All amounts are in U.S. Dollars unless otherwise indicated:
SECOND QUARTER HIGHLIGHTS
- Average production for the second quarter of 2024 was 3,128
BOEPD, an increase of 30% compared to the second quarter of 2023
average production of 2,415 BOEPD. The increase is due to
production from the wells that were drilled and completed in the
last six months of 2023 and the first six months of 2024.
- Adjusted EBITDA(1) was $10.0 million in the second quarter of
2024 compared to $7.6 million in the second quarter of 2023, an
increase of 31%. The increase was due to the production increase
and an increase in average prices of 7%
- Revenue, net of royalties was $13.9 million in the second
quarter of 2024 compared to $10.1 million for second quarter of
2023, an increase of 38%, due to higher average production and
prices
- Net income in the second quarter of 2024 was $4.1 million and
EPS was $0.11/share compared to $4.3 million and EPS of $0.12/share
in the second quarter of 2023. The decrease was due to higher
income tax expense and higher operating expense partially offset by
higher average prices and higher production
- Average netback from operations(2) for the second quarter of
2024 was $40.40/boe, an increase of 1% from the prior year second
quarter. Netback including commodity contracts(2) for the second
quarter of 2024 was $39.56/boe which was 2% higher than the prior
year second quarter
- At June 30, 2024, the Company had $16.0 million of available
borrowing capacity on its credit agreement
(1)
Adjusted EBITDA is considered a non-GAAP
measure. Refer to the section entitled “Non-GAAP Measures” of this
earnings release.
(2)
Netback from operations and netback
including commodity contracts are considered non-GAAP ratios. Refer
to the section entitled “Non-GAAP Measures” of this earnings
release.
Kolibri’s President and Chief Executive Officer, Wolf Regener
commented:
“We are pleased that the Company continues to increase
production and Adjusted EBITDA as we demonstrate the growth
potential of the Tishomingo field. Average production increased by
30% and Adjusted EBITDA increased 31% in the second quarter of 2024
compared to the second quarter of 2023 demonstrating our continued
growth. We are excited to enter into a new phase of the Company’s
development where we believe the most economic and efficient
strategy is to drill longer laterals. We just started drilling the
three Alicia Renee wells (all 100% working interest) that will each
have a 1.5 mile lateral and we expect to bring those wells on
production early in the fourth quarter of 2024.”
Second Quarter
First Six Months
2024
2023
%
2024
2023
%
Net Income:
$ Thousands
$
4,061
$
4,268
(5
)%
$
7,406
$
12,164
(39
)%
$ per basic common share
$
0.11
$
0.12
(8
)%
$
0.21
$
0.34
(38
)%
$ per diluted common share
$
0.11
$
0.12
(8
)%
$
0.20
$
0.33
(39
)%
Capital Expenditures
$
6,427
$
15,742
(59
)%
$
11,747
$
19,930
(41
)%
Average Production (Boepd)
3,128
2,415
30
%
3,216
2,803
15
%
Average Price per Barrel
$
62.10
$
58.00
7
%
$
61.37
$
60.75
1
%
Average Netback from operations(2) per
Barrel
$
40.40
$
39.97
1
%
$
39.66
$
42.07
(6
)%
Average Netback including commodity
contracts(2) per Barrel
$
39.56
$
38.60
2
%
$
38.67
$
40.66
(5
)%
June 2024
March 2024
December 2023
Cash and Cash Equivalents
$
549
$
1,801
$
598
Working Capital
$
(1,885
)
$
(6,564
)
$
(11,916
)
Borrowing capacity
$
16,042
$
8,042
$
10,042
(1)
Adjusted EBITDA is considered a non-GAAP
measure. Refer to the section entitled “Non-GAAP Measures” of this
earnings release.
(2)
Netback from operations and netback
including commodity contracts are considered non-GAAP ratios. Refer
to the section entitled “Non-GAAP Measures” of this earnings
release.
Second Quarter 2024 versus Second Quarter
2023
Oil and gas gross revenues totaled $17.7 million in the quarter
versus $12.7 million in the second quarter of 2023, an increase of
39%. Oil revenues increased $4.7 million or 39% as average oil
prices increased by $7.15 per barrel or 10% and oil production
increased by 27% to 2,309 bopd. Natural gas revenues decreased $0.1
million or 37% to $0.1 million as average natural gas prices
decreased by $0.99/mcf or 54% to $0.84/mcf partially offset by a
natural gas production increase of 37% to 1,916 mcfpd. Natural gas
liquids (NGLs) revenues increased $0.3 million or 58% as average
NGL prices increased 14% to $18.24/boe and NGL production increased
39% to 500 boepd.
Average production for the second quarter of 2024 was 3,128
BOEPD, an increase of 30% compared to the second quarter of 2023
average production of 2,415 BOEPD due to production from the wells
that were drilled and completed in the last six months of 2023 and
the first six months of 2024.
Production and operating expenses for the second quarter of 2024
were $2.1 million compared to $1.1 million in the prior year
comparable period. The increase was partially due to natural gas
and NGL processing costs of $0.2 million, or $0.50 per BOE, related
to prior years as the purchaser reassessed prior year gathering and
processing costs in 2024. Under the terms of the Company’s contract
with the purchaser, adjustments to fee billings over the last 24
months are permissible. The adjustments received to date cover 2022
and 2023. In addition, the second quarter of 2024 included rework
costs for wells that were impacted by offset fracture stimulations
at the end of 2023 which totaled $0.31 per BOE. Without these fees
and costs, operating expense per barrel would be $7.67 per BOE for
the second quarter of 2024, an increase of 27% due to higher water
hauling costs.
General and administrative expenses for the second quarter of
2024 was $1.5 million compared to $1.0 million for the second
quarter of 2023, an increase of 50%. The increase was due to higher
accounting fees and public company costs that resulted from listing
on the NASDAQ stock market at the end of 2023 which increased by
$0.4 million in the second quarter of 2024 as well as higher
payroll and director fees mainly related to additional personnel
and higher investor relations and marketing costs.
Finance expense increased $0.4 million in the second quarter of
2024 compared to the prior year second quarter due to higher
interest expense as a result of higher interest rates and an
increase in the outstanding bank loan balance in 2024.
FIRST SIX MONTHS 2024 HIGHLIGHTS
- Average production for the first six months of 2024 was 3,216
BOEPD, an increase of 15% compared to the first six months 2023
average production of 2,803 BOEPD. The increases are due to
production from the wells that were drilled and completed in the
last six months of 2023 and the first six months of 2024
- Adjusted EBITDA(1) was $20.4 million in the first six months of
2024 compared to $19.0 million in the first six months of 2023, an
increase of 7%. The increase was due to the 15% increase in
production and a 1% increase in average prices
- Revenue, net of royalties was $28.1 million in the first six
months of 2024 compared to $24.4 million for first six months of
2023, an increase of 15%, as production increased by 15% and
average prices increased by 1%
- Net income in the first six months of 2024 was $7.4 million
compared to $12.2 million in the first six months of 2023. The
decrease was due to higher income tax expense of $2.6 million and a
$2.1 million unrealized gain on commodity contracts in the
comparable prior year period partially offset by the increase in
production and average prices
- Average netback from operations(2) for the first six months of
2024 was $39.66/boe, a decrease of 6% from the prior year period.
Netback including commodity contracts(2) for the first six months
of 2024 was $38.67/boe which was a decrease of 5% compared to the
comparable prior year period
(1)
Adjusted EBITDA is considered a non-GAAP
measure. Refer to the section entitled “Non-GAAP Measures” of this
earnings release.
(2)
Netback from operations and netback
including commodity contracts are considered non-GAAP ratios. Refer
to the section entitled “Non-GAAP Measures” of this earnings
release.
First Six Months of 2024 versus First Six
Months of 2023
Oil and gas gross revenues totaled $35.9 million in the first
six months of 2024 versus $30.8 million in the first six months of
2023, an increase of 17%. Oil revenues increased $5.0 million or
18% as oil production increased by 11% to 2,366 boepd and average
oil prices increased by $3.69 per barrel or 5%. Natural gas
revenues decreased $0.5 million or 43% to $0.6 million as average
natural gas prices decreased by $1.76/mcf or 54% to $1.52/mcf
partially offset by a natural gas production increase of 21% to
2,143 mcfpd. Natural gas liquids (NGLs) revenues increased $0.6
million or 38% as average NGL prices increased 7% to $23.18/boe and
NGL production increased by 28% to 493 boepd.
Average production for the first six months of 2024 was 3,216
BOEPD, an increase of 15% compared to the first six months 2023
average production of 2,803 BOEPD. The increases are due to
production from the wells that were drilled and completed in the
last six months of 2023 and the first six months of 2024.
Production and operating expenses per barrel averaged $8.42 per
BOE in the fix six months of 2024 compared to $6.04 per BOE in the
prior year period. The increase was due to natural gas and NGL
processing costs of $0.8 million, or $1.23 per BOE, related to
prior years as the purchaser reassessed prior year gathering and
processing costs in 2024. Under the terms of the Company’s contract
with the purchaser, adjustments to fee billings over the last 24
months are permissible. The adjustments received to date cover 2022
and 2023. In addition, the first six months of 2024 included rework
costs for wells that were impacted by offset fracture stimulations
at the end of 2023 which totaled $0.23 per BOE. Without these fees
and costs, operating expense per barrel would be $6.96 per BOE for
the first six months of 2024, an increase of 15% due to higher
water hauling costs in 2024.
General and administrative expenses for the first six months of
2024 was $2.8 million compared to $2.0 million for the same period
of 2023, an increase of 43%. The increase was due to higher
accounting fees and public company costs that resulted from listing
on the NASDAQ stock market at the end of 2023 which increased by
$0.6 million in 2024 as well as higher payroll and director fees
mainly related to additional personnel and higher investor
relations and marketing costs.
Finance income decreased by $2.2 million for the first six
months of 2024 due to an unrealized gain on commodity contracts in
the comparable prior year period.
Finance expense increased $1.2 million in the first six months
of 2024 compared to the prior year comparable period due to an
unrealized loss on commodity contracts in 2024 and higher interest
expense as a result of higher interest rates and an increase in the
outstanding bank loan balance in 2024.
KOLIBRI GLOBAL ENERGY
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
(Unaudited, Expressed in
Thousands of United States Dollars)
($000 except as noted)
June 30
December 31
2024
2023
Current Assets
Cash
$
549
$
598
Accounts receivables and other
receivables
7,766
5,492
Deposits and prepaid expenses
597
838
8,912
6,928
Non-current assets
Property, plant and equipment
221,007
216,161
Right of use assets
1,056
1,190
Fair value of commodity contracts
-
78
222,063
217,429
Total Assets
$
230,975
$
224,357
Current Liabilities
Accounts payable and other payables
$
9,360
$
17,648
Lease liabilities
919
1,068
Fair value of commodity contracts
518
128
10,797
18,844
Non-current liabilities
Loans and borrowings
33,678
29,612
Asset retirement obligations
2,069
1,966
Deferred taxes
5,762
3,359
Lease liabilities
177
162
Fair value of commodity contracts
4
-
41,690
35,099
Equity
Shareholders’ capital
296,458
296,232
Contributed surplus
24,621
24,179
Accumulated deficit
(142,591
)
(149,997
)
Total Equity
178,488
170,414
Total Equity and Liabilities
$
230,975
$
224,357
KOLIBRI GLOBAL ENERGY
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited, expressed in
Thousands of United States dollars, except per share
amounts)
($000 except as noted)
Second Quarter
First Six Months
2024
2023
2024
2023
Oil and natural gas revenue, net
$
13,915
$
10,114
$
28,141
$
24,407
Other income
1
-
60
1
13,916
10,114
28,201
24,408
Production and operating expenses
2,109
1,147
4,355
2,700
Depletion and depreciation expense
3,700
3,375
7,594
7,713
General and administrative expenses
1,528
1,021
2,793
1,951
Stock based compensation
411
356
539
374
7,748
5,899
15,281
12,738
Finance income
445
777
-
2,167
Finance expense
(1,101
)
(724
)
(2,872
)
(1,673
)
Income tax expense
(1,451
)
-
(2,642
)
-
Net income
4,061
4,268
7,406
12,164
Basic net income per share
$
0.11
0.12
$
0.21
$
0.34
Diluted net income per share
$
0.11
0.12
$
0.20
$
0.33
KOLIBRI GLOBAL ENERGY
SECOND QUARTER 2024
(Unaudited, expressed in
Thousands of United States dollars, except as noted)
Second Quarter
First Six Months
2024
2023
2024
2023
Oil revenue before royalties
$
16,701
$
11,989
$
33,249
$
28,267
Gas revenue before royalties
147
232
592
1,047
NGL revenue before royalties
830
525
2,081
1,506
Oil and Gas gross revenue
17,678
12,746
35,922
30,820
Adjusted EBITDA(1)
10,036
7,646
20,410
19,042
Additions to property, plant &
equipment
6,427
15,742
11,747
19,930
Statistics:
2nd Quarter
First Six Months
2024
2023
2024
2023
Average oil production (Bopd)
2,309
1,821
2,366
2,125
Average natural gas production (mcf/d)
1,916
1,397
2,143
1,765
Average NGL production (Boepd)
500
361
493
384
Average production (Boepd)
3,128
2,415
3,216
2,803
Average oil price ($/bbl)
$
79.48
$
72.33
$
77.20
$
73.51
Average natural gas price ($/mcf)
$
0.84
$
1.83
$
1.52
$
3.28
Average NGL price ($/bbl)
$
18.24
$
15.97
$
23.18
$
21.67
Average price ($/boe)
$
62.10
$
58.00
$
61.37
$
60.75
Less: Royalties ($/boe)
13.22
11.98
13.29
12.64
Less: Operating expenses $/boe)
8.48
6.05
8.42
6.04
Netback from operations(2) ($/boe)
$
40.40
$
39.97
$
39.66
$
42.07
Price adjustment from commodity contracts
($/boe)
(0.84
)
(1.37
)
(0.99
)
(1.41
)
Netback including commodity contracts(2)
($/boe)
$
39.56
$
38.60
$
38.67
$
40.66
(1)
Adjusted EBITDA is considered a non-GAAP
measure. Refer to the section entitled “Non-GAAP Measures” of this
earnings release.
(2)
Netback from operations and netback
including commodity contracts are considered non-GAAP ratios. Refer
to the section entitled “Non-GAAP Measures” of this earnings
release.
The information outlined above is extracted from and should be
read in conjunction with the Company's unaudited financial
statements for the three and six months ended June 30, 2024 and the
related management's discussion and analysis thereof, copies of
which are available under the Company's profile at
www.sedarplus.ca.
NON-GAAP MEASURES
Netback from operations, netback including commodity contracts
and adjusted EBITDA (collectively, the "Company’s Non-GAAP
Measures") are not measures or ratios recognized under Canadian
generally accepted accounting principles ("GAAP") and do not
have any standardized meanings prescribed by IFRS. Management of
the Company believes that such measures and ratios are relevant for
evaluating returns on each of the Company's projects as well as the
performance of the enterprise as a whole. The Company's Non-GAAP
Measures may differ from similar computations as reported by other
similar organizations and, accordingly, may not be comparable to
similar non-GAAP measures and ratios as reported by such
organizations. The Company’s Non-GAAP Measures should not be
construed as alternatives to net income, cash flows related to
operating activities, working capital or other financial measures
and ratios determined in accordance with IFRS, as an indicator of
the Company's performance.
An explanation of how the Company’s Non-GAAP Measures provide
useful information to an investor and the purposes for which the
Company’s management uses the Non-GAAP Measures is set out in the
management's discussion and analysis under the heading “Non-GAAP
Measures” which is available under the Company's profile at
www.sedarplus.ca and is incorporated by reference into this
earnings release.
Netback from operations per barrel and its components are
calculated by dividing revenue, less royalties and operating
expenses by the Company’s sales volume during the period. Netback
including commodity contracts is calculated by adjusting netback
from operations by the realized gains or losses received from
commodity contracts during the period. Netback is a non-GAAP ratio
but it is commonly used by oil and gas companies to illustrate the
unit contribution of each barrel produced. The Company believes
that the netback is a useful supplemental measure of the cash flow
generated on each barrel of oil equivalent that is produced in its
operations. However, non-GAAP measures and non-GAAP ratios do not
have any standardized meaning prescribed by IFRS and therefore, may
not be comparable to similar measures or ratios used by other
companies and should not be used to make comparisons.
The following is the reconciliation of the non-GAAP ratio
netback from operations to net income (loss) from continuing
operations, which the Company considers to be the most directly
comparable financial measure that is disclosed in the Company’s
financial statements:
(US $000)
Three months ended June
30,
Six months ended June
30,
2024
2023
2024
2023
Net income
$
4,061
$
4,268
$
7,406
$
12,164
Adjustments:
Income tax expense
1,451
-
2,642
-
Finance income
(445
)
(777
)
-
(2,167
)
Finance expense
1,101
724
2,872
1,673
Share based compensation
411
356
539
374
General and administrative expenses
1,528
1,021
2,793
1,951
Depletion, depreciation and
amortization
3,700
3,375
7,594
7,713
Other income
(1
)
-
(60
)
(1
)
Operating netback
11,806
8,967
23,786
21,707
Netback from operations per $/BOE
40.40
39.97
39.66
42.07
Adjusted EBITDA is calculated as net income before interest,
taxes, depletion and depreciation and other non-cash and
non-operating gains and losses. The Company considers this a key
measure as it demonstrates its ability to generate cash from
operations necessary for future growth excluding non-cash items,
gains and losses that are not part of the normal operations of the
Company and financing costs. The following is the reconciliation of
the non-GAAP measure adjusted EBITDA:
(US $000)
Three months ended June
30,
Six months ended June
30,
2024
2023
2024
2023
Net income
$
4,061
$
4,268
$
7,406
$
12,164
Income tax expense
1,451
-
2,642
-
Depletion and depreciation
3,700
3,375
7,594
7,713
Accretion
44
44
89
89
Interest expense
813
375
1,728
860
Unrealized (gain) loss on commodity
contracts
(445
)
(777
)
470
(2,167
)
Share based compensation
411
356
539
374
Interest income
-
-
-
-
Other income
(1
)
-
(60
)
(1
)
Foreign currency loss (gain)
2
5
2
10
Adjusted EBITDA
$
10,036
$
7,646
$
20,410
$
19,042
PRODUCT TYPE DISCLOSURE
This news release includes references to sales volumes of "oil",
"natural gas", and “barrels of oil equivalent” or “BOEs”. “Oil”
refers to light crude oil and medium crude oil combined, and
"natural gas" refers to shale gas, in each case as defined by NI
51-101. Production from our wells, primarily disclosed in this news
release in BOEs, consists of mainly oil and associated wet gas. The
wet gas is delivered via gathering system and then pipelines to
processing plants where it is treated and sold as natural gas and
NGLs.
CAUTIONARY STATEMENTS
In this news release and the Company’s other public
disclosure:
(a)
The Company's natural gas production is
reported in thousands of cubic feet ("Mcfs"). The Company
also uses references to barrels ("Bbls") and barrels of oil
equivalent ("Boes") to reflect natural gas liquids and oil
production and sales. 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.
(b)
Discounted and undiscounted net present
value of future net revenues attributable to reserves do not
represent fair market value.
(c)
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.
(d)
The Company discloses peak and 30-day
initial production rates and other short-term production rates.
Readers are cautioned that such production rates are preliminary in
nature and are not necessarily indicative of long-term performance
or of ultimate recovery.
Caution Regarding Forward-Looking Information
This release contains forward-looking information including
information regarding the proposed timing and expected results of
exploratory and development work including production from the
Company's Tishomingo field, Oklahoma acreage, projected increases
in production and cash flow, adjusted EBITDA and net debt, the
Company’s reserves based loan facility, including scheduled
repayments, expected hedging levels and the Company’s strategy and
objectives. The use of any of the words “target”, “plans”,
"anticipate", "continue", "estimate", "expect", "may", "will",
"project", "should", "believe" and similar expressions are intended
to identify forward-looking statements.
Such forward-looking information is based on management’s
expectations and assumptions, including that the Company's geologic
and reservoir models and analysis will be validated, that
indications of early results are reasonably accurate predictors of
the prospectiveness of the shale intervals, that previous
exploration results are indicative of future results and success,
that expected production from future wells can be achieved as
modeled, that declines will match the modeling, that future well
production rates will be improved over existing wells, that rates
of return as modeled can be achieved, that recoveries are
consistent with management’s expectations, that additional wells
are actually drilled and completed, that design and performance
improvements will reduce development time and expense and improve
productivity, that discoveries will prove to be economic, that
anticipated results and estimated costs will be consistent with
management’s expectations, that all required permits and approvals
and the necessary labor and equipment will be obtained, provided or
available, as applicable, on terms that are acceptable to the
Company, when required, that no unforeseen delays, unexpected
geological or other effects, equipment failures, permitting delays
or labor or contract disputes are encountered, that the development
plans of the Company and its co-venturers will not change, that the
demand for oil and gas will be sustained or increase, that the
Company will continue to be able to access sufficient capital
through financings, credit facilities, farm-ins or other
participation arrangements to maintain its projects, that the
Company will continue in compliance with the covenants under its
reserves-based loan facility and that the borrowing base will not
be reduced, that funds will be available from the Company’s
reserves based loan facility when required to fund planned
operations, that the Company will not be adversely affected by
changing government policies and regulations, social instability or
other political, economic or diplomatic developments in the
countries in which it operates and that global economic conditions
will not deteriorate in a manner that has an adverse impact on the
Company's business and its ability to advance its business
strategy.
Forward looking information involves significant known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated. These risks 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’s geologic and reservoir models
or analysis are not validated, that anticipated results and
estimated costs will not be consistent with management’s
expectations, 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), the risk of commodity price
and foreign exchange rate fluctuations, risks and uncertainties
associated with securing the necessary regulatory approvals and
financing to proceed with continued development of the Tishomingo
Field, the risk 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 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 Company will cease to be in compliance with the covenants
under its reserves-based loan facility and be required to repay
outstanding amounts or that the borrowing base will be reduced
pursuant to a borrowing base re-determination and the Company will
be required to repay the resulting shortfall, that the Company is
unable to access required capital, that funding is not available
from the Company’s reserves based loan facility at the times or in
the amounts required for planned operations, 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 identified in the Company’s
most recent Annual Information Form under the “Risk Factors”
section, the Company’s most recent management's discussion and
analysis and the Company’s other public disclosure, available under
the Company’s profile on SEDAR at www.sedarplus.ca.
Although the Company has attempted to take into account
important factors that could cause actual costs or results to
differ materially, there may be other factors that cause actual
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate as
actual results and future events could differ materially from those
anticipated in such statements. The forward-looking information
included in this release is expressly qualified in its entirety by
this cautionary statement. Accordingly, readers should not place
undue reliance on forward-looking information. The Company
undertakes no obligation to update these forward-looking
statements, other than as required by applicable law.
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, gas and clean and sustainable energy.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240813697310/en/
For further information, contact: Wolf E. Regener,
President and Chief Executive Officer +1 (805) 484-3613 Email:
investorrelations@kolibrienergy.com Website:
www.kolibrienergy.com
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