Kolibri Global Energy Inc. - KGEI STOCK NEWS

Kolibri Global Energy reported strong Q3 2024 results with net income increasing 118% to $5.1 million and EPS rising 100% to $0.14/share compared to Q3 2023. Average production grew 11% to 3,032 BOEPD, while Adjusted EBITDA increased 6% to $10.1 million. Revenue rose 2% to $13.0 million despite a 9% decrease in average prices. The company's three new Alicia Renee 1.5-mile lateral wells showed promising initial production rates, with the Alicia 2-11-3H well averaging 1,049 BOEPD. The credit facility maintained its $50 million borrowing base with $19.0 million available capacity.

Kolibri Global Energy reports successful drilling and completion of three wells in its Tishomingo field, Oklahoma. The Alicia Renee wells (3H, 4H, and 5H) are producing over 2,800 BOEPD combined. The Alicia 3H well averaged 1,049 BOEPD, Alicia 4H averaged 845 BOEPD, and Alicia 5H averaged 630 BOEPD over the last five days. Current production has increased to 1,155 BOEPD, 950 BOEPD, and 715 BOEPD respectively. The company owns 100% working interest in these wells. Additionally, Kolibri has repurchased 104,000 shares under its share buyback program since September 23, 2024.

Kolibri Global Energy (NASDAQ: KGEI) has announced its Q3 2024 earnings release date for November 12, 2024, after market close, with a conference call scheduled for November 13, 2024, at 9:00 a.m. PST. The company also provided an operations update on the Alicia Renee wells (2-11-3H, 2-11-4H, and 2-11-5H), which were successfully completed and are currently in the flowback phase. CEO Wolf Regener noted that the wells were completed under budget and expects these longer lateral wells to improve efficiency and returns.

Kolibri Global Energy has established an automatic securities purchase plan (ASPP) with Roth Capital Partners for buying back its common shares on NASDAQ under Rule 10b5-1. This arrangement enables the company to continue purchasing shares during periods when it would typically be restricted from trading, such as during internal blackout periods or due to insider trading rules.

Kolibri Global Energy Inc. (TSX: KEI, NASDAQ: KGEI) has successfully completed drilling its first three 1.5-mile lateral wells in the Tishomingo field, Oklahoma. The Alicia Renee 2-11-3H, 2-11-4H, and 2-11-5H wells were drilled safely and under budget, averaging less than 14 days each compared to the budgeted 20 days. Completion work is expected to begin in early October, with flowback anticipated in early November. Kolibri holds a 100% working interest in all three wells.

CEO Wolf Regener expressed pride in the team's performance and anticipates increased cash flow and improved field economics from these longer lateral wells. The company will participate in upcoming investor conferences, including the Sidoti Small-Cap Virtual Conference and Remark's Virtual Non-Deal Roadshow for Dallas.

Kolibri Global Energy Inc. (TSX: KEI, NASDAQ: KGEI) has received TSX approval for a normal course issuer bid to repurchase up to 1,786,798 common shares, representing 5% of its outstanding shares. The buyback will occur over one year, from September 23, 2024, to September 22, 2025, through TSX, Nasdaq, and other Canadian trading platforms. The company will pay prevailing market prices, with daily purchase limits of 2,889 shares on TSX and 25% of average daily volume on Nasdaq. Kolibri's board believes the share price may not reflect the company's underlying value, making the buyback an appropriate use of funds. Purchases will be financed from working capital, subject to cash distribution restrictions from its subsidiary under an existing credit facility.

Kolibri Global Energy reported a strong second quarter for 2024, with a 30% increase in production and a 38% rise in revenue compared to the same period in 2023. Average production reached 3,128 BOEPD, driven by new wells. Adjusted EBITDA rose by 31% to $10.0 million due to higher production and prices. Net income stood at $4.1 million with EPS of $0.11, slightly lower than the previous year due to higher taxes and operating costs.

Oil revenues surged by 39% to $17.7 million, despite a 37% drop in natural gas revenues. Operating expenses rose to $2.1 million, influenced by higher processing and water hauling costs. General and administrative costs increased by 50% due to higher fees and public company costs. Finance expenses rose due to higher interest rates and loan balances.

For the first half of 2024, average production saw a 15% increase, with revenues up by 15%. However, net income for the half-year dropped by 39% to $7.4 million, impacted by higher income taxes and a decline in commodity contract gains.

Kolibri Global Energy Inc. (KEI) has announced its Second Quarter 2024 earnings release date and provided an operational update. The company will release its financial results on August 13, 2024, after market close, followed by a conference call on August 14, 2024, at 9:00 a.m. PDT. KEI has also begun drilling operations on the Alicia Renee 2-11-3H well, with plans to drill two additional wells (2-11-4H and 2-11-5H) subsequently. These wells will have 1.5-mile laterals with KEI holding a 97.9% working interest in each. The company aims to improve efficiency and rates of return with these longer lateral wells, expecting them to come online in early Q4 and contribute to increased cash flow.

Kolibri Global Energy Inc. (NASDAQ: KGEI) (TSX: KEI) has launched a shareholder loyalty campaign in partnership with TiiCKER and B2i Digital. This initiative aims to reward retail shareholders with exclusive perks, enhancing investor engagement and loyalty. The campaign offers retail shareholders access to rewards including an $11 Amazon gift card and a Kolibri branded hat.

TiiCKER, known as the world's first and largest shareholder loyalty and engagement platform, will facilitate the distribution of these perks. B2i Digital, a digital marketing specialist in retail investor communication, will support the campaign's outreach efforts. This strategic partnership is designed to strengthen Kolibri's relationship with its retail investor base and potentially attract new shareholders.