Eastern Fisheries and Aquaculture Ministers Meet to Discuss Critical Issues
Key topics discussed during the meeting included renewal of funding programs, support for the eastern Canadian aquaculture sector, enforcement and unauthorized fishing activities, marine conservation, delivery of the Canadian Shellfish Sanitation Program, MSX and Dermo impacts, improved science in decision making, and small craft harbours.
The Ministers emphasized the need for improved federal-provincial communication and collaboration to effectively address the challenges and opportunities in the fisheries and aquaculture sectors. They were encouraged by the discussions and agreed that a collaborative approach going forward is necessary to address the complex and interrelated challenges facing the eastern Canadian fisheries and aquaculture sectors. Minister Thompson recognized provincial jurisdictional authority over aquaculture in Eastern Canada and commitment for a sustainably managed aquaculture industry, and also agreed to work with the provinces on identifying priorities for small craft harbours.
The Ministers discussed renewal of the Atlantic Fisheries Fund (AFF) and the Quebec Fisheries Fund (QFF), including support to industry market diversification efforts in light of shifting economic realities. They reflected on the success of the fisheries funds and committed to continued cooperation in supporting the seafood sector, providing much-needed advances in infrastructure, research, and innovation.
The Ministers agreed to formalize the forum in order to more effectively support the important seafood sector. Further discussions on this topic will be crucial in addressing issues facing industry across eastern Canada.
Quotes
"The meeting of the Eastern Fisheries and Aquaculture Ministers was productive, and I'm optimistic about our commitment to ongoing collaboration to support sector sustainability, growth and diversification by addressing key priorities like renewing the AFF and QFF programs, supporting provincial aquaculture mandates, addressing industry challenges like MSX and Dermo and by increasing enforcement efforts to stop illegal fishing activities."
The Honourable Kent Smith, Fisheries and Aquaculture Minister for Nova Scotia, provincial co-chair of EFAM
"Our fisheries are the backbone of our rural and coastal communities, supporting families and driving prosperity. I greatly value the perspectives of my Eastern counterparts and this forum, where we found opportunities to collaborate more closely on our common goals. Together, with my colleagues we will support strong fisheries and aquaculture in eastern Canada."
The Honourable Joanne Thompson, Minister of Fisheries, federal co-chair of EFAM
SOURCE Canadian Council of Fisheries and Aquaculture Ministers' Meetings
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Abbreviations: $000s = thousands of U.S. dollars boepd = barrels of oil equivalent ("boe") per day bopd = barrels of oil and/or natural gas liquids (condensate) per day BRL = Brazilian Real e 3 m 3 /d = thousand cubic metre per day m 3 = cubic metre m 3 /d = cubic metre per day Mcf = thousand cubic feet Mcfpd = thousand cubic feet per day MMcf = million cubic feet MMcfpd = million cubic feet per day NGLs = natural gas liquids (condensate) Q1 2025 = three months ended March 31, 2025 Q2 2024 = three months ended June 30, 2024 Q2 2025 = three months ended June 30, 2025 USD = United States dollars GAAP or IFRS = IFRS Accounting Standards Non-GAAP and Other Financial Measures This news release contains references to various non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures as such terms are defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure. Such measures are not recognized measures under GAAP and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed 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 and other financial 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. These are complementary measures that are used by management in assessing the Company's financial performance, efficiency and liquidity and they may be used by investors or other users of this document for the same purpose. 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" Average realized price - $/boe" is comprised of natural gas, condensate and oil sales as determined in accordance with IFRS, divided by the Company's total natural gas, NGL and oil sales volumes (barrels of oil equivalent). " Dividends per share" is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date. " Royalties per boe" is comprised of royalties, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent). " Production expenses per boe" is comprised of production expenses, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent). " Transportation expenses per boe" is comprised of transportation expenses, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent). 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More particularly and without limitation, this news release contains forward-looking statements concerning the expected natural gas price, gas sales and gas deliveries under Alvopetro's long-term gas sales agreement, future production and sales volumes, the expected timing of production commencement from certain wells, plans relating to the Company's operational activities, proposed exploration and development activities and the timing for such activities, capital spending levels, future capital and operating costs, the timing and taxation of dividends and plans for dividends in the future, anticipated timing for upcoming drilling and testing of other wells, and projected financial results. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to the success of future drilling, completion, testing, recompletion and development activities and the timing of such activities, the performance of producing wells and reservoirs, well development and operating performance, expectations and assumptions concerning the timing of regulatory licenses and approvals, equipment availability, environmental regulation, including regulations relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the outlook for commodity markets and ability to access capital markets, foreign exchange rates, the outcome of any disputes, the outcome of redeterminations, general economic and business conditions, forecasted demand for oil and natural gas, the impact of global pandemics, weather and access to drilling locations, the availability and cost of labour and services, and 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. Current and forecasted natural gas nominations are subject to change on a daily basis and such changes may be material. In addition, the declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. Although we believe that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; 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, reliance on industry partners, availability of equipment and personnel, uncertainty surrounding timing for drilling and completion activities resulting from weather and other factors, changes in applicable regulatory regimes and health, safety and environmental risks), commodity price and foreign exchange rate fluctuations, market uncertainty associated with trade or tariff disputes, and general economic conditions. 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. 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 AIF which may be accessed on Alvopetro's SEDAR+ profile at 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. TSX-V: ALV, OTCQX: ALVOF SOURCE Alvopetro Energy Ltd.
