Kolibri Global Energy Inc. Provides Second Quarter 2024 Earnings Release Date and Conference Call and Drilling Update

Rhea-AI Summary

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.

Positive

• Drilling operations have begun on the Alicia Renee 2-11-3H well
• Company has a high working interest (97.9%) in three planned wells
• Longer lateral wells (1.5-mile) expected to improve efficiency and rates of return
• New wells anticipated to come online in early Q4, potentially increasing cash flow

Negative

• None.

THOUSAND OAKS, Calif.--(BUSINESS WIRE)-- Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, NASDAQ: KGEI) is pleased to provide the following updates.

Second Quarter 2024 Earnings Release and Earnings Call

The Company expects to release financial and operating results for its second quarter after market close on August 13, 2024.

In connection with the earnings release, management will host a conference call for investors and analysts on August 14, 2024, at 9:00 a.m. PDT to discuss the Company’s results and to host a Q&A session. Interested parties are invited to participate by calling:

Dial-In: 1-877-317-6789
International Dial-In: 1-412-317-6789
When calling, please request to be joined into the Kolibri Global Energy Inc. call.

Alicia Renee Wells Operations Update

Drilling operations on the Alicia Renee 2-11-3H well began early this morning. Once the drilling is competed the rig will slide over to drill the Alicia Renee 2-11-4H, followed by the Alicia Renee 2-11-5H. These wells are planned to have 1.5-mile laterals and Kolibri has a 97.9% working interest in each.

Wolf Regener, President and CEO, commented, “We are very pleased that drilling has started for the Alicia Renee 2-11-3H well. Our objective is to achieve further improvements in our efficiency and rates of return with these longer lateral wells. We anticipate these wells coming on early in the fourth quarter, leading to further increases in our cash flow.”

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.

Cautionary Statements

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 release of the Company’s financial and operating results for its second quarter and the timing of and expected results from planned wells development. 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 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 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 concessions 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/20240806102811/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

When will Kolibri Global Energy (KGEI) release its Q2 2024 earnings?

Kolibri Global Energy (KGEI) will release its Q2 2024 earnings after market close on August 13, 2024.

What is the working interest of Kolibri Global Energy (KGEI) in the Alicia Renee wells?

Kolibri Global Energy (KGEI) has a 97.9% working interest in each of the Alicia Renee wells (2-11-3H, 2-11-4H, and 2-11-5H).

When are the new Alicia Renee wells expected to come online for Kolibri Global Energy (KGEI)?

The new Alicia Renee wells are anticipated to come online early in the fourth quarter of 2024 for Kolibri Global Energy (KGEI).

What is the length of the laterals in the new Alicia Renee wells for Kolibri Global Energy (KGEI)?

The new Alicia Renee wells for Kolibri Global Energy (KGEI) are planned to have 1.5-mile laterals.