Kolibri Global Energy Inc. (the “Company” or
“Kolibri”) (TSX: KEI, NASDAQ: KGEI) is pleased to provide an
update on its latest wells in its Tishomingo field in Oklahoma and,
its share buyback program.
Initial Flow Rates
The Alicia Renee 2-11-3H3H (“Alicia 3H”), Alicia Renee, 2-11-4H
(“Alicia 4H”) and Alicia Renee 2-11-5H (“Alicia 5H”) wells were all
successfully drilled and completed in the Caney Formation and are
currently flowing back the fracture stimulation fluid. The wells
are still cleaning up, but over the last five days, the Alicia 3H
well has averaged 1,049 Barrels of oil equivalent per day (“BOEPD”)
(720 barrels of oil per day (“BOPD”)), the Alicia 4H well has
averaged 845 BOEPD (590 BOPD) and the Alicia 5H well has averaged
630 BOEPD (435 BOPD).
Even with the wells still cleaning up, current production is
about 1,155 BOEPD, 950 BOEPD, and 715 BOEPD, for the Alicia 3H,
Alicia 4H and Alicia 5H, respectively.
Kolibri owns a 100% working interest in the wells, which were
drilled at a 6-well per section spacing pattern.
Wolf Regener, President and CEO, commented, “We are very pleased
that the first three of our longer lateral Caney wells are
performing so well. The early production results indicate the wells
to be very economic. In addition, I’m proud that our team once
again drilled and completed these wells safely and under budget.
Assuming the wells continue to perform as we anticipate, it should
lead to demonstrating the higher rates of return and efficiencies
that we were forecasting."
Normal Course Issuer Bid Update
The Company has repurchased 104,000 shares under its Normal
Course Issuer Bid share buyback program since its commencement on
September 23, 2024. The Company intends to continue repurchasing
shares to increase shareholder value.
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.
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, 2023
independent reserves evaluation and other oil and gas information
contained in its Amended and Restated Form 51-101F1 Statement of
Reserves Data and Other Oil and Gas Information for the year ended
December 31, 2023, which the Company filed on SEDAR on March 25,
2024.
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, higher rates of return and efficiencies.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241112506872/en/
For further information, contact:
Wolf E. Regener +1 (805) 484-3613 Email:
wregener@kolibrienergy.com Website: www.kolibrienergy.com
Kolibri Global Energy (NASDAQ:KGEI)
Historical Stock Chart
From Oct 2024 to Nov 2024
Kolibri Global Energy (NASDAQ:KGEI)
Historical Stock Chart
From Nov 2023 to Nov 2024
