Alvopetro Energy Ltd. announces August sales volumes of 2,431 boepd based on field estimates, including natural gas sales of 13.9 mmcfpd, associated natural gas liquids sales from condensate of 105 bopd, and oil sales of 6 bopd, an increase of 1% from our average sales volumes of 2,412 boepd in July. Effective August 1, 2021, our natural gas price under our long-term gas sales agreement was adjusted to BRL1.31/m3 or $7.72/mcf based on our average heat content to date of 107% and the July 30, 2021 BRL/USD foreign exchange rate of 5.12. This represents a 24% increase from our February 1, 2021 contracted price of BRL1.06/m3. Higher gas prices and sales volumes in August resulted in estimated August revenues of $3.5 million, a 30% increase compared to our monthly average revenues in the second quarter, a new monthly record for the Company.
As announced on September 7, 2021, we have completed our share consolidation and split (the "Share Restructuring"). One of the main objectives of the Share Restructuring was to reduce the cost of administering Alvopetro's planned dividend program. Prior to the Share Restructuring, there were a total of 99,828,295 common shares of Alvopetro outstanding. As part of the Share Restructuring, 1,265,306 common shares are being repurchased at a price of C$1.12 per common share, representing 1.3% of the total common shares outstanding prior to the Share Restructuring. This will significantly reduce the number of small and odd-lot shareholdings that were an artifact of our earlier corporate spin-out after the sale of Petrominerales in 2013. The remaining common shares participated in the 2,100 to 1 share consolidation followed immediately by a 1 to 700 share split, for an effective 3:1 share consolidation. Following the Share Restructuring there are 32,854,330 common shares outstanding. In connection with the restructuring, Alvopetro has been assigned the temporary trading symbol ALVOD on the OTCQX. We expect to revert to our ALVOF trading symbol, however, the timing will be determined by regulatory authorities.
Corey C. Ruttan, President and Chief Executive Officer, commented:
With ongoing strong production results from our Caburé project, combined now with a 24% increase in our realized natural gas price, we continue to generate very strong cash flows. This allows us to organically fund our upcoming exploration drilling campaign, has allowed us to repay half of our outstanding debt in the first year of operations and positions us to commence planned dividends to shareholders by the first quarter of 2022. Now that we have successfully completed our share restructuring, we can cost effectively administer future recurring dividends when declared by our Board of Directors.
Alvopetro's closing trading price on the TSX Venture Exchange on Friday, September 3, 2021 of C$1.15 per share equates to C$3.45 per share post-consolidation and post-split. Following the Share Restructuring our net asset value per common share has increased from C$2.44 pre-Share Restructuring to C$7.36 post-Share Restructuring.
