Kolibri Global Energy Inc. - KGEIF STOCK NEWS

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.

Kolibri Global Energy Inc. (OTCQX: KGEIF) has completed drilling two wells, the Brock 9-3H and Emery 17-2H, and is currently drilling the Glenn 16-3H in Oklahoma's Tishomingo field. Both completed wells have shown promising oil and gas shows. However, the start of completion operations has been delayed to mid-November. The company expects production from the Emery 17-2H well to start in early December, with the Brock 9-3H and Glenn 16-3H following in late December. Forecasted exit production remains at 2,700 boepd, though revenue projections have been adjusted due to lower oil prices.

Kolibri Global Energy Inc. (KGEIF) has announced an increase in its borrowing base to US$25 million from BOK Financial, up from US$16.2 million currently drawn. This boost allows its subsidiary, BNK Petroleum (US) Inc., to access an additional US$8.8 million for developing the Tishomingo project in Oklahoma. The credit facility features interest-only payments until June 2026, indicating strong financial backing and flexibility for the company's growth initiatives.

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.

Kolibri Global Energy Inc. (KGEIF) announced updates on its Tishomingo operations in Oklahoma, completing location work for two new wells and preparing for a third. The drilling rig is set to begin operations on September 1st with completion activities planned for early October. The company aims to meet or exceed its financial guidance, projecting a threefold increase in production rates and a fourfold rise in adjusted funds flow for 2022 compared to 2021. Adjusted funds flow for the six months ending June 30, 2022, amounted to $11.4 million, significantly up from $2.97 million in 2021.

Kolibri Global Energy reported a strong performance in Q2 2022, with production averaging 1,928 BOEPD, up 94% from Q2 2021. Adjusted funds flow surged by 473% to $8.6 million, driven by a 251% revenue increase to $12.4 million. The company achieved net income of $7.0 million, a significant improvement from a loss of $1.4 million the previous year. Average netback from operations rose by 108% to $63.06/boe. Despite a 27% rise in G&A expenses, lower operating costs per barrel at $7.77 contribute to the positive outlook for continued drilling activities.

Kolibri Global Energy Inc. (TSX: KEI, OTCQB: KGEIF) announced updates on its board and its Tishomingo operations in Oklahoma. Evan Templeton has been elected as a new director, bringing over 25 years of financial experience. The company is set to drill two wells, Glenn 16-3H and Brock 9-3H, with operations scheduled for mid-September. Kolibri anticipates significant increases in cash flow, production rates, and adjusted funds flow, aiming for year-end production three times higher than at the start of the year.

Kolibri Global Energy Inc. (TSX: KEI, OTCQB: KGEIF) announced the results of its Annual General Meeting held on July 19, 2022, in Vancouver, British Columbia. Shareholders approved all resolutions, including fixing the number of directors at five and electing nominees to the board for a one-year term. Election results showed a strong majority for most nominees, with Wolf Regener receiving 98.76% support. Additionally, KPMG LLP was re-appointed as the auditor and the Restricted Share Unit Plan was approved with 85.65% of votes in favor. Further details will follow in a Report of Voting Results.

Kolibri Global Energy Inc. (KGEIF, KGEID) has announced its operational guidance for 2022, focusing on its Tishomingo field in Oklahoma. The company plans to drill three additional horizontal wells, following two already in production, with a total capital budget exceeding US$31 million. The projected operational outcomes include annual production of 1,700 to 1,900 BOEPD, revenue exceeding US$39 million, and adjusted funds flow of US$26 million. The company anticipates a debt-to-EBITDA ratio below 1.0 and year-end net debt between US$15 million and US$17 million, despite a 20% cost inflation for remaining wells.