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Kolibri Global Energy announced the results of its Annual General Meeting held on May 15, 2024, in Marina del Rey, California. Key resolutions were approved, including the election of five directors to the board. The elected directors are Wolf Regener, Douglas C. Urch, Leslie O'Connor, David Neuhauser, and Evan S. Templeton. The vote percentages ranged from 91.21% to 98.46% in favor. Eric Brown did not stand for re-election, and the company expressed gratitude for his contributions. Marcum LLP was appointed as the auditor.
Kolibri Global Energy announced a 25% increase in the borrowing base of its subsidiary BNK Petroleum's revolving line of credit with BOK Financial, bringing it from $40 million to $50 million.
This provides additional flexibility for the company, which currently has $32 million drawn on the credit facility. The increase supports ongoing development and cash flow growth initiatives for Kolibri's Tishomingo project.
Other terms of the credit facility remain unchanged.
Kolibri Global Energy reported a net income of $3.3 million for Q1 2024, a 58% decline from Q1 2023. Adjusted EBITDA was $10.4 million, a 9% decrease year-over-year. Revenue net of royalties was $14.2 million, similar to the previous year despite a 3% increase in production to 3,305 BOEPD due to lower average prices. Operating expenses increased significantly to $8.36 per BOE, up from $6.04, attributed to prior year processing costs reassessed in 2024. Netback from operations fell by 11% to $38.94 per BOE. The company also faced a $0.9 million unrealized loss on commodity contracts compared to a $1.4 million gain in Q1 2023. Kolibri reworked several wells to mitigate production impacts from offset fracture stimulations, expecting further production increases from new wells by end of May 2024.
Kolibri Global Energy Inc. (NASDAQ: KGEI) announces the release date for its first quarter 2024 earnings and conference call. The company is providing an update on its operations in Oklahoma, specifically the Tishomingo field. Operations on the Nickel Hill wells are progressing well, with expected production results by the end of the month.
Kolibri Global Energy Inc. has successfully completed the filing of its annual information form and audited financial statements, resulting in the revocation of the management cease trade order by the British Columbia Securities Commission. The company's focus on energy projects in oil, gas, and sustainable energy continues to drive its operations and growth.
Kolibri Global Energy announced an impressive 2023 with a net income of US$19.3 million and Adjusted EBITDA of $39.1 million. The company saw significant increases in production and revenues, with a positive growth outlook for 2024. However, Total Proved Reserves decreased by 6%, impacting the NPV10. Despite lower average prices, higher production and lower costs contributed to the positive financial results. The company's debt-to-Adjusted EBITDA ratio was 0.68, indicating manageable debt levels.
Kolibri Global Energy Inc. is updating on the delay in filing its 2023 annual information, confirming no material changes. The Company aims to complete the filing by the end of the week and comply with alternative reporting guidelines. Kolibri focuses on energy projects in oil, gas, and sustainable energy, with shares traded on the Toronto Stock Exchange and NASDAQ.
