Kolibri Global Energy Inc. Announces Alicia Renee Well Pad Producing Over 2,800 BOEPD

Rhea-AI Summary

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.

Positive

• Three new wells producing over 2,800 BOEPD combined
• Wells performing above initial flow rates during cleanup phase
• 100% working interest ownership in the wells
• Wells completed under budget
• Active share buyback program demonstrating capital return to shareholders

Negative

• None.

Insights

Petroleum Engineer

The latest drilling results from Kolibri's Tishomingo field demonstrate exceptional performance. The three Alicia Renee wells are showing strong initial production rates totaling over 2,800 BOEPD, with the Alicia 3H well leading at 1,155 BOEPD. Most notably, these wells were drilled with longer laterals in the Caney Formation using a 6-well per section spacing pattern, optimizing resource recovery while maintaining cost efficiency.

The high oil cut in the production mix (approximately 69% oil for Alicia 3H) suggests excellent reservoir quality and effective completion design. Coming in under budget while achieving these production rates indicates superior operational execution and potential for strong economic returns. The continued cleanup phase typically suggests production rates could still improve, making these initial results particularly promising for future development.

Financial Analyst

These production results significantly strengthen Kolibri's financial outlook. With 100% working interest in these wells and current WTI oil prices, these three wells alone could generate substantial cash flow. The company's share buyback program, having already repurchased 104,000 shares, demonstrates management's confidence in the company's valuation and commitment to shareholder returns.

The combination of strong operational performance, coming in under budget and implementing a share buyback program positions Kolibri for potential value creation. Given the company's market cap of $122.9M, these production additions are material to the company's overall value proposition, potentially representing a significant increase in total company production.

THOUSAND OAKS, Calif.--(BUSINESS WIRE)-- 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

Source: Kolibri Global Energy Inc.

FAQ

What is the combined production of Kolibri's (KGEI) new Alicia Renee wells?

The three Alicia Renee wells are producing over 2,800 BOEPD combined, with current individual production rates of 1,155 BOEPD, 950 BOEPD, and 715 BOEPD for wells 3H, 4H, and 5H respectively.

How many shares has Kolibri (KGEI) repurchased under its buyback program?

Kolibri has repurchased 104,000 shares under its Normal Course Issuer Bid share buyback program since September 23, 2024.

What is Kolibri's (KGEI) working interest in the Alicia Renee wells?

Kolibri owns a 100% working interest in the Alicia Renee wells, which were drilled at a 6-well per section spacing pattern.