Kolibri Global Energy Inc. Begins Completion Operations

Rhea-AI Summary

Kolibri Global Energy Inc. (KGEIF) has completed drilling the Glenn 16-3H well and initiated completion operations on the Emery 17-2H well in Oklahoma's Tishomingo field. The Glenn 16-3H well exhibited stronger oil and gas shows than previous wells in the area. Completion operations for the Brock 9-3H and Glenn 16-3H wells will occur concurrently after the Emery 17-2H's completion. The company targets a year-end exit rate of 2,700 BOEPD, demonstrating confidence in production capacity.

Positive

• Stronger oil and gas shows in Glenn 16-3H well compared to previous wells.
• Completion operations for multiple wells are progressing well.
• Confident projection of 2,700 BOEPD year-end exit rate.

Negative

• None.

THOUSAND OAKS, Calif.--(BUSINESS WIRE)-- Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQX: KGEIF) is pleased to announce that it has finished drilling the Glenn 16-3H well and has started completion operations on the Emery 17-2H well in the Company’s Tishomingo field in Oklahoma.

The Glenn 16-3H well was drilled safely and without incident to its intended target depth. The well had oil and gas shows that were stronger than those encountered in the Brock 9-3H and Emery 17-2H wells, which had oil and gas shows comparable to our average previously drilled corridor wells in the field.

The completion operations for the Emery 17-2H are underway and are progressing well. Once they are finished, the completion operations for the Brock 9-3H and Glenn 16-3H will be started. The completion operations for these two wells will be done concurrently. Initial production rates from the wells will be reported once they are available.

Wolf Regener, President, and CEO commented, “We are proud of our team and pleased that the drilling of all three wells was completed safely and without incident. We look forward to having these three wells on production, which we anticipate will help us meet our forecasted 2,700 BOEPD year-end exit rate.”

About Kolibri Global Energy Inc.

Kolibri Global Energy Inc. is a North American 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.

Cautionary Statements

In this news release and the Company’s other public disclosure:

1. 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.
2. Discounted and undiscounted net present value of future net revenues attributable to reserves do not represent fair market value.
3. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.
4. 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

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, the Company safely and efficiently drilling and completing the wells, and expected results from the well.

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 $85 a barrel oil price, $6 Henry Hub and NGL pricing of $34 bbl 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/20221103005637/en/

Wolf E. Regener +1 (805) 484-3613

Email: wregener@kolibrienergy.com

Website: www.kolibrienergy.com

Source: Kolibri Global Energy Inc.

FAQ

What are the results of the Glenn 16-3H well drilled by Kolibri Global Energy Inc. (KGEIF)?

The Glenn 16-3H well showed stronger oil and gas signs than earlier wells in the Tishomingo field.

What is the expected production rate for Kolibri Global Energy Inc. (KGEIF) by year-end?

Kolibri Global Energy Inc. anticipates achieving a production rate of 2,700 BOEPD by year-end.

Where is Kolibri Global Energy Inc. (KGEIF) drilling its new wells?

Kolibri Global Energy Inc. is drilling its new wells in the Tishomingo field located in Oklahoma.

What wells are currently being completed by Kolibri Global Energy Inc. (KGEIF)?

Kolibri Global Energy Inc. is currently completing the Emery 17-2H well, with plans to follow with the Brock 9-3H and Glenn 16-3H wells.

When will Kolibri Global Energy Inc. (KGEIF) report initial production rates?

Initial production rates from the newly drilled wells will be reported once they become available.