Latest news with #ThousandOaks
Yahoo
22-05-2025
- Yahoo
2 CHP officers hurt in crash, 1 displaced in Ojai fire, more
An alleged drunken driver crashed into a California Highway Patrol vehicle early May 22, injuring two officers during a traffic stop in Thousand Oaks, authorities said. The patrol vehicle was stopped in the far-right lane of Moorpark Road north of Highway 101 shortly before 3 a.m. with their emergency lights and left directional arrow on, according to a CHP news release. A Nissan, driven by a 43-year-old Thousand Oaks man, heading northbound on Moorpark Road failed to slow and rear-ended the patrol vehicle injuring the two officers, the release said. The driver's speed was unclear but he was suspected to be under the influence of alcohol, the CHP said. The Thousand Oaks man and the CHP officers had complaints of pain from the crash but were expected to make a full recovery. The CHP Moorpark-area office is investigating the incident. The man was booked into Ventura County jail on suspicion of felony DUI with injury and driving with a blood alcohol level of 0.08%, according to jail records. His bail was set at $50,000. He is scheduled to appear in Ventura County Superior Court on May 27, court records show. A resident of an apartment in Ojai was displaced after a fire left the unit uninhabitable May 21. The Ventura County Fire Department received a call shortly after 5:20 p.m. of an audible alarm ringing in the 900 block of East Ojai Ave., said Andrew Dowd, a department spokesperson. Firefighters saw heavy smoke but no fire coming from a unit in the apartment complex, Dowd said. The building's sprinkler system had suppressed the fire before crews arrived. Crews remained on scene for hours for cleanup and to ensure the fire was properly extinguished, Dowd said. No occupants were present and no injuries were reported from the incident. The Red Cross was contacted to assist with finding other accommodations for the lone occupant of the units, said Dave Wagner, a spokesperson for the organization. Ventura County Fire is investigating the cause of the fire, authorities said. Oxnard police arrested a man after he allegedly broke into a home while the residents were still inside May 21. Officers with the Oxnard Police Department arrested a 20-year-old Oxnard man near the 1200 block of Nautical Way around 9:21 a.m. where the home entry had just occurred, according to a news release. The suspect had allegedly removed a screen and entered through an unlocked window, police said. The man took car keys out of the victim's purse and entered a vehicle located in the garage. The alleged burglar fled after being confronted by the resident, police said. Authorities located the suspect nearby and arrested him for felony burglary. Investigators also found the man with property believed to be tied other crimes in Ventura, according to police. The man was booked into Ventura County jail with bail set at $100,000. He has a scheduled court date for May 23, jail records show. Ernesto Centeno Araujo covers breaking news for the Ventura County Star. He can be reached at ecentenoaraujo@ This article originally appeared on Ventura County Star: Alleged DUI driver crashes into CHP vehicle injuring officers
Yahoo
17-05-2025
- Sport
- Yahoo
Cal Lutheran kicks off 2025 graduation season: See our photos from commencement ceremonies
California Lutheran University honored just over 1,000 graduates in a pair of May 16 commencements at the Thousand Oaks campus' William Roland Stadium. The university started the morning by handing degrees to 552 undergraduate students and 52 members of the university bachelor's program for professionals. In an afternoon ceremony, 388 students collected master's degrees and 31 received doctorates. Cal Lutheran's class of 2025 chose perseverance as its commencement theme, recognizing its collective educational journey in the aftermath of the COVID-19 pandemic. Political science and philosophy graduate Kelly Alexander and criminology graduate addressed the morning undergraduate ceremony. Counseling master's graduate Nayeli Caballero spoke at the afternoon's post-graduate commencement. This article originally appeared on Ventura County Star: California Lutheran University kicks off commencement season
Yahoo
17-05-2025
- Yahoo
Murderer admits to 1997 cold-case killing of Thousand Oaks bank teller Monica Leech
Officials announced Friday that a San Bernardino man has pleaded guilty to the 1997 cold-case murder of Monica Leech, who was a bank teller and beloved mother of four, in Thousand Oaks. According to the Ventura County District Attorney's Office, 57-year-old Kevin Ray James admitted to killing Leech by shooting her in the back of the head while he and another man, who still remains at large, robbed her bank. It happened on April 28, 1997, at Western Financial Bank at 2920 E. Thousand Oaks Blvd. Around 10:15 a.m. that morning, James and another armed robber disguised themselves as construction workers and went into the bank, demanding money. They forced three workers into the vault room and forced them to unlock the safe, Ventura County Sheriff James Fryhoff detailed. Leech and the other workers were handcuffed, forced to their knees, and then – for reasons that remain unclear – James fatally shot her in the back of the head. Leech, a 39-year-old mother from Camarillo, had only been working at the bank for a few months before she was killed, Fryhoff said. 'Monica was cooperative and not a threat to the bank robbers, so investigators don't understand why she had to be shot,' Fryhoff said. James and the other suspect drove off, crashed, but ran away and still managed to escape with a little over $11,000 in cash. In a 2023 statement from after James was charged, Fryhoff shared that the first deputy who responded to that call had been on patrol for only 18 months at the time. 'When I talked to him about this case the other day, he said the first time he ever cried at work was when the family showed up asking for their mom,' Fryhoff recounted. At the time, there was not enough evidence to identify or arrest any suspects and the case went cold, Fryhoff said. But in March 2021, the cold case unit reopened the case, and advances in DNA testing allowed investigators to reevaluate evidence for lab analysis, eventually linking James to the case. Now, as part of his guilty plea, the DA's office said James will receive a sentence of 19 years to life in state prison. 'Today marks the successful conclusion of a 28-year pursuit of justice for Monica Leech and her family,' said Richard Simon, a senior deputy district attorney. 'This resolution not only holds him accountable but also protects our community and spares Monica's loved ones the pain of reliving this tragedy through a prolonged trial.' In addition, Leech's family members released the following statement after James' plea: 'Losing Monica has been an unbearable tragedy. While nothing can bring her back, we are pleased that the defendant has accepted responsibility for her death. This outcome brings a sense of justice and accountability and allows us to begin moving forward while honoring Monica's memory. We want to thank investigators with the Ventura County Sheriff's Office and prosecutors and investigators with the Ventura County District Attorney's Office for staying with it and achieving this outcome.' James is scheduled to be sentenced on June 13 at the Ventura County Superior Court. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
National Post
14-05-2025
- Business
- National Post
Kolibri Global Energy Inc. Announces 72% Increase in First Quarter 2025 Net Income
Article content THOUSAND OAKS, Calif. — All amounts are in U.S. Dollars unless otherwise indicated: Article content 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. Article content (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. Article content Kolibri's President and Chief Executive Officer, Wolf Regener commented: Article content '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. Article content '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.' Article content ($000's) First Quarter 2025 First Quarter 2024 % 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 Article content (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. Article content First Quarter 2025 versus First Quarter 2024 Article content 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%. Article content 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. Article content 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. Article content 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. Article content 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. Article content KOLIBRI GLOBAL ENERGY INC. (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 Article content 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 Article content 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 Article content (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. Article content 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 Article content 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. Article content 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. Article content 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: Article content (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 Article content The following is the reconciliation of the non-GAAP measure adjusted EBITDA to the comparable financial measures disclosed in the Company's financial statements: Article content (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 Article content PRODUCT TYPE DISCLOSURE Article content 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. Article content (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. Article content 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. Article content 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. Article content 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 Article content 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. Article content Article content Article content Article content
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
