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Kolibri Global Energy Inc. Provides Operations Update
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Kolibri Global Energy provides operations update for Tishomingo field in Oklahoma. Barnes 7-4H and 7-5H wells drilled and cased successfully. Drilling rig moving to Emery pad for next wells. Barnes 8-3H well producing in line with forecast. T-zone formation could add additional well locations and reserves. Barnes 8-2H well within forecasted production range. Barnes 8-1H well producing below forecasted range. Production restricted in August but issues being resolved.
Positive
Barnes 7-4H and 7-5H wells drilled and cased successfully
Barnes 8-3H well producing in line with forecast
T-zone formation could add additional well locations and reserves
Negative
Barnes 8-1H well producing below forecasted range
Production restricted in August
THOUSAND OAKS, Calif.--(BUSINESS WIRE)--
Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQX: KGEIF) is pleased to provide an operations update for its Tishomingo field in Oklahoma.
Drilling and Completion Operations
The Barnes 7-4H and 7-5H wells were successfully drilled and cased in the Lower Caney formation safely and under budget. The drilling rig is currently moving over to the Emery pad for the drilling of the next two Lower Caney wells and a T-zone well. The first of these next three wells, the Emery 17-3H, is expected to begin drilling within the week.
The Barnes 7-4H and 7-5H are scheduled to begin completion operations within the next two weeks once the drilling rig has moved out and all the equipment for the fracture stimulations has moved in and is rigged up.
Wolf Regener, President and CEO, commented, “We are excited to begin completion operations on the Barnes 7-4H and Barnes 7-5H wells, and to move the same drilling rig over to drill the next three-well pad immediately. We are looking forward to the additional production that we expect from all these wells.”
Recently Completed Wells and Field Update
The Company is pleased to report that the Barnes 8-3H well, which is our first T-zone well utilizing our latest completion technique and has been on production for just over 2 1/2 months, is currently producing in line with management's forecasted production. The production from our earlier T-zone wells had declined much harder at this stage. Achieving commercial rates from the T-zone could add many additional well locations and reserves that are not currently reflected in our reserve estimates. The T-zone formation is present over our entire acreage block and is thus potentially very significant to the Company.
The current production from the Barnes 8-2H well in the Lower Caney is within management’s forecasted production band range. The Barnes 8-1H well, which is in the Upper Caney, is producing just below management’s expected forecasted production band range. As we previously disclosed, while the Barnes 8-1H is still economic, the Company plans to place our future Caney wells in the Lower Caney formation.
The gathering system operator for the field has had issues for much of August, which resulted in the Company’s production being restricted from the entire field. The issues are being resolved and the production is rebounding.
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: The references to barrels of oil equivalent ("Boes") reflect natural gas, natural gas liquids and oil. 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. 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.
Readers should be aware that references to initial production rates and other short-term production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery. Readers are referred to the full description of the results of the Company's December 31, 2022 independent reserves evaluation and other oil and gas information contained in its Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information for the year ended December 31, 2022, which the Company filed on SEDAR on March 13, 2023.
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 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 gathering system issues will be resolved, 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, 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 gathering system operator doesn’t get the issues resolved, 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 leases 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.
