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Mint
5 days ago
- Business
- Mint
Millions stolen, death threats: Should banks do more to fight ‘pig butchering'?
For nearly 50 years, Anamarie Hurt trusted her husband, Craig, to manage their finances. And he did a good job of it, making investments that grew into a comfortable nest egg. Then Craig walked into a bank in Tulsa, Okla., and began moving their retirement funds into cryptocurrency investments that turned out to be fake. A year later, after losing more than $5 million, the Hurts' life savings were gone. At first, Anamarie's anger was directed at Craig. But it soon found another target: the bank that she said helped him send wires as high as $300,000 at a time to scammers. Now that investment scams, sometimes called pig butchering, are booming global operations, some Americans are demanding their banks and financial advisers do more to prevent the scams from happening. Pressure is also spreading to telecoms and social-media platforms such as Facebook, where scammers find their marks. In 2023, Anamarie sued Arvest Bank, the Arkansas-based regional lender that processed Craig's wire payments. Similar lawsuits have sprung up around the country, seeking damages from the likes of JPMorgan Chase and Wells Fargo and alleging they didn't do enough to investigate their customer's suspicious behavior or to block payments to scammers. A lawyer for Arvest, which hasn't publicly responded to the Hurts' claims, declined to comment on the lawsuit. The dispute is now in arbitration. Operating from compounds in Southeast Asia and West Africa, criminal gangs have mastered the art of building trust with victims—or fattening up their 'pigs." Scammers cultivate romantic connections with victims while posing as savvy investors with knowledge about how to strike it rich. Victims are often elderly or otherwise vulnerable, and many end up losing their life savings. The scams have put banks in a difficult position. If banks don't try to stop fraudulent payments, victims and their advocates argue, scammers will continue extracting tens of billions or more each year from vulnerable Americans. But holding payments and trying to talk victims out of being scammed, as some states now allow, can provoke a backlash from customers. Bankers argue that they already have their hands full trying to thwart money laundering, terrorist financing and other types of fraud and have put considerable resources into such efforts. They say they can't be expected to protect their customers from making ill-advised decisions. Those who sue their banks face an uphill battle. Federal law requires banks to reimburse people whose credit cards are stolen or who have their accounts infiltrated by fraudsters. But there's little protection for the growing ranks of Americans who are tricked into turning over their money. For Anamarie, the episode has come with one haunting twist after another. As she worked to get to the bottom of what happened, she faced death threats from scammers, who repeatedly told Craig they would track down and kill him and his wife if he didn't comply with their requests. 'Look I'm given you 1 hour to send my money to my wallet otherwise I don't mind spending extra money driving down to your house and gun you and your f—ing wife down instantly and nothing will happen," one message said. The scammers also tried to blackmail Anamarie, sending her photos Craig had taken of her in the shower at their behest and without Anamarie's consent. She also made unsettling discoveries about Craig, the person she thought she knew better than anyone—including a medical issue that helped explain why he was vulnerable to the scam and why his judgment deteriorated so quickly. In August 2022, Anamarie was shopping at Walmart when her credit cards were declined. When she brought up the issue at home, Craig said he would take care of it. But Anamarie was worried. 'Are you being scammed?" she finally asked him. Flustered, Craig admitted it was possible. They went to the police, where Anamarie, in shock, started understanding the severity of the situation. She and her sister would spend months unraveling what had happened and learning the extent of the damage. A year or so earlier, Craig had responded to an online ad about investments and later received a text message from someone calling themself Tiffany, according to his hazy account. The person struck up a flirtatious exchange and was soon telling him about a lucrative opportunity. All he needed to do was wire money from his bank account. Craig's early efforts to wire money to scammers had raised alarm bells at the Bank of Oklahoma, where the Hurts had banked for their entire marriage, Anamarie would learn. The bank closed Craig's accounts after he made at least one suspicious payment. Another bank where he opened an account quickly did the same. Banks have a legal obligation to screen for and report potential money laundering activity by their customers. If a customer continues to engage in suspicious activity, banks will sometimes close the account. The law that requires banks to report suspicious money laundering activity was passed in 1970. Later that decade, as electronic payments such as debit cards and ATMs became ubiquitous, Congress also passed a law requiring banks to screen for fraudulent activity and reimburse customers for stolen funds. Fraud, however, was defined by lawmakers at the time as an unauthorized transfer—meaning when a criminal impersonated a customer or got access to an account without the customer's help. The pig-butchering scams of today often slip through the cracks of banks' anti-money laundering and fraud detection programs, since victims are tricked by scammers into authorizing the fraudulent transactions themselves. Craig plays fetch with his dog, photos at the Hurts' home. In April 2021, Craig landed at Arvest, opening a checking account at a branch a five-minute drive from the Hurts' home. There he began sending more wires to the scammers, starting with a payment of $25,000 and quickly escalating to larger amounts. Craig sent the wires in-person and with the help of Arvest employees, according to the Hurts' lawsuit. To fund the transfers, he liquidated the Hurts' retirement funds at Raymond James. He also drained his mother's trust and, after being told he need to pay additional fees to access his fake investment earnings, the funds from a $350,000 home-equity loan on the Hurts' home. Anamarie's lawsuit would later cite the federal anti-money-laundering laws that require banks to screen for suspicious activity. Despite what the suit calls obvious red flags, such as the size of the transfers and the suspicious names of the recipients, the Arvest employees who assisted Craig didn't investigate his wire payments or alert Anamarie, whose name was on the account. Those failures constituted a form of legal negligence, Anamarie's lawyers argued. They also questioned Arvest's approval of the home-equity loan, because taking out such a loan usually requires signatures from all owners of the residence. But Anamarie hadn't known about the loan and didn't sign any documents for it, according to her suit. Other lawsuits by scam victims accuse banks of failing to sufficiently vet bank accounts opened by scammers to launder pig-butchering funds or cite state laws, including a California statute that allows victims to bring suit against institutions or individuals who assist in elder abuse. In an ongoing lawsuit there, an 80-year-old widow named Alice Lin has accused JPMorgan Chase and several of its employees of aiding pig-butchering scammers who defrauded her of nearly her entire life savings. Lin, who hadn't sent a wire transfer in more than six years, was scammed into wiring $720,000 over the course of three weeks, according to the suit. In a victory for Lin, a federal judge last year denied a motion by JPMorgan to dismiss the case. A JPMorgan spokesman said the bank disputes her claims and that employees warned her the payments would be irreversible. During the Hurts' visit to the police in 2022, an officer told Anamarie to get power of attorney over Craig. The next day Craig refused to go along with it and threatened to kill himself. She sought psychiatric help for Craig, and got a court to appoint her his legal guardian. The Hurts don't have children. At Arvest just days later, Anamarie and her sister discovered that only a few hundred dollars remained in the Hurts' checking account. 'Oh, we know Craig," Anamarie recalled the bank manager saying. 'He's in here all the time." In some states, a bank like Arvest might have been able to pause the payments that Craig was making, and been required to report his behavior to authorities or make a reasonable attempt to contact Anamarie or another family member. That wasn't the case in Oklahoma. The state has some requirements for investment advisers and broker-dealers such as Raymond James, but none for banks—often the last stop before a victim's money is sent to scammers and lost forever. For joint accounts, banks aren't typically required to notify another account holder of any suspicious withdrawals. More than 20 states do have laws that provide banks with a safe harbor from legal action for delaying transactions if they suspect a client is the victim of financial exploitation. More than 40 have a similar safe harbor for investment professionals such as broker-dealers. Many—but not all—of the state laws specifically apply to clients over the age of 60 or 65. In some cases, the laws also require a report to state authorities or permit banks to contact a trusted third party such as a family member. Anamarie searches through binders of credit card statements and bank statements. In Alabama, safe harbor rules have allowed the state to prevent millions of dollars from being siphoned from seniors, said Amanda Senn, director of the state's securities regulator. A rule enabling investment professionals to delay a payment for up to 25 days went into effect in 2016, and a parallel safe harbor for banks was created in 2021. Banks and financial advisers have filed a growing number of reports of potential exploitation since Alabama created the twin rules. The Alabama Securities Commission received 37 reports in the first full fiscal year after the first rule went into effect. In its most recent fiscal year, the commission received 319. 'Financial professionals are looking out for their customers, but it's getting increasingly harder for everyone," said Senn. Calls for federal legislation that addresses banks' responsibilities around elder fraud and investment scams have been growing. Last year, Democrats in Congress introduced a bill that would have expanded the 1970s era fraud laws and forced banks to cover losses in cases where consumers are tricked into sending payments. Some industry representatives have argued for regulatory guidance that would allow banks to better share information with each other about customers impacted by scammers. Plaintiffs' lawyers and victim advocates have also pushed states to go further than current hold laws, which allow banks to delay transactions if they wish, by requiring banks to do so if they have a reasonable suspicion of fraud. Last year, California's legislature voted to pass a law that would have required banks and other businesses to create an emergency contact program and delay suspicious transactions for elderly account holders age 65 or older. The California Bankers Association opposed the legislation, arguing that banks were 'ill-equipped to second-guess their customers' decision," and the bill was eventually vetoed by Gov. Gavin Newsom. 'The argument is that it's the customer who's doing it," said Ken Palla, a financial security expert and former director at MUFG Union Bank. 'It's their money, and they can direct us where to send it." Victims can be adamant and refuse to believe family members or authorities who tell them they are being scammed. 'They really wrap these people around the axle," Palla said. Craig and Anamarie head upstairs to Craig's den, where he spends much of his time. On at least one occasion, Craig upbraided an Arvest customer-service representative over the phone after he was questioned about a suspicious $1,000 Zelle payment, according to a recording of the call reviewed by The Wall Street Journal. The representative told Craig it was a red flag that the name on the Zelle account where he was trying to send money didn't match the name in the email address he was given. Craig's Zelle account had been frozen as a result. 'I don't need an overseer," Craig responded. 'If you don't want to do it, just cancel the transaction, and I'll do it somewhere else." The Arvest representative ultimately declined to unfreeze the account, according to the recording. 'You can get employee of the year," Craig told him sarcastically. Shortly after discovering the scam, Anamarie learned something else about Craig that helped explain what had happened. His doctor told her that Craig had vascular dementia, likely due to a brain injury from a fall he took in 2015 while walking his brother-in-law's dog. Someone with vascular dementia can be completely articulate and appear normal to their friends and family, but also be impaired in their ability to assess risk and make decisions. Anamarie had been aware of the injury, but was under the impression that Craig had mostly recovered after being given medication. Her lawyers also uncovered more about how scammers manipulated Craig into wresting control of his funds from his longtime financial adviser at Raymond James. The adviser had repeatedly tried to convince Craig that 'Tiffany" was scamming him, to no avail. While Oklahoma doesn't have a law enabling banks to pause transactions, it does provide a safe harbor for broker-dealers to do so. Around August 2021, Raymond James's compliance department placed restrictions on Craig's accounts and alerted the state's adult protective services agency about his behavior, according to emails reviewed by The Wall Street Journal and a person familiar with the matter. But Craig still insisted on withdrawing money from his Raymond James accounts for fake cryptocurrency investments. Eventually he moved his funds to a Fidelity brokerage account, where they were cashed out and transferred to Arvest. 'You do not want to be the one who effectuated his request for a scam and likely immense loss—let him do it elsewhere," a compliance executive told Craig's financial adviser in an email. 'We all tried our best to help him." Whether the firm fully alerted Anamarie is unclear. Anamarie said she recalls one phone conversation with their adviser at Raymond James but said the adviser was vague and that the call left her confused. The adviser said he fully informed Anamarie of what was happening. In an email following that call, she told the adviser that she had confronted Craig about whether he was being scammed after coming home and finding him on the phone transferring funds from Fidelity. 'I cannot convince him he's being scammed…He has it in his head he knows what he's doing," Anamarie wrote. She said she later forgot about the email and the incident and that to her knowledge adult protective services never reached out. Oklahoma Human Services declined to comment and said all cases are confidential. Raymond James still manages a separate IRA fund that is solely owned by Anamarie. In the months that followed the Hurts' visit to the police station, the scammers proved reluctant to let go of Craig. They infiltrated their devices, revealing on one occasion that they knew Anamarie's exact location: 'Right now you at the dance at the senior center." Anamarie eventually took Craig's phone away completely. For a year, she slept with her laptop, phone and wallet under her pillow so he couldn't get hold of them. The arbitration with Arvest is scheduled to take place later this year. Other lawsuits against banks have faced dismissal or been settled on undisclosed terms, which has the effect of preventing the suits from creating legal precedent. Thanks to Anamarie's measures, Craig's behavior has normalized somewhat. He has stopped trying to sneak off to local convenience stores to buy gift cards for women he is chatting with online. He now sleeps for 18-20 hours a day, Anamarie said, often in the recliner where he still searches for his phone. He has never apologized about the damage he caused, Anamarie said. Given the opportunity, he seems to think he could make everything right, she said, saying he has told her, 'All I need is one more investment." Write to Dylan Tokar at
Yahoo
25-06-2025
- Business
- Yahoo
Affordable Apartments Receive $1M Grant from FHLB Dallas and Arvest Bank
Officials Gather for Grand Opening of Arkansas Development for Residents 55 and older GRAVETTE, Ark., June 25, 2025--(BUSINESS WIRE)--Spavinaw Creek Senior Housing, which was built with the help of a $1 million Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Arvest Bank, celebrated its grand opening today in Gravette, Arkansas. The AHP grant helped pay for the construction of the $7.3 million rental complex for residents ages 55 and older. The one- and two-bedroom apartments are reserved for residents with incomes that are 30 percent to 60 percent of the area's median income. "The funding allowed us to buy what was an abandoned former assisted living center, demolish it and build brand new affordable housing for seniors in Gravette," said Matt Darst, principal with Upward Housing Group. "The AHP grant filling the financing gap for our construction to deliver a fresh, new, energy efficient, affordable housing development that we are all proud of." The apartment complex opened in May and is nearly fully occupied, he said. "Spavinaw Creek Senior Housing addresses an extremely tight affordable housing market in Gravette and provides beautiful new housing that the city's aging residents can afford," Arvest Group CRA Director Virgil Miller said. "The support this project received from FHLB Dallas was critical in getting to the finish line." The development is near parks and walking trails and includes a clubhouse with a computer center, WiFi access and a book exchange library. AHP funds assist FHLB Dallas members in financing the purchase, construction and rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area. "We value our relationship with Arvest Bank, which has supported many affordable housing developments over the years in Arkansas using our AHP grants," said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. "Our AHP grants have a long history of providing gap funding for affordable housing developments throughout our five-state District." In 2024, FHLB Dallas awarded $78.9 million in AHP General Fund grants to 41 affordable housing projects. The grants will help create 3,571 new or rehabilitated housing units. FHLB Dallas will announce 2025 grant awardees this fall. Learn more about the FHLB Dallas Affordable Housing Program. About Arvest Bank With more than $26 billion in assets, Arvest Bank is a community-based financial institution serving more than 110 communities in Arkansas, Kansas, Missouri and Oklahoma. Established in 1961, Arvest Bank is committed to meeting the needs of its more than 830,000 retail and business customer households by continually investing in the digital tools and services customers expect. Its extensive network of more than 200 banking locations provides loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing as a part of its growing list of digital services. Arvest is known for its commitment to the communities it serves and to attracting, hiring and retaining a diverse group of talented people. Arvest is an Equal Housing Lender and Member FDIC. To learn more please visit About the Federal Home Loan Bank of Dallas The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $109.9 billion as of March 31, 2025, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit View source version on Contacts Corporate CommunicationsFederal Home Loan Bank of (214) 441-8445 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
25-06-2025
- Business
- Business Wire
Affordable Apartments Receive $1M Grant from FHLB Dallas and Arvest Bank
GRAVETTE, Ark.--(BUSINESS WIRE)--Spavinaw Creek Senior Housing, which was built with the help of a $1 million Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Arvest Bank, celebrated its grand opening today in Gravette, Arkansas. The AHP grant helped pay for the construction of the $7.3 million rental complex for residents ages 55 and older. The one- and two-bedroom apartments are reserved for residents with incomes that are 30 percent to 60 percent of the area's median income. 'The funding allowed us to buy what was an abandoned former assisted living center, demolish it and build brand new affordable housing for seniors in Gravette,' said Matt Darst, principal with Upward Housing Group. 'The AHP grant filling the financing gap for our construction to deliver a fresh, new, energy efficient, affordable housing development that we are all proud of.' The apartment complex opened in May and is nearly fully occupied, he said. 'Spavinaw Creek Senior Housing addresses an extremely tight affordable housing market in Gravette and provides beautiful new housing that the city's aging residents can afford,' Arvest Group CRA Director Virgil Miller said. 'The support this project received from FHLB Dallas was critical in getting to the finish line.' The development is near parks and walking trails and includes a clubhouse with a computer center, WiFi access and a book exchange library. AHP funds assist FHLB Dallas members in financing the purchase, construction and rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area. 'We value our relationship with Arvest Bank, which has supported many affordable housing developments over the years in Arkansas using our AHP grants,' said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. 'Our AHP grants have a long history of providing gap funding for affordable housing developments throughout our five-state District.' In 2024, FHLB Dallas awarded $78.9 million in AHP General Fund grants to 41 affordable housing projects. The grants will help create 3,571 new or rehabilitated housing units. FHLB Dallas will announce 2025 grant awardees this fall. Learn more about the FHLB Dallas Affordable Housing Program. About Arvest Bank With more than $26 billion in assets, Arvest Bank is a community-based financial institution serving more than 110 communities in Arkansas, Kansas, Missouri and Oklahoma. Established in 1961, Arvest Bank is committed to meeting the needs of its more than 830,000 retail and business customer households by continually investing in the digital tools and services customers expect. Its extensive network of more than 200 banking locations provides loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing as a part of its growing list of digital services. Arvest is known for its commitment to the communities it serves and to attracting, hiring and retaining a diverse group of talented people. Arvest is an Equal Housing Lender and Member FDIC. To learn more please visit About the Federal Home Loan Bank of Dallas The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $109.9 billion as of March 31, 2025, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit
National Post
25-06-2025
- Business
- National Post
Kolibri Global Energy Inc. Announces a 30 Percent Bank Line Increase, Russell 2000 Inclusion and Operations Update
Article content THOUSAND OAKS, Calif. — Kolibri Global Energy Inc. (the ' Company ' or ' Kolibri ') (TSX: KEI, NASDAQ: KGEI) is pleased to announce the following: Article content The available borrowing base of the Company's indirect wholly owned subsidiary, Kolibri Energy US Inc., was increased from US$50 million to US$65 million on its revolving line of credit (' Credit Facility '). This was a 30% increase on the Credit Facility which is held by a bank syndicate which is led by BOK Financial (' BOKF ') and now includes Arvest Bank. All other terms of the credit facility remain the same. The current outstanding amount drawn on the Credit Facility is US$30.5 million. Article content RUSSELL 2000 Article content Kolibri is expected to be included in the Russell 2000 Index at the conclusion of the 2025 Russell Indexes Annual Reconstitution, according to a preliminary list of additions posted by FTSE Russell on June 20, 2025. The inclusion in the index will take effect after the U.S. market opens on June 27, 2025. Article content Membership in the Russell 2000 Index, which remains in place for one year, includes inclusion in the appropriate growth and value style indexes. FTSE Russell is a leading global index provider and membership for its Russell indexes is determined primarily by objective, market-capitalization rankings, and style attributes. Article content Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. As of May 2025, approximately $10.6 trillion in assets are benchmarked to a Russell index. Reference information on the reconstitution process, including member additions and deletions, can be found at: Article content The Lovina 9-16-1H, Lovina 9-16-2H, Lovina 9-16-3H, and Lovina 9-16-4H wells (100% working interest) are currently being fracture stimulated. The completion operations are proceeding well, even though they were off to a slower than anticipated start due to the heavy rains, which caused flooding and other issues earlier in the month. The wells are anticipated to begin production in July. Article content The Forguson 17-20-3H well has been successfully drilled and will be fracture stimulated after the Lovina wells have been completed. Kolibri is operator and has a 46% working interest in this well, which is testing the economics of the Company's eastern acreage which is comprised of 3,000 acres. Article content Wolf Regener, President and CEO, commented, 'We are very pleased to have BOKF's continued support and appreciate the new support from Arvest Bank, who joined the syndicate. The 30% increase in our borrowing base provides us with more working capital flexibility and supports our production and cash flow growth initiatives and continues to demonstrate the value of the field. Article content 'We are also excited that inclusion in the Russell 2000 index will further improve the visibility of our Company among investors. This is a significant milestone for us, which we believe is a result of our successful efforts to increase shareholder value. Article content 'The fracture stimulation of the four Lovina wells is progressing well and we are looking forward to the completion of these wells and the Forguson well. Article content 'The east side acreage, where the Forguson well is located and Kolibri has approximately 3,000 net acres, is not included in the December 31, 2024 reserve report. The Caney target for the Forguson well has very similar characteristics and thickness as in the main part of the field in Kolibri's proved acreage, except that it is shallower. If the Forguson well proves to be economic, in addition to adding cash flow, it could lead to many additional development locations for the Company. Article content 'We are looking forward to the additional production from all of these wells, which we expect will significantly increase the Company's cash flow. We believe our 2025 drilling program, as well as the continuation of our normal course issuer bid share buyback program, will continue to add incremental value to our shareholders.' Article content VIRTUAL NON-DEAL ROADSHOW Article content Mr. Regener and Mr. Johnson will be participating in Remark's Virtual Non-Deal Roadshow for Houston on June 30 th, 2025. Investors can join the presentation by registering in advance on Renmark's website at A replay of the presentation will also be available via a link on Kolibri's website in the next week. Article content About Kolibri Global Energy Inc. Article content Kolibri Global Energy Inc. is a North American energy company focused on finding and exploiting energy projects in oil and gas. 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 in oil and gas. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI. Article content Caution Regarding Forward-Looking Information Article content 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, wells performing as anticipated, including anticipated increases in production, cash flow, higher rates of return and efficiencies, statements regarding the estimated average cost for the facilities, statements regarding drilling and completing the Forguson 3H, Lovina 1H, Lovina 2H, Lovina 3H and Lovina 4H wells, statements regarding additional development locations for the Company, and statements regarding the Company's anticipated inclusion on the Russell 2000 Index. 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, that the Company's inclusion in the preliminary list of additions posted by FTSE Russell indicates that the Company will be included in the Russell 2000 Index, 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 Article content , 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. Article content Caution Regarding Future-Oriented Financial Information and Financial Outlook Article content This news release may contain information deemed to be 'future-oriented financial information' or a 'financial outlook' (collectively, 'FOFI') within the meaning of applicable securities laws. The FOFI has been prepared by management to provide an outlook of the Company's activities and results and may not be appropriate for other purposes. The FOFI has been prepared based on a number of assumptions including the assumptions discussed above under 'Caution Regarding Forward-Looking Information'. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. FOFI contained in this news release was made as of the date of this news release and the Company disclaims any intention or obligations to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Article content Article content Article content Contacts Article content For further information, contact: Article content Article content Wolf E. Regener +1 (805) 484-3613 Article content Article content Email: Article content Article content Article content
Yahoo
25-06-2025
- Business
- Yahoo
Kolibri Global Energy Inc. Announces a 30 Percent Bank Line Increase, Russell 2000 Inclusion and Operations Update
THOUSAND OAKS, Calif., June 25, 2025--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the "Company" or "Kolibri") (TSX: KEI, NASDAQ: KGEI) is pleased to announce the following: CREDIT FACILITY The available borrowing base of the Company's indirect wholly owned subsidiary, Kolibri Energy US Inc., was increased from US$50 million to US$65 million on its revolving line of credit ("Credit Facility"). This was a 30% increase on the Credit Facility which is held by a bank syndicate which is led by BOK Financial ("BOKF") and now includes Arvest Bank. All other terms of the credit facility remain the same. The current outstanding amount drawn on the Credit Facility is US$30.5 million. RUSSELL 2000 Kolibri is expected to be included in the Russell 2000 Index at the conclusion of the 2025 Russell Indexes Annual Reconstitution, according to a preliminary list of additions posted by FTSE Russell on June 20, 2025. The inclusion in the index will take effect after the U.S. market opens on June 27, 2025. Membership in the Russell 2000 Index, which remains in place for one year, includes inclusion in the appropriate growth and value style indexes. FTSE Russell is a leading global index provider and membership for its Russell indexes is determined primarily by objective, market-capitalization rankings, and style attributes. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. As of May 2025, approximately $10.6 trillion in assets are benchmarked to a Russell index. Reference information on the reconstitution process, including member additions and deletions, can be found at: OPERATIONS UPDATE The Lovina 9-16-1H, Lovina 9-16-2H, Lovina 9-16-3H, and Lovina 9-16-4H wells (100% working interest) are currently being fracture stimulated. The completion operations are proceeding well, even though they were off to a slower than anticipated start due to the heavy rains, which caused flooding and other issues earlier in the month. The wells are anticipated to begin production in July. The Forguson 17-20-3H well has been successfully drilled and will be fracture stimulated after the Lovina wells have been completed. Kolibri is operator and has a 46% working interest in this well, which is testing the economics of the Company's eastern acreage which is comprised of 3,000 acres. Wolf Regener, President and CEO, commented, "We are very pleased to have BOKF's continued support and appreciate the new support from Arvest Bank, who joined the syndicate. The 30% increase in our borrowing base provides us with more working capital flexibility and supports our production and cash flow growth initiatives and continues to demonstrate the value of the field. "We are also excited that inclusion in the Russell 2000 index will further improve the visibility of our Company among investors. This is a significant milestone for us, which we believe is a result of our successful efforts to increase shareholder value. "The fracture stimulation of the four Lovina wells is progressing well and we are looking forward to the completion of these wells and the Forguson well. "The east side acreage, where the Forguson well is located and Kolibri has approximately 3,000 net acres, is not included in the December 31, 2024 reserve report. The Caney target for the Forguson well has very similar characteristics and thickness as in the main part of the field in Kolibri's proved acreage, except that it is shallower. If the Forguson well proves to be economic, in addition to adding cash flow, it could lead to many additional development locations for the Company. "We are looking forward to the additional production from all of these wells, which we expect will significantly increase the Company's cash flow. We believe our 2025 drilling program, as well as the continuation of our normal course issuer bid share buyback program, will continue to add incremental value to our shareholders." VIRTUAL NON-DEAL ROADSHOW Mr. Regener and Mr. Johnson will be participating in Remark's Virtual Non-Deal Roadshow for Houston on June 30th, 2025. Investors can join the presentation by registering in advance on Renmark's website at A replay of the presentation will also be available via a link on Kolibri's website in the next week. About Kolibri Global Energy Inc. Kolibri Global Energy Inc. is a North American energy company focused on finding and exploiting energy projects in oil and gas. 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 in oil and gas. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI. 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, wells performing as anticipated, including anticipated increases in production, cash flow, higher rates of return and efficiencies, statements regarding the estimated average cost for the facilities, statements regarding drilling and completing the Forguson 3H, Lovina 1H, Lovina 2H, Lovina 3H and Lovina 4H wells, statements regarding additional development locations for the Company, and statements regarding the Company's anticipated inclusion on the Russell 2000 Index. 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, that the Company's inclusion in the preliminary list of additions posted by FTSE Russell indicates that the Company will be included in the Russell 2000 Index, 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 , 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. Caution Regarding Future-Oriented Financial Information and Financial Outlook This news release may contain information deemed to be "future-oriented financial information" or a "financial outlook" (collectively, "FOFI") within the meaning of applicable securities laws. The FOFI has been prepared by management to provide an outlook of the Company's activities and results and may not be appropriate for other purposes. The FOFI has been prepared based on a number of assumptions including the assumptions discussed above under "Caution Regarding Forward-Looking Information". The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. FOFI contained in this news release was made as of the date of this news release and the Company disclaims any intention or obligations to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. View source version on Contacts For further information, contact: Wolf E. Regener +1 (805) 484-3613Email: wregener@ Website: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
