6 - 15%

Permeabilities 0.04 md 0.2 - 0.6md 2 - 10 md 0.07 - 3.0 md 0.01 - 1.0md 0.1 - 5.0md 0.1 - 4.0md

Pressures 0.53psi/ft 0.48psi/ft 0.53psi/ft 0.48 - 0.70 psi/ft 0.48 psi/ft 0.67 - 0.97 psi/ft 0.48 psi/ft

30 Day Average Rates 600 bbl/d 100 - 200 bbl/d 125 - 300 bbl/d 200 - 1,000boe/d 200 - 1,000bbl/d 160 - 600 bbl To be determined

Oil Saturations 85% 50% 85% 75 - 87% 50 - 70% 75 - 85% 62 - 78%

Resource in Place Per Section 20 - 35mmbbl 4.5 - 5mmbbl 5.0 - 8.0mmbbl 40 - 70mmboe 20 - 30mmbbl 10 - 65mmbbl 20 - 100mmbbl

Recovery Factor 10% 10 - 15% 15% 6 - 10% 5 - 10% 10 - 15% 10 - 15%

Well Costs $6.0 - 7.0mm $1.5 - 2.0mm $3.5mm $5.5mm $4.0mm $8.0 - 12.0mm $5.0 - 9.0mm

EUR Per Well 50,000 - 500,000 bbl

100,000 - 175,000 bbl

175,000 - 250,000 bbl

500,000 - 700,000 boe

200,000 - 400,000 bbl

160,000 - 700,000 bbl

300,000 - 650,000 bbl

Comparison of Reservoir Parameters

Note: The Gomo Member of the Candeias Formation has favorable reservoir parameters when compared to other commercial tight-oil plays. 10

Block 197: First Phase Drilling

Existing oil pools

Existing gas pools

Proposed surface locations

• 1ALV5BA was drilled, cased and cemented in Q1 2014 • 43 meters of potential net hydrocarbon pay in several intervals with an average porosity of 9.5%, using an 8% porosity cut-off. • Production testing expected to commence in Q2 2014. • We expect to commence drilling our next well on Block 183 in Q2 2014.

1ALV5BA well

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Strategy:

• Develop mature fields

• Pursue shallow conventional exploration

• Prove the commercial potential of the Gomo tight oil play

$40 million 2014 capital plan, including up to:

• 2 vertical Gomo wells

• 2 workovers

• 2 Bom Lugar development wells

• 1 conventional exploration well

Capital Plan and Strategy

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Accomplishments

• Completed the Alvopetro reorganization from the sale of Petrominerales

• Assembled high-quality team

• Acquired 25% working interest partner

• Secured seven new blocks at 2013 bid rounds

• Reprocessed available 3D seismic

• Successfully drilled first Gomo well to 3,275 metres – exceeded expectations

Next Steps

• Complete and test 1ALV5BA well

• Drill Block 183 well

Accomplishments

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• Attractive land position and fiscal regime

• Captured majority of deep Gomo play fairway

• Large resource opportunity

• Shallow exploration potential

• Mature fields

• Well capitalized

• Experienced team

• Strong operating platform in Brazil

• Operational excellence and innovation

Alvopetro - Early Stage Investment Opportunity

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Contact us:

Calgary, Canada: Alvopetro Energy Ltd.

Suite 1175, 332 6th Ave. SW Calgary, Alberta, Canada

T2P 0B2 Tel: (587) 794-4224

Email: info@alvopetro.com

Salvador, Brazil: Alvopetro S/A Extração de Petróleo e Gás Natural Rua Ewerton Visco, 290, Boulevard Side Empresarial,

Sala 2004, Caminho das Árvores, Salvador-BA CEP 41.820-022

TEL: + 55 (71) 3432-0917 Email: info@alvopetro.com

www.alvopetro.com TSX-V: ALV