Alvopetro Energy Ltd. announced that with lower production levels forecast in the first quarter of 2024 and consistent with long standing balanced stakeholder return model, the Board of Directors of the company determined it was appropriate to reduce the quarterly dividend and declared a quarterly dividend of USD 0.09 per common share, payable in cash on April 15, 2024, to shareholders of record at the close of business on March 28, 2024. This dividend is designated as an "eligible dividend" for Canadian income tax purposes.