Kolibri Global Energy Inc. Completion Operations Underway on Barnes 7-3H Well

Rhea-AI Summary

Kolibri Global Energy Inc. (TSX: KEI, OTCQB: KGEIF) has initiated completion operations on the Barnes 7-3H well in Oklahoma's Tishomingo field, holding a 98.07% working interest. CEO Wolf Regener stated that more than half of the completion stages are finished, with expectations to complete operations within the week. The company anticipates stabilizing production rates soon, influenced by current high market prices. This advancement aligns with their strategy of leveraging unhedged pricing for new production.

Positive

• Commencement of completion operations on Barnes 7-3H well in Tishomingo, Oklahoma.
• Over half of the completion stages are already completed.
• Expectation to finish operations within the week.
• High current market prices for oil, the highest since 2008, favor new production.

Negative

• None.

NEWBURY PARK, Calif.--(BUSINESS WIRE)-- Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQB: KGEIF), is pleased to announce that its indirect wholly-owned subsidiary BNK Petroleum (US) Inc. (“BNK US”) began completion operations last week on the Barnes 7-3H well (98.07% working interest) in its Tishomingo field in Oklahoma.

Wolf Regener, President, and CEO, commented. “I’m proud to say that our team is doing a great job and that the completion operations are going safely and are progressing well, with over half the stages having been completed already. We anticipate finishing the completion operations within the week. Once the completion equipment is rigged down and moved off, we will clean out the wellbore and begin the flow back of the well. The Company will update the market when we have stabilized production rates which are expected within a few weeks. With current market prices at their highest level since 2008, we are excited to be bringing on new production with unhedged pricing.”

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 OTCQB under the stock symbol KGEIF.

Cautionary Statements

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 timing of and expected results from planned wells development. 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 that that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, 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 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 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/20220307005366/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 the latest update from Kolibri Global Energy regarding the Barnes 7-3H well?

Kolibri Global Energy announced the commencement of completion operations on the Barnes 7-3H well in Oklahoma, with over half of the stages completed and expectations to finish operations soon.

What is the significance of the completion operations for KGEIF investors?

The completion operations on the Barnes 7-3H well are expected to enhance production, potentially increasing revenue for KGEIF investors.

How is market pricing affecting Kolibri Global Energy's operations?

Kolibri Global Energy is benefiting from current high market prices for oil, which are at their highest level since 2008, positively impacting their unhedged production strategy.

When can we expect updates on production rates from Kolibri Global Energy?

The company anticipates providing updates on stabilized production rates within a few weeks after completing the well.