Kolibri Global Energy Inc. Finishes Drilling Its First Three 1.5 Mile Lateral Wells Under Budget and Quicker Than Forecasted
September 18 2024 - 5:45AM
Business Wire
Kolibri Global Energy Inc. (the “Company” or
“Kolibri”) (TSX: KEI, NASDAQ: KGEI) is pleased to announce
that it has finished drilling its first three 1.5 mile lateral
wells in the Company’s Tishomingo field in Oklahoma.
Alicia Renee wells
The Alicia Renee 2-11-3H, 2-11-4H, and 2-11-5H wells were
drilled safely and under budget. The drilling averaged less than 14
days each, which was substantially less than our budgeted 20 days.
Completion work for all three wells is expected to begin in early
October, with flowback anticipated in early November. All three
wells will be completed at the same time. Kolibri has a 100%
working interest in all three wells.
Wolf Regener, President and CEO, commented, “We are very proud
that our team did such a great job drilling these wells safely,
quickly, and well under budget. We are looking forward to getting
these wells on production in the fourth quarter to further increase
our cash flow and to evaluate the economic benefits of these longer
lateral wells. With the wells being drilled so quickly, we are
hopeful that these longer laterals can have a material impact in
improving the economics and value of the field.”
Conferences and Events
Wolf Regener, CEO and Gary Johnson, CFO will attend the Sidoti
Small-Cap Virtual Conference, on September 18th and 19th, 2024.
They will be presenting at 1 P.M. Eastern Time on September 18th,
2024 as well as having 1-1 meetings during the two day
conference.
Mr. Regener and Mr. Johnson will also participate in Remark’s
Virtual Non-Deal Roadshow for Dallas on September 26th, 2024. They
also participated in Renmark’s Virtual Non-Deal Roadshow for New
York on September 17th, where the replay will be available via a
link on Kolibri’s website in the next week.
More information for all of the conferences and events can be
found on Kolibri’s website at www.kolibrienergy.com.
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 projects. 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,
including the timing of completion work on the Company’s new wells
and flowback, and anticipated increases in fourth quarter cash flow
and improvements in well and field economics. 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 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 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
www.sedarplus.ca, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240918348534/en/
Wolf E. Regener +1 (805) 484-3613 Email:
wregener@kolibrienergy.com Website: www.kolibrienergy.com
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