Kolibri Global Energy Announces Net Income of $4.3 Million and EPS of $0.12 Per Share for Second Quarter of 2023
SECOND QUARTER HIGHLIGHTS
-
Average production for the second quarter of 2023 was 2,415 BOEPD, an increase of
25% compared to the second quarter of 2022 average production of 1,928 BOEPD. This increase is due to production from the Emery 17-2H, the Brock 9-3H and the Glenn 16-3H wells which started production at the end of 2022 and the Barnes 8-1H, Barnes 8-2H and Barnes 8-3H wells which started production in the last week of June 2023. The production increases were partially offset by existing wells that were shut-in for two to four weeks of the quarter while completion operations were underway. Approximately 800 BOEPD was shut-in for two weeks and 300 BOEPD was shut-in for four weeks during the second quarter -
Adjusted EBITDA(1) was
in the second quarter of 2023 compared to$7.6 million in the second quarter of 2022, a decrease of$8.6 million 12% . The decrease was due to a decrease in average prices of37% partially offset by a25% increase in production -
Revenue, net of royalties was
in the second quarter of 2023 compared to$10.1 million for second quarter of 2022, a decrease of$12.4 million 19% , due to lower average prices partially offset by higher production -
Net income in the second quarter of 2023 was
and EPS was$4.3 million /share compared to$0.12 and EPS of$7.0 million /share in the second quarter of 2022. The decrease was due to lower average prices and higher depletion and depreciation expense partially offset by higher production and lower realized losses on commodity contracts compared to the prior year second quarter$0.20 -
Average netback from operations(2) for the second quarter of 2023 was
/boe, a decrease of$39.97 37% from the prior year second quarter due to higher average prices in 2022. Netback including commodity contracts(2) for the second quarter of 2023 was /boe which was$38.60 28% lower than the prior year second quarter -
Production and operating expenses per barrel averaged
per BOE in the second quarter of 2023 compared to$6.04 per BOE in the second quarter of 2022, a decrease of$7.77 22% . The decrease was due to increased production which reduced the per barrel fixed costs and lower production taxes due to a decrease in prices -
At June 30, 2023, the Company had
of available borrowing capacity on its credit agreement and its net debt outstanding was$21.8 million $16.8 million
(1) |
Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
|
(2) |
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, Wolf Regener commented:
“We are extremely excited about the execution of our 2023 drilling program as we continue to make progress in maximizing the development of our
“We are now accelerating our development plans by drilling five continuous wells to close out our 2023 drilling program. We are currently drilling the Barnes 7-5H well, to be followed immediately by the Barnes 7-4H well, which are both located in the lower
“Average production for the second quarter of 2023 was 2,415 BOEPD, an increase of
“Adjusted EBITDA(1) was
“Net revenue decreased by
“Net income in the second quarter of 2023 was
“Netback from operations(2) for the second quarter of 2023 was
“Operating expenses per barrel averaged
|
Second Quarter |
|
|
|
|
First Six Months |
|
|
|
||||||||||||
2023 |
2022 |
% |
2023 |
2022 |
% |
||||||||||||||||
Net Income : |
|||||||||||||||||||||
$ Thousands |
$ |
4,268 |
|
$ |
7,007 |
|
(39 |
)% |
$ |
12,164 |
$ |
4,551 |
|
167 |
% |
||||||
$ per basic common share |
$ |
0.12 |
|
$ |
0.20 |
|
(40 |
)% |
$ |
0.34 |
$ |
0.13 |
|
162 |
% |
||||||
$ per diluted common share |
$ |
0.12 |
|
$ |
0.19 |
|
(37 |
)% |
$ |
0.33 |
$ |
0.13 |
|
154 |
% |
||||||
Capital Expenditures |
$ |
15,742 |
|
$ |
7,572 |
|
108 |
% |
$ |
19,930 |
$ |
14,973 |
|
33 |
% |
||||||
Average Production (Boepd) |
|
2,415 |
|
|
1,928 |
|
25 |
% |
|
2,803 |
|
1,493 |
|
88 |
% |
||||||
Average Price per Barrel |
$ |
58.00 |
|
$ |
92.02 |
|
(37 |
)% |
$ |
60.75 |
$ |
86.06 |
|
(29 |
)% |
||||||
Average Netback from operations(2) per Barrel |
$ |
39.97 |
|
$ |
63.06 |
|
(37 |
)% |
$ |
42.07 |
$ |
58.11 |
|
(28 |
)% |
||||||
Average Netback including commodity contracts(2) per Barrel |
$ |
38.60 |
|
$ |
53.66 |
|
(28 |
)% |
$ |
40.66 |
$ |
47.78 |
|
(15 |
)% |
||||||
June
|
March
|
December
|
|
||||||||||||||||||
Cash and Cash Equivalents |
$ |
975 |
|
$ |
3,058 |
|
$ |
1,037 |
|
||||||||||||
Working Capital |
$ |
(8,274 |
) |
$ |
113 |
|
$ |
(6,569 |
) |
||||||||||||
Borrowing capacity |
$ |
21,842 |
|
|
$ |
6,842 |
|
|
$ |
6,842 |
|
|
(1) |
Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
|
(2) |
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. |
Second Quarter 2023 versus Second Quarter 2022
Oil and gas gross revenues totaled
Average production for the second quarter of 2023 was 2,415 BOEPD, an increase of
Production and operating expenses decreased to
Depletion and depreciation expense increased
G&A expense increased
Share based compensation for the second quarter of 2023 was
Finance expense decreased
FIRST SIX MONTHS 2023 HIGHLIGHTS
-
Average production for the first six months of 2023 was 2,803 BOEPD, an increase of
88% compared to the first six months 2022 average production of 1,493 BOEPD. This increase is due to production from the Emery 17-2H, the Brock 9-3H and the Glenn 16-3H wells which started production at the end of 2022 and the Barnes 8-1H, Barnes 8-2H and Barnes 8-3H wells which started production in the last week of June 2023 partially offset by wells that were shut-in during completion operations -
Adjusted EBITDA(1) was
in the first six months of 2023 compared to$19.0 million in the first six months of 2022, an increase of$11.4 million 67% . The increase was due to a88% increase in production partially offset by a29% decrease in average prices -
Revenue, net of royalties was
in the first six months of 2023 compared to$24.4 million for first six months of 2022, an increase of$18.0 million 36% , as production increased by88% partially offset by lower average prices -
Net income in the first six months of 2023 was
compared to$12.2 million in the first six months of 2022. The increase was primarily due to an increase in production and lower realized losses on commodity contracts partially offset by a decrease in average prices and higher depreciation expense$4.6 million -
Average netback from operations(2) for the first six months of 2023 was
/boe, a decrease of$42.07 28% from the prior year period due to higher prices in 2022. Netback including commodity contracts(2) for the first six months of 2023 was /boe which was a decrease of$40.66 15% compared to the prior year period -
Production and operating expenses per barrel averaged
per BOE in the first six months of 2023 compared to$6.04 per BOE in the first six months of 2022, a decrease of$8.40 28% . The decrease was due to increased production which reduced the per barrel fixed costs and lower production taxes due to a decrease in prices
(1) |
Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
|
(2) |
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. |
First Six Months of 2023 versus First Six Months of 2022
Oil and gas gross revenues totaled
Average production for the first six months of 2023 was 2,803 BOEPD, an increase of
Production and operating expenses increased to
Depletion and depreciation expense increased
G&A expense increased
Share based compensation for the first six months of 2023 was
Finance income increased by
Finance expense decreased
KOLIBRI GLOBAL ENERGY INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||||||
(Unaudited, Expressed in Thousands of United States Dollars) |
||||||||
( |
||||||||
June 30 |
|
December 31 |
||||||
2023 |
|
2022 |
||||||
Current Assets |
|
|
||||||
Cash |
$ |
945 |
|
$ |
1,037 |
|
||
Trade and other receivables |
|
4,272 |
|
|
5,773 |
|
||
Other current assets |
|
369 |
|
|
670 |
|
||
Fair value of commodity contracts |
|
123 |
|
|
||||
|
|
5,709 |
|
|
7,480 |
|
||
Non-current assets |
|
|
||||||
Property, plant and equipment |
|
189,441 |
|
|
176,554 |
|
||
Right of use assets |
|
1,299 |
|
|
48 |
|
||
Fair value of commodity contracts |
|
206 |
|
|
- |
|
||
|
190,946 |
|
|
176,602 |
|
|||
|
|
|
||||||
Total Assets |
$ |
196,655 |
|
|
184,082 |
|
||
Current Liabilities |
|
|
||||||
Trade and other payables |
$ |
13,075 |
|
$ |
12,596 |
|
||
Lease payable |
|
908 |
|
|
32 |
|
||
Fair value of commodity contracts |
|
- |
|
|
1,421 |
|
||
|
|
13,983 |
|
|
14,049 |
|
||
Non-current liabilities |
|
|
||||||
Loans and borrowings |
|
17,746 |
|
|
17,799 |
|
||
Asset retirement obligations |
|
1,704 |
|
|
1,425 |
|
||
Lease payable |
|
415 |
|
|
17 |
|
||
Fair value of commodity contracts |
|
- |
|
|
594 |
|
||
|
|
19,865 |
|
|
19,835 |
|
||
|
|
|
||||||
Equity |
||||||||
Share capital |
|
296,227 |
|
|
296,221 |
|
||
Contributed surplus |
|
23,693 |
|
|
23,254 |
|
||
Deficit |
|
(157,113 |
) |
|
(169,277 |
) |
||
Total Equity |
|
162,807 |
|
|
150,198 |
|
||
Total Equity and Liabilities |
$ |
196,655 |
|
|
184,082 |
|
KOLIBRI GLOBAL ENERGY INC. |
|||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
|||||||||||||
(Unaudited, expressed in Thousands of |
|||||||||||||
( |
|||||||||||||
|
|
Second Quarter |
First Six Months |
||||||||||
|
|
2023 |
2022 |
2023 |
2022 |
||||||||
|
|
|
|
|
|
||||||||
Oil and natural gas revenue, net |
$ |
10,114 |
|
12,428 |
|
24,407 |
|
17,975 |
|
||||
Other income |
|
- |
|
28 |
|
1 |
|
29 |
|
||||
|
|
10,114 |
|
12,456 |
|
24,408 |
|
18,004 |
|
||||
|
|
|
|
|
|
||||||||
Production and operating expenses |
|
1,147 |
|
1,364 |
|
2,700 |
|
2,271 |
|
||||
Depletion and depreciation expense |
|
3,375 |
|
2,087 |
|
7,713 |
|
3,226 |
|
||||
General and administrative expenses |
|
1,021 |
|
844 |
|
1,951 |
|
1,530 |
|
||||
Stock based compensation |
|
356 |
|
32 |
|
374 |
|
157 |
|
||||
|
|
5,899 |
|
4,327 |
|
12,738 |
|
7,184 |
|
||||
|
|
|
|
|
|
||||||||
Finance income |
|
777 |
|
747 |
|
2,167 |
|
10 |
|
||||
Finance expense |
|
(724 |
) |
(1,869 |
) |
(1,673 |
) |
(6,279 |
) |
||||
|
|
|
|
|
|
||||||||
Net income |
|
4,268 |
|
7,007 |
|
12,164 |
|
4,551 |
|
||||
Net income per basic share |
$ |
0.12 |
|
0.20 |
|
0.34 |
|
0.13 |
|
||||
Net income per diluted share |
$ |
0.12 |
|
0.19 |
|
0.33 |
|
0.13 |
|
KOLIBRI GLOBAL ENERGY |
||||||||||||||||
SECOND QUARTER 2023 |
||||||||||||||||
(Unaudited, expressed in Thousands of |
||||||||||||||||
|
|
|
||||||||||||||
|
Second Quarter |
First Six Months |
||||||||||||||
|
2023 |
2022 |
2023 |
2022 |
||||||||||||
Oil revenue before royalties |
$ |
11,987 |
|
|
14,365 |
|
|
28,267 |
|
|
20,544 |
|
||||
Gas revenue before royalties |
|
232 |
|
|
750 |
|
|
1,047 |
|
|
1,141 |
|
||||
NGL revenue before royalties |
|
525 |
|
|
1,029 |
|
|
1,506 |
|
|
1,570 |
|
||||
Oil and Gas revenue |
|
12,746 |
|
|
16,144 |
|
|
30,820 |
|
|
23,255 |
|
||||
|
|
|
|
|
||||||||||||
Adjusted EBITDA(1) |
|
7,646 |
|
|
8,572 |
|
|
19,042 |
|
|
11,384 |
|
||||
Additions to property, plant & equipment |
|
15,742 |
|
|
7,572 |
|
|
19,930 |
|
|
14,973 |
|
||||
|
|
|
|
|
||||||||||||
|
|
|
|
|
||||||||||||
Statistics: |
2nd Quarter |
First Six Months |
||||||||||||||
|
2023 |
2022 |
2023 |
2022 |
||||||||||||
Average oil production (Bopd) |
|
1,821 |
|
|
1,439 |
|
|
2,125 |
|
|
1,078 |
|
||||
Average natural gas production (mcf/d) |
|
1,397 |
|
|
1,271 |
|
|
1,765 |
|
|
1,097 |
|
||||
Average NGL production (Boepd) |
|
361 |
|
|
277 |
|
|
384 |
|
|
232 |
|
||||
Average production (Boepd) |
|
2,415 |
|
|
1,928 |
|
|
2,803 |
|
|
1,493 |
|
||||
Average oil price ($/bbl) |
$ |
72.33 |
|
$ |
109.74 |
|
$ |
73.51 |
|
$ |
105.27 |
|
||||
Average natural gas price ($/mcf) |
$ |
1.83 |
|
$ |
6.48 |
|
$ |
3.28 |
|
$ |
5.74 |
|
||||
Average NGL price ($/bbl) |
$ |
15.97 |
|
$ |
40.82 |
|
$ |
21.67 |
|
$ |
37.40 |
|
||||
|
|
|
|
|
||||||||||||
Average price (Boe) |
$ |
58.00 |
|
$ |
92.02 |
|
$ |
60.75 |
|
$ |
86.06 |
|
||||
Less: Royalties (Boe) |
|
11.98 |
|
|
21.19 |
|
|
12.64 |
|
|
19.55 |
|
||||
Less: Operating expenses (Boe) |
|
6.05 |
|
|
7.77 |
|
|
6.04 |
|
|
8.40 |
|
||||
Netback from operations(2) (Boe) |
$ |
39.97 |
|
$ |
63.06 |
|
$ |
42.07 |
|
$ |
58.11 |
|
||||
Price adjustment from commodity contracts (Boe) |
|
(1.37 |
) |
|
(9.40 |
) |
|
(1.41 |
) |
|
(10.33 |
) |
||||
Netback including commodity contracts(2) (Boe) |
$ |
38.60 |
|
$ |
53.66 |
|
$ |
40.66 |
|
$ |
47.78 |
|
(1) |
Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
|
(2) |
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. |
The information outlined above is extracted from and should be read in conjunction with the Company's unaudited financial statements for the three and six months ended June 30, 2023 and the related management's discussion and analysis thereof, copies of which are available under the Company's profile at www.sedar.com.
NON-GAAP MEASURES
Netback from operations, netback including commodity contracts and adjusted EBITDA (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.
Netback from operations per barrel and its components are calculated by dividing revenue, less royalties and operating expenses by the Company’s sales volume during the period. Netback including commodity contracts is calculated by adjusting netback from operations by the realized gains or losses received from commodity contracts during the period. Netback is a non-GAAP ratio but it is commonly used by oil and gas companies to illustrate the unit contribution of each barrel produced. The Company believes that the netback is a useful supplemental measure of the cash flow generated on each barrel of oil equivalent that is produced in its operations. However, non-GAAP measures and non-GAAP ratios do not have any standardized meaning prescribed by IFRS and therefore, may not be comparable to similar measures or ratios used by other companies and should not be used to make comparisons.
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 |
Three months ended June 30, |
Six months ended June 30, |
||||||||||
2023 |
2022 |
2023 |
2022 |
|||||||||
Net income (loss) |
4,268 |
|
7,006 |
|
12,164 |
|
4,551 |
|
||||
Adjustments: |
||||||||||||
Finance income |
(777 |
) |
(746 |
) |
(2,167 |
) |
(10 |
) |
||||
Finance expense |
724 |
|
1,869 |
|
1,673 |
|
6,279 |
|
||||
Share based compensation |
356 |
|
32 |
|
374 |
|
157 |
|
||||
General and administrative expenses |
1,021 |
|
844 |
|
1,951 |
|
1,530 |
|
||||
Depletion, depreciation and amortization |
3,375 |
|
2,087 |
|
7,713 |
|
3,226 |
|
||||
Other income |
- |
|
(28 |
) |
(1 |
) |
(29 |
) |
||||
Operating netback |
8,967 |
|
11,064 |
|
21,707 |
|
15,704 |
|
||||
Netback from operations per BOE |
39.97 |
|
63.06 |
|
42.07 |
|
58.11 |
|
Adjusted EBITDA is calculated as net income before interest, taxes, depletion and depreciation and other non-cash and non-operating gains and losses. The Company considers this a key measure as it demonstrates its ability to generate cash from operations necessary for future growth excluding non-cash items, gains and losses that are not part of the normal operations of the Company and financing costs. The following is the reconciliation of the non-GAAP measure adjusted EBITDA:
(US |
Three months ended June 30, |
Six months ended June 30, |
||||||||||
2023 |
2022 |
2023 |
2022 |
|||||||||
Net income |
4,268 |
|
7,007 |
|
12,164 |
|
4,551 |
|
||||
Depletion and depreciation |
3,375 |
|
2,087 |
|
7,713 |
|
3,226 |
|
||||
Accretion |
44 |
|
6 |
|
89 |
|
12 |
|
||||
Interest expense |
375 |
|
212 |
|
860 |
|
437 |
|
||||
Unrealized (gain) loss on commodity contracts |
(777 |
) |
(746 |
) |
(2,167 |
) |
3,040 |
|
||||
Share based compensation |
356 |
|
32 |
|
374 |
|
157 |
|
||||
Interest income |
- |
|
(1 |
) |
- |
|
(3 |
) |
||||
Other income |
- |
|
(28 |
) |
(1 |
) |
(29 |
) |
||||
Foreign currency loss (gain) |
5 |
|
3 |
|
10 |
|
(7 |
) |
||||
Adjusted EBITDA |
7,646 |
|
8,572 |
|
19,042 |
|
11,384 |
|
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. |
|
(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. |
Caution Regarding Forward-Looking Information
This release contains forward-looking information including information regarding the proposed timing and expected results of exploratory and development work including 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, that declines will match the modeling, that 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 management’s 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 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, that funds will be available from the Company’s reserves based loan facility when required to fund planned operations, 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: 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’s geologic and reservoir models or analysis are not validated, that anticipated results and estimated costs will not be consistent with management’s 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 risk 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 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 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.
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 Kolibri Global Energy Inc.
KEI is a North American energy company focused on finding and exploiting energy projects in oil, gas and clean and sustainable energy. The Company owns and operates energy properties in
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For further information, contact:
Wolf E. Regener, President and Chief Executive Officer +1 (805) 484-3613
Email: investorrelations@kolibrienergy.com
Website: www.kolibrienergy.com
Source: Kolibri Global Energy Inc.