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Associated Press
14-05-2025
- Business
- Associated Press
Kolibri Global Energy Inc. Announces 72% Increase in First Quarter 2025 Net Income
THOUSAND OAKS, Calif.--(BUSINESS WIRE)--May 14, 2025-- All amounts are in U.S. Dollars unless otherwise indicated: FIRST QUARTER HIGHLIGHTS Kolibri's President and Chief Executive Officer, Wolf Regener commented: 'We are very happy with the first quarter performance of the Company as our net income increased by 72% to $5.8 million ($0.16 per basic share) in the first quarter of 2025. We generated adjusted EBITDA (1) of $12.8 million in the first quarter of 2025, which was a 24% increase from the prior year first quarter. Production in the first quarter of 2025 continued to grow, increasing 23% to 4,077 BOEPD due to the wells we drilled in 2024. Our field operations team are drilling the longer lateral wells very quickly, reducing our costs per well, which further improves our internal rates of return. We are now drilling 1.5-mile lateral wells in less time than we were drilling 1-mile lateral wells last year. 'Our four Lovina wells (100% working interest) have already been drilled, and completion operations are expected to start in late May, with production anticipated at the start of the third quarter. As previously announced, we were able to reduce the average drilling time on the four 1.5 mile lateral Lovina wells by 25% from the previous 1.5 mile laterals that were drilled last year. The Forguson 17-20-3H well (46% working interest), where we are testing the economics of our east side acreage, was successfully drilled even faster than our Lovina 1.5 mile laterals and is also expected to begin production in the third quarter.' First Quarter 2025 versus First Quarter 2024 Oil and gas gross revenues totaled $21.0 million in the first quarter of 2025 versus $18.2 million in the first quarter of 2024. Oil revenues increased $1.5 million or 9% to $18.0 million as oil production increased 17% partially offset by a 6% decrease in average oil prices. Natural gas revenues increased $0.9 million, or 196%, to $1.3 million as natural gas prices increased by 87% and production increased by 60%. Natural gas liquids (NGLs) revenues increased $0.4 million, or 32%, as NGL production increased by 23% to 599 BOEPD and prices increased by 9%. Average production for the first quarter of 2025 was 4,077 BOEPD, an increase of 23% compared to first quarter of 2024 average production of 3,305 BOEPD. The production increase is due to the additional production from the wells drilled in 2024. Production and operating expenses averaged $7.07 per BOE for the first quarter of 2025 compared to $8.36 per BOE for the same period in 2024. The first quarter of 2024 included natural gas and NGL processing costs of $0.6 million related to prior years as the purchaser reassessed prior year gathering and processing costs in 2024. General and administrative expenses for the first quarter of 2025 increased by 5% from the prior year quarter due to higher marketing and investor relations costs. Finance expense decreased $1.4 million in the first quarter of 2025 compared to the prior year quarter due primarily to lower interest expense in the first quarter of 2025 and higher realized and unrealized losses on commodity contracts in the prior year first quarter. The information outlined above is extracted from and should be read in conjunction with the Company's unaudited financial statements for the three months ended March 31, 2025 and the related management's discussion and analysis thereof, copies of which are available under the Company's profile on SEDAR+ at NON-GAAP MEASURES Netback from operations, netback including commodity contracts and adjusted EBITDA (collectively, the 'Company's Non-GAAP Measures') are not measures or ratios recognized under Canadian generally accepted accounting principles ('GAAP') and do not have any standardized meanings prescribed by IFRS. Management of the Company believes that such measures and ratios are relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole. The Company's Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures and ratios as reported by such organizations. The Company's Non-GAAP Measures should not be construed as alternatives to net income, cash flows related to operating activities, working capital or other financial measures and ratios determined in accordance with IFRS, as an indicator of the Company's performance. An explanation of how the Company's Non-GAAP Measures provide useful information to an investor and the purposes for which the Company's management uses the Non-GAAP Measures is set out in the management's discussion and analysis under the heading 'Non-GAAP Measures' which is available under the Company's profile at and is incorporated by reference into this earnings release. The following is the reconciliation of the non-GAAP ratio netback from operations to net income (loss) from continuing operations, which the Company considers to be the most directly comparable financial measure that is disclosed in the Company's financial statements: The following is the reconciliation of the non-GAAP measure adjusted EBITDA to the comparable financial measures disclosed in the Company's financial statements: PRODUCT TYPE DISCLOSURE This news release includes references to sales volumes of 'oil', 'natural gas', and 'barrels of oil equivalent' or 'BOEs'. 'Oil' refers to tight oil, and 'natural gas' refers to shale gas, in each case as defined by NI 51-101. Production from our wells, primarily disclosed in this news release in BOEs, consists of mainly oil and associated wet gas. The wet gas is delivered via gathering system and then pipelines to processing plants where it is treated and sold as natural gas and NGLs. CAUTIONARY STATEMENTS In this news release and the Company's other public disclosure: Caution Regarding Forward-Looking Information This release contains forward-looking information including information regarding the proposed timing and expected results of exploratory and development work including production from the Company's Tishomingo field, Oklahoma acreage, projected increases in production and cash flow, the Company's reserves based loan facility, expected hedging levels and the Company's strategy and objectives. The use of any of the words 'target', 'plans', 'anticipate', 'continue', 'estimate', 'expect', 'may', 'will', 'project', 'should', 'believe' and similar expressions are intended to identify forward-looking statements. Such forward-looking information is based on management's expectations and assumptions, including that the Company's geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, that declines will match the modeling, that future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management's expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that anticipated results and estimated costs will be consistent with management's expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained or increase, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserves-based loan facility and that the borrowing base will not be reduced, that funds will be available from the Company's reserves based loan facility when required to fund planned operations, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business and its ability to advance its business strategy. Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks 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's geologic and reservoir models or analysis are not validated, that anticipated results and estimated costs will not be consistent with management's expectations, 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), the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, the risk 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 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 Company will cease to be in compliance with the covenants under its reserves-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base re-determination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, that funding is not available from the Company's reserves based loan facility at the times or in the amounts required for planned operations, 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 identified in the Company's most recent Annual Information Form under the 'Risk Factors' section, the Company's most recent management's discussion and analysis and the Company's other public disclosure, available under the Company's profile on SEDAR at Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law. About Kolibri Global Energy source version on CONTACT: For further information, contact: Wolf E. Regener, President and Chief Executive Officer +1 (805) 484-3613 Email:[email protected] Website: KEYWORD: IRELAND UNITED STATES UNITED KINGDOM CANADA NORTH AMERICA EUROPE CALIFORNIA INDUSTRY KEYWORD: OIL/GAS ENERGY SOURCE: Kolibri Global Energy Copyright Business Wire 2025. PUB: 05/14/2025 06:45 AM/DISC: 05/14/2025 06:44 AM
Yahoo
14-05-2025
- Business
- Yahoo
Kolibri Global Energy Inc. Announces 72% Increase in First Quarter 2025 Net Income
THOUSAND OAKS, Calif., May 14, 2025--(BUSINESS WIRE)--All amounts are in U.S. Dollars unless otherwise indicated: FIRST QUARTER HIGHLIGHTS Average production for the first quarter of 2025 was 4,077 BOEPD, an increase of 23% compared to first quarter of 2024 average production of 3,305 BOEPD. The production increase is due to the additional production from the wells that were drilled and completed in 2024 Net income for the first quarter of 2025 was $5.8 million, an increase of 72% compared to the first quarter of 2024 net income of $3.3 million. The increase was due to higher revenue from the increase in production and lower realized and unrealized commodity contract losses compared to the prior year first quarter partially offset by higher income tax expense Revenue, net of royalties was $16.4 million in the first quarter of 2025 compared to $14.3 million for the first quarter of 2024 due to higher production partially offset by lower average prices Adjusted EBITDA(1) was $12.8 million in the first quarter of 2025 compared to $10.4 million in the first quarter of 2024, an increase of 24% due to primarily to higher revenue Production and operating expense per barrel averaged $7.07 per BOE in the first quarter of 2025 compared to $8.36 per BOE in the first quarter of 2024. The decrease was due to natural gas and NGL processing costs of $0.6 million in the first quarter of 2024 that related to prior years as the gas purchaser reassessed prior year gathering and processing costs Average netback from operations(2) for the first quarter of 2025 was $37.55 per BOE, a decrease of 4% from the prior year first quarter of $38.94 per BOE. Netback including commodity contracts(2) for the first quarter of 2025 was $37.55 per BOE compared to $37.81 per BOE in the first quarter of 2024, a decrease of 1% from the prior year period. The decreases were due to lower average prices At March 31, 2025, the Company had $22.5 million of available borrowing capacity on the credit facility. Management will host an earnings conference call for investors this morning at 9:00 a.m. Pacific time to discuss the Company's results and host a Q&A session. Interested parties are invited to participate by calling: 1-877-317-6789 or for international callers: 1-412-317-6789. Please request to be joined to the Kolibri Global Energy Inc. call. (1) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" of this earnings release. (2) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled "Non-GAAP Measures" of this earnings release. Kolibri's President and Chief Executive Officer, Wolf Regener commented: "We are very happy with the first quarter performance of the Company as our net income increased by 72% to $5.8 million ($0.16 per basic share) in the first quarter of 2025. We generated adjusted EBITDA(1) of $12.8 million in the first quarter of 2025, which was a 24% increase from the prior year first quarter. Production in the first quarter of 2025 continued to grow, increasing 23% to 4,077 BOEPD due to the wells we drilled in 2024. Our field operations team are drilling the longer lateral wells very quickly, reducing our costs per well, which further improves our internal rates of return. We are now drilling 1.5-mile lateral wells in less time than we were drilling 1-mile lateral wells last year. "Our four Lovina wells (100% working interest) have already been drilled, and completion operations are expected to start in late May, with production anticipated at the start of the third quarter. As previously announced, we were able to reduce the average drilling time on the four 1.5 mile lateral Lovina wells by 25% from the previous 1.5 mile laterals that were drilled last year. The Forguson 17-20-3H well (46% working interest), where we are testing the economics of our east side acreage, was successfully drilled even faster than our Lovina 1.5 mile laterals and is also expected to begin production in the third quarter." ($000's) First Quarter2025 First Quarter2024 % Net income $ 5,765 $ 3,345 72% Net income per basic common share $ 0.16 $ 0.09 78% Capital Expenditures $ 9,953 $ 5,320 87% Adjusted EBITDA(1) $ 12,820 $ 10,374 24% Average production (BOEPD) 4,077 3,305 23% Gross revenue $ 21,020 $ 18,244 15% Net revenue $ 16,372 $ 14,226 15% Average price per BOE $ 57.39 $ 60.66 (6)% Netback from operations per BOE(2) $ 37.55 $ 38.94 (4)% Netback including commodity contracts per BOE(2) $ 37.55 $ 37.81 (1)% March 31,2025 December 31,2024 Cash and Cash Equivalents $ 4,878 $ 4,314 Working Capital $ (5,653 ) $ (657 ) Borrowing Capacity $ 22,542 $ 16,542 (1) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" of this earnings release. (2) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled "Non-GAAP Measures" of this earnings release. First Quarter 2025 versus First Quarter 2024 Oil and gas gross revenues totaled $21.0 million in the first quarter of 2025 versus $18.2 million in the first quarter of 2024. Oil revenues increased $1.5 million or 9% to $18.0 million as oil production increased 17% partially offset by a 6% decrease in average oil prices. Natural gas revenues increased $0.9 million, or 196%, to $1.3 million as natural gas prices increased by 87% and production increased by 60%. Natural gas liquids (NGLs) revenues increased $0.4 million, or 32%, as NGL production increased by 23% to 599 BOEPD and prices increased by 9%. Average production for the first quarter of 2025 was 4,077 BOEPD, an increase of 23% compared to first quarter of 2024 average production of 3,305 BOEPD. The production increase is due to the additional production from the wells drilled in 2024. Production and operating expenses averaged $7.07 per BOE for the first quarter of 2025 compared to $8.36 per BOE for the same period in 2024. The first quarter of 2024 included natural gas and NGL processing costs of $0.6 million related to prior years as the purchaser reassessed prior year gathering and processing costs in 2024. General and administrative expenses for the first quarter of 2025 increased by 5% from the prior year quarter due to higher marketing and investor relations costs. Finance expense decreased $1.4 million in the first quarter of 2025 compared to the prior year quarter due primarily to lower interest expense in the first quarter of 2025 and higher realized and unrealized losses on commodity contracts in the prior year first quarter. KOLIBRI GLOBAL ENERGY INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited, expressed in Thousands of United States Dollars) March 31 December 31 2025 2024 Current Assets Cash and cash equivalents $ 4,878 $ 4,314 Accounts receivables and other receivables 7,739 9,733 Deposits and prepaid expenses 631 718 Fair value of commodity contracts 231 254 13,479 15,019 Non-current assets Property, plant and equipment 239,421 232,962 Right of use assets 1,702 748 Fair value of commodity contracts 18 30 Total Assets $ 254,620 $ 248,759 Current Liabilities Accounts payable and other payables $ 17,922 $ 15,090 Lease liabilities 1,210 586 19,132 15,676 Non-current liabilities Loans and borrowings 27,277 33,240 Asset retirement obligations 2,371 2,168 Lease liabilities 493 167 Deferred taxes 10,091 8,701 40,232 44,276 Equity Shareholders' capital 295,379 295,309 Treasury stock (33 ) - Contributed surplus 26,027 25,380 Accumulated deficit (126,117 ) (131,882 ) 195,256 188,807 Total Equity and Liabilities $ 254,620 $ 248,759 KOLIBRI GLOBAL ENERGY INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited, expressed in Thousands of United States dollars, except per share amounts) Three months ended March 31, ($000's) 2025 2024 Revenue: Oil and gas revenue, net of royalties $ 16,372 $ 14,226 Other income 1 59 16,373 14,285 Expenses: Production and operating expenses 2,227 2,246 Depletion, depreciation and amortization 4,063 3,894 General and administrative expenses 1,325 1,265 Share based compensation 237 128 7,852 7,533 Finance Income 8 - Finance Expense (783 ) (2,216 ) Income tax expense (1,981 ) (1,191 ) Net income 5,765 3,345 Basic and diluted net income per share $ 0.16 $ 0.09 KOLIBRI GLOBAL ENERGY INC. FIRST QUARTER 2025 (Unaudited, expressed in Thousands of United States dollars, except as noted) Three Months Ended March 31, 2025 2024 Oil gross revenue $ 18,048 $ 16,548 Natural gas gross revenue 1,318 445 NGL gross revenue 1,654 1,251 Oil and Gas gross revenue 21,020 18,244 Adjusted EBITDA(1) 12,820 10,374 Capital expenditures 9,953 5,320 Statistics: Average oil production (BOPD) 2,844 2,423 Average natural gas production (MCFPD) 3,803 2,371 Average NGL production (BOEPD) 599 487 Average production (BOEPD) 4,077 3,305 Average oil price ($/Bbl) $ 70.51 $ 75.03 Average natural gas price ($/mcf) 3.85 2.06 Average NGL price ($/Bbl) 30.67 28.25 Average price per barrel $ 57.28 $ 60.66 Royalties per barrel 12.66 13.36 Operating expenses per barrel(3) 7.07 8.36 Netback from operations(2) 37.55 38.94 Price adjustment from commodity contracts (BOE) - (1.13 ) Netback including commodity contracts (BOE)(2) $ 37.81 $ 37.81 (1) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" of this earnings release. (2) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled "Non-GAAP Measures" of this earnings release. (3) Operating expenses include compressor costs of $0.4 million in the first quarter of 2025 and $0.3 million in the first quarter of 2024 that are accounted for as a lease under IFRS 16. The information outlined above is extracted from and should be read in conjunction with the Company's unaudited financial statements for the three months ended March 31, 2025 and the related management's discussion and analysis thereof, copies of which are available under the Company's profile on SEDAR+ at NON-GAAP MEASURES Netback from operations, netback including commodity contracts and adjusted EBITDA (collectively, the "Company's Non-GAAP Measures") are not measures or ratios recognized under Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by IFRS. Management of the Company believes that such measures and ratios are relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole. The Company's Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures and ratios as reported by such organizations. The Company's Non-GAAP Measures should not be construed as alternatives to net income, cash flows related to operating activities, working capital or other financial measures and ratios determined in accordance with IFRS, as an indicator of the Company's performance. An explanation of how the Company's Non-GAAP Measures provide useful information to an investor and the purposes for which the Company's management uses the Non-GAAP Measures is set out in the management's discussion and analysis under the heading "Non-GAAP Measures" which is available under the Company's profile at and is incorporated by reference into this earnings release. The following is the reconciliation of the non-GAAP ratio netback from operations to net income (loss) from continuing operations, which the Company considers to be the most directly comparable financial measure that is disclosed in the Company's financial statements: (US $000) Three months ended March 31, 2025 2024 Net income 5,765 3,345 Adjustments: Income tax expense 1,981 1,191 Finance income (8 ) - Finance expense 783 2,216 Share based compensation 237 128 General and administrative expenses 1,325 1,265 Depletion, depreciation and amortization 4,063 3,894 Other income (1 ) (59 ) Operating netback 14,145 11,980 Netback from operations $ 37.55 $ 38.94 The following is the reconciliation of the non-GAAP measure adjusted EBITDA to the comparable financial measures disclosed in the Company's financial statements:(US $000) Three months ended March 31, 2025 2024 Net income 5,765 3,345 Depletion, depreciation and amortization 4,063 3,894 Accretion 51 45 Interest expense 696 915 Unrealized (gain) loss on commodity contracts 35 915 Share based compensation 237 128 Other income (1 ) (59 ) Income tax expense 1,981 1,191 Interest income (8 ) - Foreign currency loss 1 - Adjusted EBITDA 12,820 10,374 PRODUCT TYPE DISCLOSURE This news release includes references to sales volumes of "oil", "natural gas", and "barrels of oil equivalent" or "BOEs". "Oil" refers to tight oil, and "natural gas" refers to shale gas, in each case as defined by NI 51-101. Production from our wells, primarily disclosed in this news release in BOEs, consists of mainly oil and associated wet gas. The wet gas is delivered via gathering system and then pipelines to processing plants where it is treated and sold as natural gas and NGLs. CAUTIONARY STATEMENTS In this news release and the Company's other public disclosure: (a) The Company's natural gas production is reported in thousands of cubic feet ("Mcfs"). The Company also uses references to barrels ("Bbls") and barrels of oil equivalent ("BOEs") to reflect natural gas liquids and oil production and sales. 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. (b) Discounted and undiscounted net present value of future net revenues attributable to reserves do not represent fair market value. (c) 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. (d) The Company discloses peak and 30-day initial production rates and other short-term production rates. Readers are cautioned that such production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery. Caution Regarding Forward-Looking Information This release contains forward-looking information including information regarding the proposed timing and expected results of exploratory and development work including production from the Company's Tishomingo field, Oklahoma acreage, projected increases in production and cash flow, the Company's reserves based loan facility, expected hedging levels and the Company's strategy and objectives. The use of any of the words "target", "plans", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Such forward-looking information is based on management's expectations and assumptions, including that the Company's geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, that declines will match the modeling, that future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management's expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that anticipated results and estimated costs will be consistent with management's expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained or increase, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserves-based loan facility and that the borrowing base will not be reduced, that funds will be available from the Company's reserves based loan facility when required to fund planned operations, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business and its ability to advance its business strategy. Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks 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's geologic and reservoir models or analysis are not validated, that anticipated results and estimated costs will not be consistent with management's expectations, 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), the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, the risk 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 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 Company will cease to be in compliance with the covenants under its reserves-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base re-determination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, that funding is not available from the Company's reserves based loan facility at the times or in the amounts required for planned operations, 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 identified in the Company's most recent Annual Information Form under the "Risk Factors" section, the Company's most recent management's discussion and analysis and the Company's other public disclosure, available under the Company's profile on SEDAR at Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law. 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. View source version on Contacts For further information, contact: Wolf E. Regener, President and Chief Executive Officer +1 (805) 484-3613Email: investorrelations@ 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
National Post
07-05-2025
- Business
- National Post
Kolibri Global Energy Inc. Announces Lovina Wells Drilled 25% Faster Than the Previous 1.5 Mile Lateral Wells
Article content THOUSAND OAKS, Calif. — Kolibri Global Energy Inc. (the ' Company ' or ' Kolibri ') (TSX: KEI, NASDAQ: KGEI) is pleased to provide an operations update on its latest wells in its Tishomingo field in Oklahoma. Article content Article content The Lovina 9-16-1H, Lovina 9-16-2H, Lovina 9-16-3H, and Lovina 9-16-4H wells have all been successfully drilled. Kolibri has a 100% working interest in the wells. These 1.5 mile lateral wells were drilled in an average of less than 10.5 days each. This compares to the 1.5 mile lateral Alicia Renee wells, which were drilled in an average of 14 days each. The completion operations for these wells are scheduled to begin in the last week of May, with production anticipated to begin in early July. Article content FORGUSON WELL Article content After completing the drilling of the Lovina wells, the drilling rig was mobilized to the Forguson 17-20-3H well location, which is currently being drilled. Kolibri is operator and has a 46% working interest in this well, which is testing the economics of our 3,000 acres that is located on the eastern side of our acreage. The Forguson well is scheduled to be fracture stimulated after the Lovina wells have been completed. Article content Wolf Regener, President and CEO, commented, 'We are extremely pleased with the excellent job our team has done drilling these longer lateral Caney wells. The further 25 percent reduction of drilling days between the Alicia Renee wells and the Lovina wells is significant. We had budgeted almost 15 days for each of these wells, and having them come in at an average of less than 10.5 days and under budget is fantastic. 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 and cash flow from all of these wells, which we expect will significantly increase the Company's cash flow and add incremental value to our shareholders.' 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 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 and statements regarding additional development locations for the Company. 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 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 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 Article content
Business Wire
07-05-2025
- Business
- Business Wire
Kolibri Global Energy Inc. Announces Lovina Wells Drilled 25% Faster Than the Previous 1.5 Mile Lateral Wells
THOUSAND OAKS, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the ' Company ' or ' Kolibri ') (TSX: KEI, NASDAQ: KGEI) is pleased to provide an operations update on its latest wells in its Tishomingo field in Oklahoma. LOVINA WELLS The Lovina 9-16-1H, Lovina 9-16-2H, Lovina 9-16-3H, and Lovina 9-16-4H wells have all been successfully drilled. Kolibri has a 100% working interest in the wells. These 1.5 mile lateral wells were drilled in an average of less than 10.5 days each. This compares to the 1.5 mile lateral Alicia Renee wells, which were drilled in an average of 14 days each. The completion operations for these wells are scheduled to begin in the last week of May, with production anticipated to begin in early July. FORGUSON WELL After completing the drilling of the Lovina wells, the drilling rig was mobilized to the Forguson 17-20-3H well location, which is currently being drilled. Kolibri is operator and has a 46% working interest in this well, which is testing the economics of our 3,000 acres that is located on the eastern side of our acreage. The Forguson well is scheduled to be fracture stimulated after the Lovina wells have been completed. Wolf Regener, President and CEO, commented, 'We are extremely pleased with the excellent job our team has done drilling these longer lateral Caney wells. The further 25 percent reduction of drilling days between the Alicia Renee wells and the Lovina wells is significant. We had budgeted almost 15 days for each of these wells, and having them come in at an average of less than 10.5 days and under budget is fantastic. '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 and cash flow from all of these wells, which we expect will significantly increase the Company's cash flow and add incremental value to our shareholders.' 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 and statements regarding additional development locations for the Company. 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 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.
Time of India
02-05-2025
- Politics
- Time of India
US EPA research in limbo as scientists brace for massive job cuts
Washington: As forecasters predict another devastating year of wildfires, a tool developed by Environmental Protection Agency scientists to study the health effects of hazardous smoke has effectively been grounded by a looming Trump administration reorganization, three people familiar with the impact of the planned cuts say. Kolibri, a sensor the size of a shoebox, was developed by EPA scientists to enable research not being done anywhere else in the world: It can attach to a drone, fly into smoke plumes and measure just about any kind of airborne pollution. The future of this project and a range of other research across 50 states is at risk as the EPA prepares a massive agency overhaul, which is expected to include a closure of its Office of Research and Development (ORD), according to more than a dozen EPA scientists who declined to be identified as they were not authorised to speak to the media. On Thursday EPA ORD staff received an email, which was seen by Reuters, saying there will be an all-hands meeting on Friday late afternoon. The EPA said its drone program remains active, but the three sources familiar with the Kolibri project said impending layoffs of key staff will halt operations. Leda Kobziar, a wildland fire science professor at the University of Idaho, praised the Kolibri sensor team as global leaders in their field. "Their technology and tools play a pivotal role doing smoke research that no one else right now can do," she told Reuters. Internal documents reviewed by the U.S. House Science Committee indicate up to 75 per cent of the EPA's 1,200 Office of Research and Development staff could face layoffs, with the office's closure part of President Trump's plan to cut the agency's budget by 65 per cent. More than a dozen EPA scientists told Reuters they are operating amid anxiety and uncertainty, as research has stalled across 11 offices due to slashed resources and travel. Projects affected include health risk assessments of "forever chemicals" like PFAS, investigations into respiratory illness in the rural south, and studies on the spread of valley fever, a fungal disease exacerbated by climate change and wildfires. EPA Administrator Lee Zeldin told reporters last week that ORD reorganization plans are still being discussed. "I'm going to announce it as soon as I possibly can, but I want to make sure that it's as thoughtful as possible," he said. "This conversation isn't just about the Office of Research and Development. This is about every single office." Zeldin said he does not have a specific number goal for cutting agency staff, but the agency needs enough staff to "fulfill our statutory obligations, to fulfill our core mission, to be able to power the great American comeback." EVERYONE FEELS 'TERRIBLE', SAYS SCIENTIST One ORD scientist who works out of EPA's headquarters said it has been hard to focus. "Every day we feel like the rug could be pulled out from underneath us," the scientist said. "Everyone feels really terrible." Another researcher based in North Carolina said research planning is on pause and the agency is taking away essential tools, such as credit cards and tech services. Some scientists working on topics under scrutiny, like environmental justice, have stopped work completely. An epidemiologist investigating air pollution in the rural south has halted work and community outreach due to exposure-related illnesses linked to a facility. "It's taken me years to build trust with these communities, and now I feel like I have to turn my back on them," the scientist said. A researcher from the Integrated Risk Information System (IRIS) said its 60-person team remains in limbo. IRIS, which assesses pollutants like PFAS and arsenic, may merge with the EPA's chemical policy office, threatening its independence. Potential dissolution of ORD could undermine scientific integrity and leave states ill-equipped to address public health risks, according to the EPA scientists who spoke to Reuters. Jennifer Orme-Zavaleta, a 40-year EPA veteran who led ORD until 2021, said the agency's independence was preserved in prior administrations, including Trump's first term. A centralized ORD ensures science informs multiple programs, she explained. "This administration isn't focusing on statutory requirements - it's just blowing things up," she added.
