Kolibri Global Energy Inc. – 34.1 Million BOE in 2021 Year-End Proved Reserves
Kolibri Global Energy Inc. reported a 3% increase in proved reserves as of December 31, 2021, totaling 34.1 million BOE. The Net Present Value (NPV) of these reserves surged by 86% to US$358.8 million, highlighting the significant value of the Tishomingo Field. The company anticipates enhanced cash flow from new wells drilled in 2022, leveraging current oil prices which exceed prior evaluations of $73 for 2022 and $70 for 2023. Additional plans include drilling 55.72 net wells over the next three years to further increase reserves.
- Proved reserves increased by 3% to 34.1 million BOE.
- NPV of proved reserves rose by 86% to US$358.8 million.
- Current oil prices are higher than previously used estimates, indicating potential for greater revenue.
- Plans to drill 55.72 net additional wells over the next 3 years.
- Proved plus probable plus possible reserves decreased by 1%.
Our Proved Reserves value of
We have drilled two additional wells that are not accounted for in this
The evaluation of the Company’s reserves in the
2021 Gross Reserves Summary
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Total Proved Reserves 34.1 million Barrels of oil equivalent (BOE)
- an increase of3% over theDecember 31, 2020 estimate
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Proved plus Probable Reserves 53.3 million BOEs
- an increase of2% over theDecember 31, 2020 estimate
-
Proved plus Probable plus Possible Reserves 76.1 million BOEs
- a decrease of1% over theDecember 31, 2020 estimate
Net Present Value of Reserves discounted at
-
Total Proved Reserves before tax of
U.S. $358.8 million
- an increase of86% over theDecember 31, 2020 estimate
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Proved plus Probable Reserves before tax of
U.S. $492.2 million
- an increase of87% over theDecember 31, 2020 estimate
-
Proved plus Probable plus Possible Reserves before tax of
U.S. $642.8 million
- an increase of76% over theDecember 31, 2020 estimate
The above total Proved reserves are attributed to 18 of the
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Summary of Oil & Gas Reserves |
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Tight Oil |
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Natural Gas Liquids |
MBOE's |
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Reserve Category |
KEI Gross (Mbbl) |
Net (Mbbl) |
KEI Gross (MMcf) |
Net (MMcf) |
KEI (Mbbl) |
Net (Mbbl) |
KEI (Mbbl) |
Net (Mbbl) |
Proved |
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|
|
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|
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Developed Producing |
2,308 |
1,805 |
3,205 |
2,510 |
659 |
516 |
3,501 |
2,739 |
Undeveloped |
22,207 |
17,466 |
22,598 |
17,704 |
4,615 |
3,615 |
30,588 |
24,032 |
Total Proved |
24,515 |
19,271 |
25,803 |
20,214 |
5,274 |
4,132 |
34,089 |
26,771 |
Probable |
12,691 |
10,085 |
17,536 |
13,955 |
3,581 |
2,850 |
19,195 |
15,261 |
Total Proved Plus Probable |
37,206 |
29,356 |
43,339 |
34,169 |
8,855 |
6,982 |
53,284 |
42,032 |
Possible |
16,753 |
13,431 |
16,418 |
13,111 |
3,353 |
2,678 |
22,842 |
18,293 |
Total Proved Plus Probable Plus Possible |
53,958 |
42,786 |
59,757 |
47,280 |
12,208 |
9,659 |
76,126 |
60,325 |
Net Present Value of Future Net Revenue |
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As of |
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Forecast Prices & Costs |
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Net Present Value of Future Net Revenue ($ millions) |
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Before Income Tax |
After Income Tax |
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Reserve Category |
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Proved |
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Developed Producing |
106.1 |
74.4 |
57.2 |
46.6 |
39.6 |
106.1 |
74.4 |
57.2 |
46.6 |
39.6 |
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Undeveloped |
855.4 |
483.8 |
301.6 |
198.5 |
134.1 |
645.0 |
394.9 |
252.7 |
166.8 |
111.8 |
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Total Proved |
961.5 |
558.2 |
358.8 |
245.2 |
173.8 |
751.1 |
469.3 |
309.9 |
213.4 |
151.4 |
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Probable |
571.0 |
257.0 |
133.4 |
74.3 |
42.3 |
420.7 |
204.9 |
105.8 |
56.4 |
29.7 |
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Total Proved Plus Probable |
1,532.5 |
815.2 |
492.2 |
319.5 |
216.0 |
1,171.8 |
674.2 |
415.7 |
269.8 |
181.1 |
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Possible |
871.1 |
328.1 |
150.6 |
76.4 |
40.3 |
641.8 |
267.8 |
119.9 |
56.3 |
26.8 |
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Total Proved Plus Probable plus Possible |
2,403.5 |
1,143.3 |
642.8 |
395.9 |
256.4 |
1,813.6 |
942.0 |
535.6 |
326.1 |
207.9 |
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Note: All dollar values are expressed in |
The Company's reserves are derived from non-conventional oil and gas activities. The Company's reserves are contained in a shale oil reservoir from which gas and natural gas liquids are produced as by-products. "Tight oil" means crude oil (a) contained in dense organic-rich rocks, including low-permeability shales, siltstones and carbonates, in which the crude oil is primarily contained in microscopic pore spaces that are poorly connected to one another, and (b) that typically requires the use of hydraulic fracturing to achieve economic production rates. "Shale gas" means natural gas (a) contained in dense organic-rich rocks, including low-permeability shales, siltstones and carbonates, in which the natural gas is primarily adsorbed on the kerogen or clay minerals, and (b) that usually requires the use of hydraulic fracturing to achieve economic production rates.
These after income tax net present values reflect the tax burden on the Company’s Tishomingo Field interests on a standalone basis, do not consider the business-entity-level tax situation, or tax planning and do not provide an estimate of the value at the level of the business entity, which may be significantly different. The financial statements and the management’s discussion and analysis (MD&A) of the Company should be consulted for information at the level of the business entity.
Readers are referred to the Company’s Form 51-101F1 Statement of Reserves Data and Other Oil & Gas Information for the year ended
“BOEs” refers to barrels of oil equivalent. BOEs/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. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a
About
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, including statements regarding estimates of reserves and future net revenue, expectations regarding additional reserves and statements regarding
Information on other important economic factors or significant uncertainties that may affect components of the reserves data and the other forward looking statements in this release are contained in the Company’s Form 51-101F1 Statement of Reserves Data and Other Oil & Gas Information for the year ended
View source version on businesswire.com: https://www.businesswire.com/news/home/20220308005565/en/
Email: wregener@kolibrienergy.com
Website: www.kolibrienergy.com
Source:
FAQ
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