Kolibri Global Energy Inc. Adds Second Drilling Rig

Rhea-AI Summary

Kolibri Global Energy (KGEIF) announced the addition of a second drilling rig for the Emery 17-2H well in Oklahoma's Tishomingo field. The rig is set to begin drilling shortly, with completion operations planned for the end of October. The company also mentioned ongoing drilling of the Brock 9-3H well, which has shown promising oil and gas indications. The CEO expressed optimism about the quicker production start from these wells, which is anticipated to increase cash flow significantly.

Positive

• Addition of a second drilling rig to expedite the Emery 17-2H well drilling.
• Expected completion of the Emery 17-2H well by the end of October.
• Promising oil and gas shows reported from the Brock 9-3H well.

Negative

• Cost inflation over 20% anticipated for the remaining wells in 2022.

THOUSAND OAKS, Calif.--(BUSINESS WIRE)-- Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQX: KGEIF) is pleased to announce that it has brought in a second drilling rig to drill the Emery 17-2H well located in the Company’s Tishomingo field in Oklahoma.

OPERATIONS

The Company anticipates spudding the Emery 17-2H well in the next few days. The drilling rig began moving in over the weekend. The Emery 17-2H is one of the five wells in the Company’s 2022 drilling program. The completion operations for the well are planned for the end of October.

The other drilling rig is currently drilling the lateral portion of the Brock 9-3H, with oil and gas shows as expected. After drilling the Brock 9-3H, the rig will slide over to drill the Glenn 16-3H from the same pad. The completion operations for the Brock 9-3H and Glenn 16-3H wells are planned to commence after the Emery 17-2H well is completed.

Wolf Regener, President, and CEO, commented, “We are pleased to add a second rig so that we are able to drill the Emery 17-2H well now and begin production from the new wells sooner than we previously thought. We look forward to getting all three of these wells on production, which will further increase our cash flow.”

About Kolibri Global Energy Inc.

Kolibri Global Energy Inc. 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 the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQX under the stock symbol KGEIF.

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 expected timing and completion of the Company’s work and operations, , expected results from the wells, and anticipated cash flows.

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 cost inflation of over 20% for the three remaining wells planned for 2022, work and operations in the Company’s 2022 drill program being completed on schedule, future operating costs, forecast prices and costs, estimated production, capital and other expenditures, plans for expected results of drilling activity, that anticipated results and estimated costs will be consistent with management’s expectations, 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 or 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/20221003005361/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 Kolibri Global Energy's stock symbol?

Kolibri Global Energy is traded under the stock symbol KGEIF on the OTCQX.

What drilling activities is Kolibri Global Energy currently undertaking?

Kolibri is drilling the Emery 17-2H well and has reports of oil and gas shows from the Brock 9-3H well.

When is the Emery 17-2H well expected to be completed?

The Emery 17-2H well is anticipated to be completed by the end of October.

Where is Kolibri Global Energy's Tishomingo field located?

The Tishomingo field is located in Oklahoma.

What are the expectations regarding cash flow from new wells?

Kolibri Global Energy expects increased cash flow from the new wells coming into production.