Kolibri Global Energy Announces Annual 2021 Results
Kolibri Global Energy reported a significant turnaround in 2021, achieving a net income of $71 million compared to a net loss of $70.4 million in 2020, driven by a $70.8 million impairment reversal. Gross revenue surged to $19.1 million, up 56% from the previous year, while net income per share reached $0.30. Total proved reserves stood at 34.1 million BOE, a 3% increase from 2020, with an NPV10 value of $358.8 million, an 86% rise due to higher oil prices. However, production decreased by 15% to an average of 975 BOEPD, reflecting normal well declines.
- Net income surged to $71.0 million in 2021, a significant recovery from a net loss of $70.4 million in 2020.
- Gross revenue rose 56% to $19.1 million, driven by an 85% increase in average prices.
- Total proved reserves increased by 3% to 34.1 million BOE, with an NPV10 value of $358.8 million, up 86% from 2020.
- Impairment charge of $71.9 million reversed, resulting in a net impairment reversal of $70.8 million.
- Netback from operations per BOE increased by 108% to $33.75 in 2021.
- Average production decreased by 15% to 975 BOEPD due to normal declines, impacting overall revenue potential.
- Adjusted funds flow dropped to $6.6 million, down from $7.2 million in 2020.
All amounts are in
2021 HIGHLIGHTS
-
In
December 2021 , the Company completed an equity rights offering for gross proceeds ofC and is using the proceeds to drill two wells. As of$8.6 million March 10, 2022 , the Company has completed drilling the Barnes 7-3H well (98.07% working interest) and the Barnes 8-4H well (99.8% working interest) and is currently performing a fracture stimulation on the Barnes 7-3H well with production expected in late March. -
BOK Financial agreed to increase the borrowing base of the credit facility by
if certain items are met. When the Company finishes fracture stimulating the Barnes 7-3H well, those items will have been met. The Company anticipates receiving the increase in the borrowing base in the second quarter of 2022.$2.0 million -
The Company’s debt was reduced to
at$16.9 million December 31, 2021 from at the beginning of the year. This was down from a peak debt level of$20.7 million .$30.0 million -
The Company’s Total Proved Reserves were 34.1 million barrels of oil equivalent (BOE) for 2021 which was a
3% increase from 2020 according to the Company’sDecember 31, 2021 , independent reserves evaluation. The NPV10 value of the Total Proved Reserves increased to , an$358.8 million 86% increase from 2020, due primarily to higher estimated future pricing. -
The Company performed an impairment reversal test at
December 31, 2021 and reversed the entire impairment expense of that was recorded in$71.9 million March 2020 due to low prices. The impairment reversal was lower than the original impairment charge by$71.9 to reflect the depletion that would have been recorded if the PP&E was never impaired for a net impairment reversal amount of$1.1 million .$70.8 million -
Gross revenue in 2021 was
, compared to$19.2 million in 2020.$12.3 million -
Net income in 2021 was
, compared to a net loss of$71.0 million in 2020, due to the impairment reversal of$70.4 million for the year ended$70.8 million December 31, 2021 compared to the impairment charge of for the year ended$71.9 million December 31, 2020 . -
Revenue, net of royalties was
for 2021 compared to$15.0 million for 2020, due to an average price increase of$9.6 million 85% partially offset by15% lower production. -
Adjusted funds flow was
for 2021 compared to$6.6 million for 2020. This decrease was due to a decrease in production of$7.2 million 15% and realized losses from commodity contracts in 2021 compared to realized gains in 2020, partially offset by the increase in average prices.(1) -
Netback from operations increased to
per BOE in 2021 compared to$33.75 per BOE in 2020, an increase of$16.20 108% .(2) Netback including the impact of commodity contracts for 2021 was per BOE, an increase of$26.05 9% from the prior year.(2) The 2021 increase compared to the prior year was due to the increase in average prices partially offset by higher production taxes. -
Interest expense has decreased by
32% in 2021 compared to the prior year due to principal payments on the credit facility which reduced the outstanding loan balance combined with lower interest rates. -
Average production for 2021 was 976 BOEPD compared to 1,151 BOEPD in 2020, a decrease of
15% due to the normal production decline of existing wells. -
General & administrative (G&A) expenses for 2021 were
compared to$2.7 million in 2020, a decrease of$2.9 million 7% . The decrease is due to management’s continued efforts to reduce G&A costs throughout the Company partially offset by higher advisor fees at the beginning of the year. -
Production and operating expense per barrel averaged
per BOE in 2021 compared to$8.32 per BOE in 2020, an increase of$6.54 27% . The increase was primarily due to an increase in production taxes of per BOE in 2021 due to higher average prices.$1.47
(1) |
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Adjusted Funds Flow is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
(2) |
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Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
Kolibri’s President and Chief Executive Officer,
“With our successful rights offering raising over
Our 2021 independent reserves evaluation report showed a
Also, due to higher prices in the oil market, the Company completely reversed the
The Company was able to generate
Netback from operations increased to
Revenue, net of royalties was
The average production for 2021 was 975 BOEPD, a decrease of
G&A expenses for 2021 was
Interest expense has decreased by
Production and operating expense per barrel averaged
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Fourth Quarter |
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Year Ended |
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2021 |
2020 |
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% |
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2021 |
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2020 |
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% |
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Net Income (Loss): |
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$ Thousands |
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-% |
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$ per common share |
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-% |
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-% |
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assuming dilution |
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Adjusted Funds Flow |
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( |
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Capital Expenditures |
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-% |
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Average Production (Boepd) |
931 |
1,082 |
( |
975 |
1,151 |
( |
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Gross Revenue |
5,444 |
3,205 |
|
19,128 |
12,251 |
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Average Price per Barrel |
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Netback from operations per Barrel |
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Netback including commodity contracts per Barrel |
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December
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December
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Cash and Cash Equivalents |
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Working Capital |
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( |
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Year Ended 2021 to Year Ended 2020
For 2021, oil and gas gross revenues increased
Average production per day for 2021 decreased
Production and operating expenses increased by
Depletion and depreciation expense decreased
The Company completely reversed the
G&A expenses decreased
Finance income decreased
Finance expense increased
FOURTH QUARTER HIGHLIGHTS:
-
Net income in the fourth quarter of 2021 was
, compared to net loss of$72.3 million in the fourth quarter of 2020, due to the impairment reversal of$1.8 million for the year ended$70.8 million December 31, 2021 . -
Revenue, net of royalties, was
for the fourth quarter of 2021, an increase of$4.3 million 70% compared to the fourth quarter 2020 due to higher average prices partially offset by lower production. -
Adjusted funds flow was
in the fourth quarter of 2021 compared to$1.9 million in the prior year fourth quarter.$1.8 million -
Netback from operations increased to
per BOE in the fourth quarter of 2021 compared to$40.88 per BOE in the fourth quarter of 2020, an increase of$18.38 123% . Netback including the impact of commodity contracts for the fourth quarter of 2021 was per BOE, an increase of$28.99 14% from the prior year. The 2021 increase compared to the prior year quarter was due to the increase in average prices partially offset by higher production taxes. -
Interest expense decreased by
22% in the fourth quarter of 2021 due to principal payments on the credit facility which reduced the outstanding loan balance and lower interest rates. -
Average production for the fourth quarter of 2021 was 931 BOEPD, a decrease of
14% compared to the prior year fourth quarter due to the normal decline of existing wells. -
G&A expense decreased by over
20% in the fourth quarter of 2021 due to due to management’s continued efforts to reduce G&A costs throughout the Company. -
Operating expense per barrel averaged
per BOE in the fourth quarter of 2021 compared to$8.79 per BOE in the prior year quarter, an increase of$6.84 28% . The increase was primarily due to an increase in production taxes in 2021 due to higher average prices. -
The Company performed an impairment reversal test at
December 31, 2021 and reversed the entire impairment expense of that was recorded in$71.9 million March 2020 . The impairment reversal was lower than the original impairment by$71.9 to reflect the depletion that would have been recorded if the PP&E was never impaired for a net impairment reversal amount of$1.1 million .$70.8 million
Fourth Quarter 2021 to Fourth Quarter 2020
Gross oil and gas revenues totaled
Operating expenses increased by
G&A expenses decreased by
Finance income decreased by
Finance expense decreased
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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
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(Unaudited, Expressed in Thousands of United States Dollars) |
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2021 |
|
2020 |
||||
Current assets |
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Cash and cash equivalents |
$ |
7,316 |
$ |
920 |
|
|||
Trade and other receivables |
|
1,999 |
|
1,607 |
|
|||
Deposits and prepaid expenses |
|
587 |
|
575 |
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|||
|
|
9,902 |
|
3,102 |
|
|||
|
|
|
|
|
|
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Non-current assets |
|
|
|
|
|
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Property, plant and equipment |
|
147,076 |
|
78,979 |
|
|||
Right of use assets |
|
38 |
|
103 |
|
|||
|
|
|
|
|
|
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Total assets |
$ |
157,016 |
$ |
82,184 |
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|||
|
|
|
|
|
|
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Current liabilities |
|
|
|
|
|
|||
Trade and other payables |
$ |
3,145 |
$ |
4,371 |
|
|||
Current portion of loans and borrowings |
|
1,000 |
|
2,084 |
|
|||
Current lease payable |
|
43 |
|
66 |
|
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Fair value of commodity contracts |
|
1,891 |
|
37 |
|
|||
|
|
6,079 |
|
6,558 |
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|||
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|
|
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Non-current liabilities |
|
|
|
|
|
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Loans and borrowings |
|
15,866 |
|
18,665 |
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Asset retirement obligations |
|
1,398 |
|
1,269 |
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Lease payable |
|
- |
|
44 |
|
|||
Fair value of commodity contracts |
|
585 |
|
- |
|
|||
|
|
17,849 |
|
19,978 |
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|||
|
|
|
|
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Equity |
|
|
|
|
|
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Share capital |
|
296,060 |
|
289,622 |
|
|||
Contributed surplus |
|
22,948 |
|
22,948 |
|
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Deficit |
|
(185,920) |
|
(256,922) |
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Total equity |
|
133,088 |
|
55,648 |
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|
|
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Total equity and liabilities |
$ |
157,016 |
$ |
82,184 |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
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(Unaudited, expressed in Thousands of |
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Three months ended
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Year ended
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2021 |
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2020 |
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2021 |
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2020 |
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Revenue: |
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Oil and natural gas revenue, net |
$ |
4,255 |
|
$ |
2,510 |
|
$ |
14,972 |
|
$ |
9,580 |
|
|||
Other income |
|
- |
|
|
- |
|
|
2 |
|
|
2 |
|
|||
|
|
4,255 |
|
|
2,510 |
|
|
14,974 |
|
|
9,582 |
|
|||
Expenses: |
|
|
|
|
|
|
|
|
|||||||
Production and operating |
|
753 |
|
|
681 |
|
|
2,962 |
|
|
2,755 |
|
|||
Depletion and depreciation |
|
915 |
|
|
988 |
|
|
3,594 |
|
|
4,614 |
|
|||
General and administrative |
|
622 |
|
|
777 |
|
|
2,697 |
|
|
2,859 |
|
|||
Share based compensation |
|
- |
|
|
- |
|
|
- |
|
|
21 |
|
|||
Impairment (impairment reversal) of PP&E |
|
(70,820 |
) |
|
- |
|
|
(70,820 |
) |
|
71,923 |
|
|||
Gain on forgiven loans |
|
(280 |
) |
|
- |
|
|
(583 |
) |
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- |
|
|||
|
|
(68,810) |
|
2,446 |
|
(62,150 |
) |
|
82,172 |
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|||||
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|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Finance income |
|
514 |
|
|
699 |
|
|
- |
|
|
3,542 |
|
|||
Finance expense |
|
(1,239 |
) |
|
(1,841 |
) |
|
(6,122 |
) |
|
(1,362 |
) |
|||
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|
|
|
|
|
|
|
|
|||||||
Net income (loss) and comprehensive income (loss) |
$ |
72,340 |
$ |
(1,078 |
) | $ | 71,002 |
$ | (70,410) |
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Net income (loss) per share |
|
|
|
|
|
|
|
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Basic and Diluted |
$ |
0.31 |
|
$ |
(0.00 |
) |
$ |
0.30 |
|
$ |
(0.30 |
) |
|
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FOURTH QUARTER AND YEAR ENDED 2021 |
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(Unaudited, expressed in Thousands of |
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4th Quarter |
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Year Ended |
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|
2021 |
2020 |
|
2021 |
|
|
2020 |
|
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Oil revenue before royalties |
$ |
4,450 |
|
|
2,735 |
|
15,978 |
|
|
10,593 |
|
||||
Gas revenue before royalties |
|
|
417 |
|
|
214 |
|
1,259 |
|
|
725 |
|
|||
NGL revenue before royalties |
|
|
577 |
|
|
256 |
|
1,891 |
|
|
933 |
|
|||
|
|
|
5,444 |
|
|
3,205 |
|
19,128 |
|
|
12,251 |
|
|||
|
|
|
|
|
|
||||||||||
Adjusted funds flow |
|
1,859 |
|
|
1,750 |
|
6,569 |
|
|
7,196 |
|
||||
Additions (adjustments) to PP&E |
|
559 |
|
|
43 |
|
696 |
|
|
(16 |
) |
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Statistics: |
|
4th Quarter |
Year Ended |
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|
|
|
2021 |
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||
Average oil production (Bopd) |
|
|
638 |
|
|
735 |
|
662 |
|
|
785 |
|
|||
Average natural gas production (mcf/d) |
|
|
825 |
|
|
924 |
|
864 |
|
|
1,013 |
|
|||
Average NGL production (Boepd) |
|
|
153 |
|
|
193 |
|
169 |
|
|
197 |
|
|||
Average production (Boepd) |
|
|
931 |
|
|
1,082 |
|
975 |
|
|
1,151 |
|
|||
Average oil price ($/bbl) |
|
$ |
75.80 |
|
$ |
40.42 |
$ |
66.08 |
|
$ |
36.85 |
|
|||
Average natural gas price ($/mcf) |
|
$ |
5.49 |
|
$ |
2.52 |
$ |
3.99 |
|
$ |
1.96 |
|
|||
Average NGL price ($/bbl) |
|
$ |
40.56 |
|
$ |
14.39 |
$ |
30.59 |
|
$ |
12.94 |
|
|||
|
|
|
|
|
|
||||||||||
Average price per barrel |
|
$ |
63.56 |
|
$ |
32.19 |
$ |
53.75 |
|
$ |
29.08 |
|
|||
Royalties per barrel |
|
|
13.89 |
|
|
6.97 |
|
|
11.68 |
|
|
6.34 |
|
||
Operating expenses per barrel |
|
|
8.79 |
|
|
6.84 |
|
|
8.32 |
|
|
6.54 |
|
||
Netback from operations |
|
$ |
40.88 |
|
$ |
18.38 |
$ |
33.75 |
|
$ |
16.20 |
|
|||
Price adjustment from commodity contracts (Boe) |
|
|
(11.89 |
) |
|
7.02 |
|
(7.70 |
) |
|
7.66 |
|
|||
Netback including commodity contracts (Boe) |
|
|
28.99 |
|
|
25.40 |
|
26.05 |
|
|
23.86 |
|
The information outlined above is extracted from and should be read in conjunction with the Company's audited financial statements for the year ended
NON-GAAP MEASURES
Netback from operations, netback including commodity contracts and adjusted funds flow (collectively, the "Company’s Non-GAAP Measures") are not measures or ratios recognized under Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by IFRS. Management of the Company believes that such measures and ratios are relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole. The Company's Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures and ratios as reported by such organizations. The Company’s Non-GAAP Measures should not be construed as alternatives to net income, cash flows related to operating activities, working capital or other financial measures and ratios determined in accordance with IFRS, as an indicator of the Company's performance.
An explanation of how the Company’s Non-GAAP Measures provide useful information to an investor and the purposes for which the Company’s management uses the Non-GAAP Measures is set out in the management's discussion and analysis under the heading “Non-GAAP Measures” which is available under the Company's profile at www.sedar.com and is incorporated by reference into this earnings release.
The following is the reconciliation of the non-GAAP ratio netback from operations to net income (loss) from continuing operations, which the Company considers to be the most directly comparable financial measure that is disclosed in the Company’s financial statements:
(US |
Year ended |
|||
2021 |
2020 |
|||
Net earnings (loss) from continuing operations |
71,002 |
(70,410) |
||
Adjustments: |
||||
Finance income |
- |
(3,542) |
||
Finance expense |
6,122 |
1,362 |
||
Stock based compensation |
- |
21 |
||
General and administrative expenses |
2,697 |
2,859 |
||
Impairment (impairment reversal) of property, plant and equipment |
(70,820) |
71,923 |
||
Depletion, depreciation and amortization |
3,594 |
4,614 |
||
Other income |
(583) |
(2) |
||
Operating netback |
12,012 |
6,825 |
||
Netback from operations |
|
|
The following is the reconciliation of the non-GAAP measure adjusted funds flow to the comparable financial measures disclosed in the Company’s financial statements:
(US |
Year ended |
|||
2021 |
2020 |
|||
Cash flow from continuing operations |
6,303 |
6,111 |
||
Change in non-cash working capital |
(551) |
(128) |
||
Interest expense(a) |
817 |
1,213 |
||
Adjusted funds flow |
6,569 |
7,196 |
(a) |
Interest expense on long-term debt excluding the amortization of debt issuance costs |
CAUTIONARY STATEMENTS
In this news release and the Company’s other public disclosure:
(a) |
The Company's natural gas production is reported in thousands of cubic feet ("Mcfs"). The Company also uses references to barrels ("Bbls") and barrels of oil equivalent ("Boes") to reflect natural gas liquids and oil production and sales. 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. |
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(b) |
Discounted and undiscounted net present value of future net revenues attributable to reserves do not represent fair market value. |
|
(c) |
Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a |
|
(d) |
The Company discloses peak and 30-day initial production rates and other short-term production rates. Readers are cautioned that such 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
Caution Regarding Forward-Looking Information
This release contains forward-looking information including estimates of reserves, the proposed timing and expected results of exploratory and development work including fracture stimulation and production from the Company's
Such forward-looking information is based on management’s expectations and assumptions, including that the Company's geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, declines will match the modeling, future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management’s expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that anticipated results and estimated costs will be consistent with managements’ expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, 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 financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserves-based loan facility and that the borrowing base will not be reduced and will be increased in the second quarter of 2022, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business and its ability to advance its business strategy.
Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company’s geologic and reservoir models or analysis are not validated, anticipated results and estimated costs will not be consistent with managements’ expectations, 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), the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, 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 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 will cease to be in compliance with the covenants under its reserves-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base re-determination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, that funding is not available from the Company’s reserves based loan facility at the times or in the amounts required for planned operations, 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 identified in the Company’s most recent Annual Information Form under the “Risk Factors” section, the Company’s most recent management's discussion and analysis and the Company’s other public disclosure, available under the Company’s profile on SEDAR at www.sedar.com.
With respect to estimated reserves, the evaluation of the Company’s reserves is based on a limited number of wells with limited production history and includes a number of assumptions relating to factors such as availability of capital to fund required infrastructure, commodity prices, production performance of the wells drilled, successful drilling of infill wells, the assumed effects of regulation by government agencies and future capital and operating costs. All of these estimates will vary from actual results. Estimates of the recoverable oil and natural gas reserves attributable to any particular group of properties, classifications of such reserves based on risk of recovery and estimates of future net revenues expected therefrom, may vary. The Company's actual production, revenues, taxes, development and operating expenditures with respect to its reserves will vary from such estimates, and such variances could be material. In addition to the foregoing, other significant factors or uncertainties that may affect either the Company’s reserves or the future net revenue associated with such reserves include material changes to existing taxation or royalty rates and/or regulations, and changes to environmental laws and regulations.
Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
About
KEI is an international energy company focused on finding and exploiting energy projects in oil, gas and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in
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Email: investorrelations@kolibrienergy.com
Website: www.kolibrienergy.com
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