Kolibri Global Energy Inc. (the “Company” or
“Kolibri”) (TSX: KEI, NASDAQ: KGEI) is pleased to provide an
earnings release update and an operations update on its next wells
in its Tishomingo field in Oklahoma.
Lovina Wells
The location has been built and the drilling rig is scheduled to
move in next week with an anticipated spud date early in the second
week of March. The Lovina 9-16-1H, 9-16-2H, 9-16-3H and 9-16-4H
wells (100% working interest) are all planned 1.5 mile lateral
wells located on the same pad. Completion of these wells is being
scheduled for May, with the wells anticipated to begin production
in June.
Forguson Well
The location for the Forguson 17-20-3H well is currently being
constructed and the drilling rig is scheduled to move to this
location once the Lovina wells have been drilled. Kolibri will have
a 46% working interest in this 1.5 mile lateral well. A large
integrated oil company had elected to participate in the well.
Wolf Regener, President and CEO, commented, “We are excited to
begin our 2025 drilling program with our next wells in the heart of
the Tishomingo field as well as drilling the Forguson well to test
the economics of our east side acreage. The Caney target on the
eastern side has similar characteristics and thickness as in the
heart of Kolibri’s proved acreage except that it is shallower. It
is currently defined as a contingent resource and, therefore, is
not included in our third party reserves estimates. An economically
successful well could add significant additional reserves and value
to the Company.
“We expect these wells to contribute to the continued growth of
our production and cash flow, which is reflected in our recent
guidance which forecast significant increases for 2025 over our
2024 guidance (see the Company’s January 14, 20025 news
release).”
Year End Earnings Release and Earnings Call
The Company expects to release financial and operating results
for its year end 2024 results after market close on March 25,
2025.
In connection with the earnings release, management will host a
conference call for investors and analysts on March 26, 2025, at
9:00 a.m. PDT to discuss the Company’s results and to host a
Q&A session. Interested parties are invited to participate by
calling:
Dial-In: 1-877-317-6789 International Dial-In: 1-412-317-6789
When calling, please request to be joined into the Kolibri Global
Energy Inc. call.
Conferences
Wolf Regener, CEO and Gary Johnson, CFO will be participating in
the 37th Annual Roth Capital Conference on March 16 to 18, 2025 in
Dana Point, California where they will be having 1-1 meetings.
Mr. Regener and Mr. Johnson will also participate in the Sidoti
Small-Cap Virtual Conference, on March 19 and 20th, 2025. They will
be presenting at 11:30 A.M. PDT on March 20th, 2025 as well as
having 1-1 meetings during the two-day conference.
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is a North American energy company
focused on finding and exploiting energy projects in oil and gas.
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 in oil and gas. The Company's shares are traded
on the Toronto Stock Exchange under the stock symbol KEI and on the
NASDAQ under the stock symbol KGEI.
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,
wells performing as anticipated, including anticipated increases in
production, cash flow, higher rates of return and efficiencies, and
the timing of the release of the Company’s financial and operating
results for its year end 2024. 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 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 gathering system issues
will be resolved, 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 gathering system operator doesn’t get the issues resolved,
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 leases 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.
Caution Regarding Future-Oriented Financial Information and
Financial Outlook
This news release may contain information deemed to be
“future-oriented financial information” or a “financial outlook”
(collectively, “FOFI”) within the meaning of applicable securities
laws. The FOFI has been prepared by management to provide an
outlook of the Company’s activities and results and may not be
appropriate for other purposes. The FOFI has been prepared based on
a number of assumptions including the assumptions discussed above
under “Caution Regarding Forward-Looking Information”. The actual
results of operations of the Company and the resulting financial
results may vary from the amounts set forth herein, and such
variations may be material. The Company and management believe that
the FOFI has been prepared on a reasonable basis, reflecting
management’s best estimates and judgments. FOFI contained in this
news release was made as of the date of this news release and the
Company disclaims any intention or obligations to update or revise
any FOFI contained in this news release, whether as a result of new
information, future events or otherwise, unless required pursuant
to applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250227264848/en/
For further information, contact:
Wolf E. Regener +1 (805) 484-3613 Email:
wregener@kolibrienergy.com Website: www.kolibrienergy.com
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