Kolibri Global Energy Inc. - KGEIF STOCK NEWS

Kolibri Global Energy reported remarkable financial growth for 2022, with Adjusted EBITDA soaring to $25.1 million, a 282% increase compared to $6.6 million in 2021. Net revenues reached $37.6 million, up 151% from the previous year, driven by a 68% increase in production and a 50% rise in average prices. Despite a net income drop to $16.6 million from $71 million, excluding a one-time impairment reversal in 2021, net income increased significantly. The average production was 1,640 BOEPD, with a year-end exit rate exceeding 4,000 BOEPD. Management forecasts a strong 2023 with capital expenditures projected between $44 million to $51 million.

Kolibri Global Energy Inc. has reported robust results from its December 31, 2022, independent reserves evaluation. The company's Proved Developed Producing reserves surged by over 69%, with their Net Present Value (NPV) rising by 159%. The Proved Reserves value reached US$514.8 million, a 43% increase from 2021. Overall, Proved plus Probable Reserves increased by 47% to US$724.4 million. The company anticipates further growth through a new drilling program set to begin this week, aiming to enhance cash flow and shareholder value. However, Proved Developed reserves slightly declined by 2%, reflecting evolving recovery estimates.

Kolibri Global Energy Inc. (KGEIF) has initiated its 2023 drilling program in the Tishomingo field, Oklahoma, marking a significant development for the company. The drilling rig has begun operations, targeting three wells, including two Caney wells and one T-zone well. The Caney wells aim to replicate the success of five wells drilled in 2022, which delivered IP30 rates over twice the company's forecasts. The T-zone well will utilize advanced completion techniques to evaluate its potential for economic viability. The company plans to fund the program through existing cash flow and possibly a credit facility drawdown.

Kolibri Global Energy Inc. (OTCQX: KGEIF, TSX: KEI) issued a press release addressing recent trading activity in its shares, noting no specific operational changes to account for the price fluctuations. The Company confirmed that its drilling preparations and field operations are on track and indicated that a corporate update would be forthcoming. Kolibri Global Energy focuses on energy projects in oil, gas, and sustainable energy across North America.

Kolibri Global Energy Inc. (KGEIF) reported that its Glenn 16-3H well in the Tishomingo field, Oklahoma, achieved an impressive average of 990 BOEPD over 30 days. This surpasses the forecasted 388 BOEPD from a third-party engineering report and the 472 BOEPD management estimate. Company President Wolf Regener highlighted that these results exceeded expectations, reinforcing the potential of their drilling program. A drilling rig is contracted to initiate new well drilling in March 2023, indicating continued operational momentum.

Kolibri Global Energy Inc. (KGEIF) announces a significant production exit rate of over 4,000 BOEPD, exceeding its 2022 forecast by 48%. New wells, including the Emery 17-2H (715 BOEPD), Brock 9-3H (970 BOEPD), and Glenn 16-3H (935 BOEPD average), contributed to this achievement. The company attributes these results to advanced completion techniques. CEO Wolf Regener highlights expectations for continued strong performance and notes that the Glenn well may surpass previous production estimates. Drilling for more wells is planned for March 2023.

Kolibri Global Energy Inc. (KGEIF) has provided an update on three wells in the Tishomingo field, Oklahoma. The Brock 9-3H well is averaging 900 BOEPD, while the Glenn 16-3H well averages 860 BOEPD. The Emery 17-2H well is producing 740 BOEPD over the last 25 days. Collectively, these wells are adding over 2,500 BOEPD to the company’s production, which was previously at 1,700 BOEPD. Management anticipates exceeding their year-end forecast of 2,700 BOEPD based on early results, showcasing strong potential for future performance.

Kolibri Global Energy Inc. provided updates on three wells in the Tishomingo field, Oklahoma. The Emery 17-3H well is averaging 704 BOEPD, outperforming both company forecasts and previous wells. The Brock 9-3H and Glenn 16-3H wells have also been stimulated and are expected to commence flowback soon. CEO Wolf Regener highlighted the strong early results of the Emery 17-3H well, indicating potential for better-than-expected initial production rates compared to prior assessments.