Alvopetro Announces January 2025 Sales Volumes, Quarterly Natural Gas Pricing, an Operational Update and a Strategic Entry into the Western Canadian Sedimentary Basin

Alvopetro Announces January 2025 Sales Volumes, Quarterly Natural Gas Pricing, an Operational Update and a Strategic Entry into the Western Canadian Sedimentary Basin

 
 

Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces January 2025 sales volumes of 2,457 boepd, including natural gas sales of 13.8 MMcfpd, associated natural gas liquids sales from condensate of 141 bopd and oil sales of 18 bopd, based on field estimates. This represents a 41% increase from Q4 2024.

 
 
                                
 

    Natural gas, NGLs and crude oil sales:    

 
 

   January   

 

   2025   

 
 

  December  

 

  2024  

 
 

  Q4
2024
 

 
 

  Natural gas (Mcfpd), by field:  

 
 
 
 
 

  Caburé  

 
 

   11,450   

 
 

  7,565  

 
 

  7,474  

 
 

  Murucututu  

 
 

   2,338   

 
 

  2,687  

 
 

  2,233  

 
 

  Total Company natural gas (Mcfpd)  

 
 

   13,788   

 
 

  10,252  

 
 

  9,707  

 
 

  NGLs (bopd)  

 
 

   141   

 
 

  110  

 
 

  109  

 
 

  Oil (bopd)  

 
 

   18   

 
 

  9  

 
 

  11  

 
 

    Total Company (boepd)    

 
 

   2,457   

 
 

  1,828  

 
 

  1,738  

 

 
 

  Quarterly Natural Gas Price Update  

 

As announced on December 17, 2024 , our updated long-term gas sales agreement came into effect on January 1, 2025 increasing Alvopetro's contracted firm volumes starting January 1, 2025 by 33% up to 400 e 3 m 3 /d. The updated natural gas pricing model is recalculated quarterly based on Brent oil equivalent prices and Henry Hub natural gas prices resulting in quicker adjustments for commodity price and foreign exchange rate fluctuations. Effective February 1, 2025 , our natural gas price under our long-term gas sales agreement with Bahiagás has been adjusted to BRL1.95 /m 3 , a 6.5% increase from the January 2025 price of BRL1.83 and consistent with the Q4 2024 price of BRL1.94 /m 3 . All natural gas sales from February 1, 2025 to April 30, 2025 will be sold at BRL1.95 /m 3 ( $10.55 /Mcf, based on average heat content to date, the January 31, 2025 BRL/USD exchange rate of 5.83, net of expected sales taxes applicable).

 

  Operational Update  

 

In the fourth quarter we attempted an optimization project on our 183-B1 well on Block 183 which was originally drilled and tested in 2022. The plan included sidetracking from the existing wellbore and re-entering the Sergi Formation horizontally. Unfortunately, we encountered challenges during the project that resulted in the loss of the bottom hole assembly and the abandonment of the operation with costs totalling approximately $4.0 million .

 

On our Murucututu field, based off the successful recompletion of our 183-A3 well in the third quarter we plan to spud 183-D4 location this week. The 183-D4 location is targeting the Caruaçu Member approximately 110 metres up-dip of the 183-A3 location. This location also has an uphole exploratory target in the Marfin Formation. We expect to announce results from the 183-D4 well near the end of the first quarter.

 

Following this Murucututu well, we plan to drill and complete five development wells at our Caburé Unit as part of the agreed development plan with our partner.  During the month of January, we also completed the commissioning phase of our recently installed compression system at Caburé increasing our productive capacity from the Unit.

 

  Strategic Entry into Western Canadian Growth Opportunity  

 

Alvopetro has been pursuing additional growth opportunities to complement our existing asset base to continue our disciplined capital allocation model where we look to reinvest approximately half our cash flow into organic growth and return the other half to stakeholders. The Western Canadian Sedimentary Basin (" WCSB ") offers high-quality assets with large resources in place with access to a high-quality service industry, and leading-edge technology deployment. With our past experiences and our headquarters in Calgary , we are well positioned to create a complementary growth platform with the opportunity to deliver attractive returns for shareholders.

 

  Initial Focus Area - Mannville Heavy Oil Fairway  

 

The Mannville multi-zone heavy oil fairway targets the Colony, McLaren, Waseca , Sparky, GP, Rex, Lloydminster , and Cummings formations containing a large amount of original oil in place and providing attractive economics through the application of multilateral drilling and other technologies.

 

  Farmin – Partner with Proven Track Record  

 

Alvopetro is partnering with Durham Creek Energy Ltd., an established operator with a proven track record.  Alvopetro has agreed to fund 100% of two earning wells at an estimated total cost of C$4.5 million in exchange for a 50% working interest in 19.13 sections (12,243 acres) of land in western Saskatchewan . With success, the land position could support upwards of 100 development drilling locations.

 

President & CEO, Corey C. Ruttan commented:

 

"Alvopetro's strong financial position and cash flows from operations help position the Company to maximize shareholder returns from our combined asset base. With exposure to projects in Brazil and now also in Canada , it allows us to allocate capital across a growing inventory of high rate of return opportunities and to continue our disciplined capital allocation model."

 

  Corporate Presentation  

 

Alvopetro's updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation .

 

  Social   Media  

 

Follow Alvopetro on our social media channels at the following links:
Twitter - https://twitter.com/AlvopetroEnergy  
Instagram - https://www.instagram.com/alvopetro/  
LinkedIn - https://www.linkedin.com/company/alvopetro-energy-ltd  
YouTube - https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w  

 

   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 new release are in United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.   

 

   Abbreviations:   

 
 
                              
 

   boepd   

 
 

  =  

 
 

  barrels of oil equivalent ("boe") per day  

 
 

   bopd   

 
 

   =   

 
 

   barrels of oil and/or natural gas liquids (condensate) per day   

 
 

   C$   

 
 

  =  

 
 

  Canadian dollar  

 
 

   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  

 
 

   MMcfpd   

 
 

  =  

 
 

  million cubic feet per day  

 
 

   NGLs   

 
 

  =  

 
 

  natural gas liquids  

 
 
 

   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.  

 

   Contracted firm volumes    .   The 2025 contracted daily firm natural gas volumes of 400 e 3 m 3 /d (before any provisions for take or pay allowances) represents contracted volumes based on contract referenced natural gas heating value. Note that Alvopetro's reported natural gas sales volumes are prior to any adjustments for heating value of Alvopetro natural gas. Alvopetro's natural gas is approximately 7.8%   higher than the contract reference heating value. Therefore, to satisfy the contractual firm deliveries Alvopetro would be required to deliver approximately 371e 3 m 3 /d (13.1MMcfpd).  

 

   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 future production and sales volumes, the expected natural gas price and expected sales volumes under the Company's long-term gas sales agreement, and future capital plans and potential development opportunities associated with the WCSB farmin.   Current and forecasted natural gas nominations are subject to change on a daily basis and such changes may be material.   Forward   -looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to,   expectations and assumptions concerning   forecasted demand for oil and natural gas,   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 regarding Alvopetro's working interest and the outcome of any redeterminations, the outcome of any disputes, the timing of regulatory licenses and approvals, equipment availability,  environmental regulation, including regulation 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, general economic and business conditions, the impact of global pandemics, weather and access to drilling locations, the availability and cost of labour and services, 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.sedarplus.ca . 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.  

 

  www.alvopetro.com  
TSX-V: ALV, OTCQX: ALVOF

 

SOURCE Alvopetro Energy Ltd. 

 

 

 

 Cision View original content: http://www.newswire.ca/en/releases/archive/February2025/05/c0962.html  

 
 

 

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Leading independent upstream and midstream gas developer in Brazil

Alvopetro Announces June 2025 Sales Volumes

Alvopetro Announces June 2025 Sales Volumes

 
 

 Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces June 2025 sales volumes of 2,514 boepd, based on field estimates. In Brazil June sales volumes averaged 2,364 boepd, including natural gas sales of 13.2 MMcfpd, associated natural gas liquids sales from condensate of 147 bopd, and oil sales of 9 bopd. In Canada June sales volumes averaged 149 bopd. This brings our Q2 2025 average daily sales volumes to 2,436 boepd, based on field estimates.

 
 
 

   Natural gas, NGLs and crude oil sales:   

 
 
 
  
 

   (1)   

 
 

   Alvopetro reported volumes are based on sales volumes which, due to the timing of sales deliveries, may differ from production volumes.   

 
 
 

  Corporate Presentation  

 

Alvopetro's updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation .

 

  Social   Media  

 

Follow Alvopetro on our social media channels at the following links:
Twitter - https://twitter.com/AlvopetroEnergy  
Instagram - https://www.instagram.com/alvopetro/  
LinkedIn - https://www.linkedin.com/company/alvopetro-energy-ltd  

 

   Alvopetro Energy Ltd.    is deploying a balanced capital allocation model where we seek to reinvest roughly half our cash flows into organic growth opportunities and return the other half to stakeholders. Alvopetro's organic growth strategy is to focus on the best combinations of geologic prospectivity and fiscal regime. Alvopetro is balancing capital investment opportunities in Canada and Brazil where we are   building off the strength of our Caburé and Murucututu natural gas fields and the related 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.   

 

  Abbreviations:  

 
 
                  
 

  boepd                    =  

 
 

  barrels of oil equivalent ("boe") per day  

 
 

  bopd                      =  

 
 

  barrels of oil and/or natural gas liquids (condensate) 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 2025                =  

 
 

  three months ended June 30, 2025  

 
 
 

  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 (6 Mcf/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.

 

  www.alvopetro.com  
TSX-V: ALV, OTCQX: ALVOF

 

SOURCE Alvopetro Energy Ltd. 

 

 

 

 Cision View original content: http://www.newswire.ca/en/releases/archive/July2025/03/c8666.html  

 
 

 

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Alvopetro Announces Q2 2025 Dividend of US$0.10 Per Share and Reminder of Upcoming AGM

Alvopetro Announces Q2 2025 Dividend of US$0.10 Per Share and Reminder of Upcoming AGM

 
 

Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces that our Board of Directors has declared a quarterly dividend of US$0.10 per common share, payable in cash on July 15, 2025 to shareholders of record at the close of business on June 30, 2025 . This dividend is designated as an "eligible dividend" for Canadian income tax purposes.

 

Dividend payments to non-residents of Canada will be subject to withholding taxes at the Canadian statutory rate of 25%. Shareholders may be entitled to a reduced withholding tax rate under a tax treaty between their country of residence and Canada . For further information, see Alvopetro's website at https://alvopetro.com/Dividends-Non-resident-Shareholders .

 

 

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Alvopetro Announces May 2025 Sales Volumes and an Operational Update including 183-D4 Well Results

Alvopetro Announces May 2025 Sales Volumes and an Operational Update including 183-D4 Well Results

 
 

Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces May 2025 sales volumes and an operational update, including results from our 183-D4 well. Based on cased hole logs and logs while drilling, the well encountered 61 metres total vertical depth ("TVD") potential net natural gas pay in the Caruaçu Formation 106 metres updip of our 183-A3 well.

 

President & CEO, Corey C. Ruttan commented:

 

 

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Alvopetro Announces an Operational Update, Q1 2025 Financial Results and Details for our Upcoming AGM

Alvopetro Announces an Operational Update, Q1 2025 Financial Results and Details for our Upcoming AGM

 
 

Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces an operational update, financial results for the three months ended March 31, 2025 and details for both our Q1 2025 earnings call and our upcoming annual general and special meeting.

 

All references herein to $ refer to United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.

 

 

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Alvopetro Announces March 2025 Sales Volumes

Alvopetro Announces March 2025 Sales Volumes

 
 

Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces March sales volumes of 2,580 boepd, including natural gas sales of 14.5 MMcfpd, associated natural gas liquids sales from condensate of 146 bopd and oil sales of 12 bopd, based on field estimates, bringing our average daily sales volumes to 2,446 boepd in Q1 2025, up 41% from Q4 2024.

 
 
 

    Natural gas, NGLs and crude oil sales:    

 
 

  Corporate Presentation  

 

Alvopetro's updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation .

 

  Social   Media  

 

Follow Alvopetro on our social media channels at the following links:

 

Twitter - https://twitter.com/AlvopetroEnergy  
Instagram - https://www.instagram.com/alvopetro/  
LinkedIn - https://www.linkedin.com/company/alvopetro-energy-ltd  
YouTube - https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w  

 

   Alvopetro Energy Ltd.    is deploying a balanced capital allocation model where we seek to reinvest roughly half our cash flows into organic growth opportunities and return the other half to stakeholders. Alvopetro's organic growth strategy is to focus on the best combinations of geologic prospectivity and fiscal regime. Alvopetro is balancing capital investment opportunities in Canada and Brazil where we are building off the strength of our Caburé and Murucututu natural gas fields and the related 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 new release are in United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.   

 

   Abbreviations:   

 
 
                        
 

   boepd   

 
 

   =   

 
 

   barrels of oil equivalent ("boe") per day   

 
 

   bopd   

 
 

   =   

 
 

   barrels of oil and/or natural gas liquids (condensate) per day   

 
 

   Mcf   

 
 

   =   

 
 

   thousand cubic feet   

 
 

   Mcfpd   

 
 

   =   

 
 

   thousand cubic feet per day   

 
 

   MMcfpd   

 
 

   =   

 
 

   million cubic feet per day   

 
 

   NGLs   

 
 

   =   

 
 

   natural gas liquids   

 
 

   Q1 2025   

 
 

   =   

 
 

   three months ended March 31, 2025   

 
 

   Q4 2024   

 
 

   =   

 
 

   three months ended December 31, 2024   

 
 
 

   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.  

 

SOURCE Alvopetro Energy Ltd. 

 

 

 

 Cision View original content: http://www.newswire.ca/en/releases/archive/April2025/03/c2450.html  

 
 

 

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Skyharbour Partner Company Terra Clean Energy Announces Immediate Follow-Up Summer Drill Program on the Back of Drill Results from Winter Program at South Falcon East Uranium Project

Skyharbour Partner Company Terra Clean Energy Announces Immediate Follow-Up Summer Drill Program on the Back of Drill Results from Winter Program at South Falcon East Uranium Project

 

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ( " Skyharbour " or the " Company ") is pleased to report that its partner company Terra Clean Energy Corp. ("Terra", previously Tisdale Clean Energy) announces results from its Winter 2025 drill program and provides an update on the upcoming summer drill program at the South Falcon East Uranium Project (the "Property"), which hosts the Fraser Lakes B Uranium Deposit. The Property lies 18 km outside the edge of the Athabasca Basin, approximately 50 km east of the Key Lake mill and former mine. Skyharbour optioned the Project to Terra, and under the Option Agreement, assuming the 75% interest is earned, Terra will fund exploration expenditures totaling CAD $10,500,000, as well as pay Skyharbour CAD $11,100,000 in cash, of which $6,500,000 can be settled for shares in the capital of Terra ("Shares") over the earn-in period.

 

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Stallion Uranium Refines Coyote Target with Highly Conductive Anomalies from Ground EM Survey

Stallion Uranium Refines Coyote Target with Highly Conductive Anomalies from Ground EM Survey

 

Stallion Uranium Corp. (the " Company " or " Stallion ") ( TSX-V: STUD ; OTCQB: STLNF ; FSE: FE0 ) is pleased to announce the results from a Stepwise Moving Loop, Time Domain Electromagnetic (" SWML-TDEM ") survey completed over the high-priority Coyote Target on its Moonlite Project (Figure 1). The Coyote Target, located within the Southwestern Athabasca Basin spans claims held in partnership with Atha Energy Corp. (" Atha Energy ") ( TSX-V: SASK ) as well as claims that are 100% owned by Stallion Uranium.

 

  "These results confirm the presence of strong basement conductors beneath the Athabasca Basin sandstone, with characteristics consistent with major uranium discoveries," said Darren Slugoski, VP Exploration for Stallion Uranium. "Conductor - Coyote_14.25S, in particular, stands out as a high-priority drill target, supported by both strong geophysical response and a coincident gravity low; suggesting possible uranium alteration."  

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Stallion Uranium Completes Shares for Debt

Stallion Uranium Completes Shares for Debt

 

Stallion Uranium Corp. (the " Company " or " Stallion " ) ( TSX-V: STUD ; OTCQB: STLNF ; FSE: FE0 ) is pleased to announce that, further to its news release dated May 22, 2025, the Company has settled its outstanding debt with Atha Energy Corp. ("Atha") on July 16, 2025 and issued 802,809 common shares of the Company to Atha at a deemed price of $0.135 per share.

 

  About Stallion Uranium Corp.  

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Blue Sky Uranium Extends Non-Brokered Private Placement

Blue Sky Uranium Extends Non-Brokered Private Placement

 
 
 

  Blue Sky Uranium Corp. logo (CNW Group/Blue Sky Uranium Corp.) 

 
 

  /NOT FOR DISTRIBUTION TO THE UNITED   STATES OR THROUGH U.S.   NEWSWIRE   SERVICES/  

 

 

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Homerun Resources Inc. Announces Update on European Financial Markets Advisory

Homerun Resources Inc. Announces Update on European Financial Markets Advisory

Homerun Resources Inc. (TSXV: HMR,OTC:HMRFF) (OTCQB: HMRFF) ("Homerun" or the "Company") announces that, further to its April 2, 2025 news release, the Company will not be proceeding with the previously contemplated engagement of DGWA GmbH as a European financial markets' adviser. The Company is currently advancing other European financing and advisory relationships.

About Homerun (www.homerunresources.com)
Homerun (TSXV: HMR,OTC:HMRFF) is a vertically integrated materials leader revolutionizing green energy solutions through advanced silica technologies. As an emerging force outside of China for high-purity quartz (HPQ) silica innovation, the Company controls the full industrial vertical from raw material extraction to cutting-edge solar, battery and energy storage solutions. Our dual-engine vertical integration strategy combines:

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Skyharbour's Partner Company UraEx Resources Commences Summer 2025 Drilling Program at South Dufferin Uranium Project, Athabasca Basin, Saskatchewan

Skyharbour's Partner Company UraEx Resources Commences Summer 2025 Drilling Program at South Dufferin Uranium Project, Athabasca Basin, Saskatchewan

 

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ("Skyharbour" or the "Company") is pleased to announce that its earn-in option partner, UraEx Resources Inc. ("UraEx"), has commenced an inaugural 2,600-metre diamond drilling program at the South Dufferin Uranium Project ("South Dufferin" or the "Property") located immediately south of the southern margin of the Athabasca Basin, proximal to Cameco's Centennial deposit. UraEx can earn an initial 51% in the Property through CAD $4,600,000 in combined project consideration and up to 100% through $9,800,000 in combined project consideration consisting of cash and share payments as well as exploration expenditures over a five-year period.

 

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