Kolibri Global Energy Inc. (the “Company” or
“KEI”) (TSX: KEI, OTCQX: KGEIF) is pleased to announce three
more successful wells in its Tishomingo field in Oklahoma, which
have been adding over 1,500 barrels of oil equivalent per day
(“BOEPD”) to the Company’s production.
2023 Drilling Program
The Barnes 8-1H, 8-2H, and 8-3H wells were drilled and completed
under budget and are still cleaning up after the fracture
stimulations. The two Caney formation wells, the Barnes 8-1H and
8-2H, have produced at a 12-day average rate of 465 BOEPD (375
Barrels of oil per day “BOPD”) and 565 BOEPD (455 BOPD),
respectively. For the last five days, the Barnes 8-1H has averaged
500 BOEPD (400 BOPD), and the Barnes 8-2H has averaged 590 BOEPD
(470 BOPD). These wells were the first down-spacing wells in the
field and were drilled at a 6 well per section spacing pattern with
the Barnes 8-1H in the upper Caney, and the Barnes 8-2H in the
lower Caney.
The Barnes 8-3H well, which is in the T-zone formation and is
located under and between the Barnes 8-1H and 8-2H wells, has an
11-day average rate of 445 BOEPD (315 BOPD) and has averaged 490
BOEPD (340 BOPD) for the last 5 days, with the last 2 days at 570
BOEPD (390 BOPD).
Production optimization is currently in progress on all three of
the wells.
Wolf Regener, President, and CEO commented, “We are very pleased
to have these three wells on production and look forward to seeing
how they continue to perform. While it’s early, these wells are on
track to confirm our belief that the down spacing of the field is
economic, which would enable much more production from this field.
The T-Zone, Barnes 8-3H well is also exciting for us as it is
producing at higher oil rates than our previous T-zone wells and is
not currently showing signs of decline. Achieving commercial rates
from the T-zone could add many additional well locations and
reserves that are not currently reflected in our reserve estimates.
The T-zone formation is present over our entire acreage block and
is thus potentially very significant to the Company. Over the
coming months, we will be gathering data from these wells, which
will be used to further optimize reserve recoveries from the
field.
“The Barnes 8-1H, 8-2H, and 8-3H were drilled, completed and had
facilities built at an average cost of approximately $6.5 million,
which is $700,000 below our $7.2 million estimated cost.
“The drilling rig for the next two wells, the Barnes 7-4H and
Barnes 7-5H, is expected to move in tomorrow, with drilling
expected to start early next week. Both of these wells will be
drilled in the Caney formation.”
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is a North American energy company
focused on finding and exploiting energy projects in oil, gas, and
clean and sustainable energy. Through various subsidiaries, the
Company owns and operates energy properties in the United States.
The Company continues to utilize its technical and operational
expertise to identify and acquire additional projects. The
Company's shares are traded on the Toronto Stock Exchange under the
stock symbol KEI and on the OTCQX under the stock symbol KGEIF.
Cautionary Statements
In this news release and the Company’s other public disclosure:
The references to barrels of oil equivalent ("Boes") reflect
natural gas, natural gas liquids and oil. Boes may be misleading,
particularly if used in isolation. A Boe conversion ratio of 6
Mcf:1 Bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead. Given that the value ratio based
on the current price of crude oil as compared to natural gas is
significantly different from the energy equivalency of 6:1,
utilizing a conversion on a 6:1 basis may be misleading as an
indication of value. Possible reserves are those additional
reserves that are less certain to be recovered than probable
reserves. There is a 10% probability that the quantities actually
recovered will equal or exceed the sum of proved plus probable plus
possible reserves.
Readers should be aware that references to initial production
rates and other short-term production rates are preliminary in
nature and are not necessarily indicative of long-term performance
or of ultimate recovery. Readers are referred to the full
description of the results of the Company's December 31, 2022
independent reserves evaluation and other oil and gas information
contained in its Form 51-101F1 Statement of Reserves Data and Other
Oil and Gas Information for the year ended December 31, 2022, which
the Company filed on SEDAR on March 13, 2023.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute
"forward-looking information" as such term is used in applicable
Canadian securities laws and “forward-looking statements” within
the meaning of United States securities laws (collectively,
“forward looking information”), including statements regarding the
timing of and expected results from planned wells development.
Forward-looking information is based on plans and estimates of
management and interpretations of data by the Company's technical
team at the date the data is provided and is subject to several
factors and assumptions of management, including that that
indications of early results are reasonably accurate predictors of
the prospectiveness of the shale intervals, that required
regulatory approvals will be available when required, that no
unforeseen delays, unexpected geological or other effects,
including flooding and extended interruptions due to inclement or
hazardous weather conditions, equipment failures, permitting delays
or labor or contract disputes are encountered, that the necessary
labor and equipment will be obtained, that the development plans of
the Company and its co-venturers will not change, that the offset
operator’s operations will proceed as expected by management, that
the demand for oil and gas will be sustained, that the price of oil
will be sustained or increase, that the Company will continue to be
able to access sufficient capital through cash flow, debt,
financings, farm-ins or other participation arrangements to
maintain its projects, and that global economic conditions will not
deteriorate in a manner that has an adverse impact on the Company's
business, its ability to advance its business strategy and the
industry as a whole. Forward-looking information is subject to a
variety of risks and uncertainties and other factors that could
cause plans, estimates and actual results to vary materially from
those projected in such forward-looking information. Factors that
could cause the forward-looking information in this news release to
change or to be inaccurate include, but are not limited to, the
risk that any of the assumptions on which such forward looking
information is based vary or prove to be invalid, including that
the Company or its subsidiaries is not able for any reason to
obtain and provide the information necessary to secure required
approvals or that required regulatory approvals are otherwise not
available when required, that unexpected geological results are
encountered, that equipment failures, permitting delays, labor or
contract disputes or shortages of equipment, labor or materials are
encountered, the risks associated with the oil and gas industry
(e.g. operational risks in development, exploration and production;
delays or changes in plans with respect to exploration and
development projects or capital expenditures; the uncertainty of
reserve and resource estimates and projections relating to
production, costs and expenses, and health, safety and
environmental risks, including flooding and extended interruptions
due to inclement or hazardous weather conditions), the risk of
commodity price and foreign exchange rate fluctuations, that the
offset operator’s operations have unexpected adverse effects on the
Company’s operations, that completion techniques require further
optimization, that production rates do not match the Company’s
assumptions, that very low or no production rates are achieved,
that the price of oil will decline, that the Company is unable to
access required capital, that occurrences such as those that are
assumed will not occur, do in fact occur, and those conditions that
are assumed will continue or improve, do not continue or improve,
and the other risks and uncertainties applicable to exploration and
development activities and the Company's business as set forth in
the Company's management discussion and analysis and its annual
information form, both of which are available for viewing under the
Company's profile at www.sedar.com, any of which could result in
delays, cessation in planned work or loss of one or more
concessions and have an adverse effect on the Company and its
financial condition. The Company undertakes no obligation to update
these forward-looking statements, other than as required by
applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230706126161/en/
For further information, contact: Wolf E. Regener +1
(805) 484-3613 Email: wregener@kolibrienergy.com Website:
www.kolibrienergy.com
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