Kolibri Global Energy Inc. - KGEIF STOCK NEWS

Kolibri Global Energy Inc. (TSX:KEI, OTCQB:KGEIF) has successfully completed a consolidation of its common shares, reducing approximately 356 million shares to about 35.6 million shares on a 1-for-10 basis. This consolidation is intended to enhance the trading profile of the company. Following the consolidation, shares are set to begin trading at the opening of the market on May 19, 2022. Shareholders with certificates will receive instructions on how to exchange them for post-consolidation shares, while those in book entry form will receive their shares automatically.

Kolibri Global Energy reported strong first-quarter results for 2022, achieving an average production of 1,054 BOEPD, a 3% increase from the prior year. The Barnes 7-3H well contributed significantly with a 30-day initial production rate of 940 BOEPD. Revenue net of royalties surged 70% to $5.5 million, driven by a 65% increase in average prices. Adjusted funds flow rose 87% to $2.8 million. However, a net loss of $2.5 million was reported, attributed mainly to unrealized losses from commodity contracts. Operating expenses increased by 35% due to higher production taxes, affecting overall profitability.

Kolibri Global Energy Inc. (TSX:KEI, OTCQB: KGEIF) is set to consolidate its shares, with one post-consolidation share issued for every ten pre-consolidation shares. The effective date for this change is May 16, 2022, with trading expected to begin on a post-consolidation basis on May 19, 2022. The total number of outstanding shares will decrease from approximately 356 million to about 35.6 million. The consolidation aims to enhance the Company's appeal to potential investors and improve shareholder value.

Kolibri Global Energy Inc. (KGEIF) has provided an update on the Barnes 8-4H well in Oklahoma, boasting an average production rate of 600 BOEPD (515 BOPD). The well is in the early stages of production and has not yet been stabilized with tubing, expected to be installed soon. Currently, the company achieves over $50 per BOE netbacks at an assumed oil price of $95 per barrel. The forecasted IP30 rate is expected to exceed both the independent reserve report's estimate of 388 BOEPD and the company’s management's projection of 472 BOEPD, suggesting strong potential for increased oil production.

Kolibri Global Energy Inc. (KGEIF) announces impressive production results from its Barnes 7-3H well, averaging over 940 BOEPD, including 740 barrels of oil daily. This exceeds initial projections by 41%. The recently completed Barnes 8-4H well is returning stimulation fluids and has high potential for profitability. The Company anticipates significant cash flow at current oil prices of $100 per barrel, contributing to its strategic growth in the Tishomingo field, Oklahoma.

Kolibri Global Energy Inc. (KGEIF) announces the start of completion operations for the Barnes 8-4H well in Oklahoma, with a 99.8% working interest. The completion is expected to finish within two weeks, followed by well cleaning and flowback. Following the successful Barnes 7-3H well, which averages over 1,000 barrels of oil equivalent per day, the company is optimistic about production rates due to current oil prices exceeding $100 per barrel. Updates on stabilized production rates are anticipated by the end of April.

Kolibri Global Energy Inc. (KGEIF) announced impressive results from its Barnes 7-3H well in Oklahoma, averaging over 920 BOEPD over the last 14 days, with current production at 1,050 BOEPD. This performance is significantly higher than forecasts, with netbacks exceeding $55 per BOE based on a $100/barrel oil price. The well's current output has doubled production in the field, and discussions for the upcoming Barnes 8-4H completion are set for early April. However, uncertainties remain regarding the well's long-term productivity.

Kolibri Global Energy Inc. (KGEIF) announced an update on its Barnes 7-3H well in Oklahoma, which began flowback production last week. The well is currently producing approximately 400 barrels of oil per day, 27% above the initial forecast. The company notes that only 3.5% of stimulation fluid has been recovered, and gas production is anticipated soon. Although early results are promising, the company warns that initial rates may not indicate long-term performance.

Kolibri Global Energy reported a significant turnaround in 2021, achieving a net income of $71 million compared to a net loss of $70.4 million in 2020, driven by a $70.8 million impairment reversal. Gross revenue surged to $19.1 million, up 56% from the previous year, while net income per share reached $0.30. Total proved reserves stood at 34.1 million BOE, a 3% increase from 2020, with an NPV10 value of $358.8 million, an 86% rise due to higher oil prices. However, production decreased by 15% to an average of 975 BOEPD, reflecting normal well declines.