All amounts are in U.S. Dollars unless otherwise indicated:
THIRD QUARTER 2022 HIGHLIGHTS
- Adjusted EBITDA(1) was $6.9 million in the third quarter of
2022 compared to $1.7 million in the third quarter of 2021, an
increase of 296%. The increase was primarily due to an increase in
production of 77% and an increase in average prices of 43%,
partially offset by higher realized losses from commodity contracts
in the third quarter of 2022
- Net income for the third quarter of 2022 was $9.3 million
compared to net income of $0.6 million for the third quarter of
2021 due to increases in average prices and production and an
unrealized gain on commodity contracts of $4.6 million in the third
quarter of 2022
- Revenue, net of royalties was $9.9 million in the third quarter
of 2022 compared to $3.9 million for the third quarter of 2021,
which was an increase of 152%, as average prices increased by 43%
and production increased by 77%
- Average netback from operations(2) for the third quarter of
2022 was $55.16/boe, an increase of 54% from the prior year third
quarter due to higher prices in 2022. Average netback including
commodity contracts(2) for the third quarter of 2022 was $49.69 per
boe, an increase of 84% from the prior year third quarter
- Average production for the third quarter of 2022 was 1,702
BOEPD, an increase of 77% compared to third quarter 2021 production
of 960 BOEPD. This increase is due to production from the Barnes
7-3H well and the Barnes 8-4H well
- Production and operating expenses per barrel averaged $7.77 per
BOE in the third quarter of 2022 compared to $8.40 per BOE in the
second quarter of 2021, a decrease of 8%. The decrease was due to
increased production which reduced the per barrel fixed costs
partially offset by higher production taxes due to an increase in
prices
- In October 2022, the credit facility was redetermined and the
borrowing base was increased from $20 million to $25 million. After
the redetermination, the Company has $8.8 million of available
borrowing capacity
- Adjusted EBITDA is considered a non-GAAP measure. Refer to the
section entitled “Non-GAAP Measures” of this earnings release.
- 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.
KEI’s President and Chief Executive Officer, Wolf Regener
commented:
“We are pleased that the Company generated third quarter 2022
adjusted EBITDA(1) of $6.9 million which was an increase of almost
300% from the prior year quarter. The Barnes 7-3H well and the
Barnes 8-4H well, the first two wells in our 2022 drilling program,
continue to exceed management’s type curve.
We are excited that we will bring three wells into production
during the fourth quarter. The Company has just completed drilling
the Glenn 16-3H well, which is the fifth well in our 2022 drilling
program. The Emery 17-2H and Brock 9-3H wells have already been
drilled. Completion operations on the Emery 17-2H well have begun,
with production expected later in November. The completion
operations on the Brock 9-3H well and the Glenn 16-3H well will be
done concurrently immediately after the Emery 17-2H well with
production expected in December.
Average production for the third quarter of 2022 was 1,702
BOEPD, an increase of 77% compared to third quarter 2021 production
of 960 BOEPD due to new production from the Barnes 7-3H well and
the Barnes 8-4H well.
Adjusted EBITDA(1) was $6.9 million for the third quarter of
2022 compared to $1.7 million for the prior year third quarter, an
increase of 296%. The increase was primarily due to an increase in
average prices of 43% and an increase in production of 77%,
partially offset by higher realized losses from commodity contracts
in the third quarter of 2022.
Net income in the third quarter of 2022 was $9.3 million,
compared to a net income of $0.6 million in the third quarter of
2021. The increases were due to higher production and higher
average prices and an unrealized gain on commodity contracts of
$4.6 million in the third quarter of 2022.
Netback from operations(2) increased to $55.16 per BOE in the
third quarter of 2022 compared to $35.87 per BOE in the third
quarter of 2021, an increase of 54%. Netback including commodity
contracts(2) for the third quarter of 2022 was $49.69 per BOE, an
increase of 84% from the prior year third quarter. The 2022
increases compared to the same periods in the prior year were due
to the increase in average prices.
Net revenue was $9.9 million in the third quarter of 2022
compared to $3.9 million for third quarter of 2021, which was an
increase of 152% due to higher prices and higher production.
Operating expenses averaged $7.77 per BOE in the third quarter
of 2022 compared to $8.40 per BOE in the third quarter of 2021, a
decrease of 8%. The decrease was due to increased production which
reduced the per barrel fixed costs partially offset by higher
production taxes due to an increase in prices.
In October 2022, the credit facility with BOK Financial was
redetermined and the borrowing base was increased from $20 million
to $25 million. After the redetermination, the Company now has $8.8
million of available borrowing capacity.”
Third Quarter
First Nine Months
2022
2021
%
2022
2021
%
Net Income (Loss):
$ Thousands
$9,299
$608
1,429
$13,850
$(1,338)
-
$ per common share
$0.26
$0.03
767
$0.39
$(0.06)
-
assuming dilution
Capital Expenditures
$4,940
$47
10,411%
$19,913
$137
14,435
Average Production (Boepd)
1,702
960
77%
1,563
991
58%
Average Price per Barrel
$80.89
$56.49
43%
$84.19
$50.58
66%
Average Netback from operations(2) per
Barrel
$55.16
$35.87
54%
$57.05
$31.45
81%
Average Netback including commodity
contracts(2) per Barrel
$49.69
$27.04
84%
$48.50
$25.08
93%
September 2022
June 2022
December 2021
Cash and Cash Equivalents
$ 4,878
$ 2,889
$ 7,316
Working Capital
$ 2,839
$(2,030)
$ 3,823
(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.
Third Quarter 2022 versus Third Quarter
2021
Oil and gas gross revenues totaled $12.7 million in the third
quarter of 2022 versus $5.0 million in the third quarter of 2021.
Oil revenues increased $6.7 million or 162% to $10.8 million as
average oil prices increased by $23.91 per barrel or 34% to $93.52
and oil production increased by 95% to 1,252 boepd. Natural gas
revenues increased by $0.7 or 219% to $1.0 million as natural gas
prices increased $6.12/mcf or 149% and average natural gas
production increased by 238 mcfpd or 28%. Natural gas liquids
(NGLs) revenues increased $0.3 million or 55% as NGL prices
increased 3% to $35.33/boe and NGL production increased by 91 boepd
or 51%.
Average third quarter 2022 production per day increased 742
boepd or 77% from the third quarter of 2021. The increase was due
to new production from the Barnes 7-3H well and the Barnes 8-4H
well.
Production and operating expenses increased to $1.2 million in
the third quarter of 2022, an increase of 64%. Operating expenses
averaged $7.77 per BOE for the third quarter of 2022 compared to
$8.40 per BOE for the same period in 2021. The decrease was due to
increased production which reduced the per barrel fixed costs
partially offset by higher production taxes due to an increase in
prices.
Depletion and depreciation expense increased $1.0 million or
113% due to increased production and a higher PP&E balance
after the reversal of previous impairment in the fourth quarter of
2021.
General and administrative expenses increased $0.3 million or
39% in the third quarter of 2022 due to due to increases in payroll
costs and director fees in 2022 and additional non-recurring
professional costs related to the share consolidation process.
Interest expense increased by 19% in the third quarter of 2022
compared to the same period in the prior year due to higher
interest rates partially offset by principal payments on the credit
which reduced the outstanding loan balance.
Finance income increased by $4.6 million in the third quarter of
2022 compared to the third quarter of 2021 due to realized gains on
commodity contracts in the third quarter of 2022.
FIRST NINE MONTHS 2022 HIGHLIGHTS
- Adjusted EBITDA(1) was $18.3 million in the first nine months
of 2022 compared to $4.7 million in the first nine months of 2021,
an increase of 288%. The increase was primarily due to an increase
in average prices of 66% and an increase in production of 58%,
partially offset by higher realized losses from commodity contracts
in the first nine months of 2022
- Net income for the first nine months of 2022 was $13.9 million
compared to net loss of $1.3 million for the third quarter of 2021
due to increases in average prices and production and an unrealized
gain on commodity contracts of $1.6 million in the first nine
months of 2022
- Revenue, net of royalties was $27.8 million in the first nine
months of 2022 compared to $10.7 million for first nine months of
2021, an increase of 160%, due to an increase in average production
and average prices
- Average netback from operations(2) for the first nine months of
2022 was $57.05/boe, an increase of 81% from the prior year period
due to higher prices in 2022. Netback including commodity
contracts(2) for the first nine months of 2022 was $48.50/boe which
was 93% higher than the prior year period
- Average production for the first nine months of 2022 was 1,563
BOEPD, an increase of 58% compared to first nine months 2021
production of 991 BOEPD. This increase is due to production from
the Barnes 7-3H well and the Barnes 8-4H well
- Production and operating expenses per barrel averaged $8.17 per
BOE in the both the first nine months of 2022 and 2021 as the
decrease from increased production which reduced the per barrel
fixed costs was offset by higher production taxes due to an
increase in prices
- Adjusted EBITDA is considered a non-GAAP measure. Refer to the
section entitled “Non-GAAP Measures” of this earnings release.
- 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 Nine Months of 2022 versus First
Nine Months of 2021
Oil and gas gross revenues totaled $35.9 million in the first
nine months of 2022 versus $13.7 million in the first nine months
of 2021, an increase of 163%. Oil revenues were $31.3 million in
the first nine months of 2022 versus $11.5 million in the same
period of 2021, an increase of 172% as average oil prices increased
60% to $100.91 a barrel and oil production increased by 69% to
1,137 boepd. Natural gas revenues increased $1.3 million or 157%
due to an average natural gas price increase of 106% and a 25%
increase in natural gas production. NGL revenue increased $1.1
million or 86% due to an average NGL price increase of 33% and an
increase in NGL production of 40% in the first nine months of 2022
compared to the comparable prior year period.
Average production per day for the first nine months of 2022
increased 58% from the prior year comparable period. The increase
was due to new production from the Barnes 7-3H well and the Barnes
8-4H well.
Production and operating expenses increased to $3.5 million or
58% in the first nine months of 2022 compared to the prior year
period. Production and operating expenses per barrel averaged $8.17
per BOE in the both the first nine months of 2022 and 2021 as the
decrease from increased production which reduced the per barrel
fixed costs was offset by higher production taxes due to an
increase in prices.
Depletion and depreciation expense increased $2.4 million due to
increased production and a higher PP&E balance after the
reversal of previous impairment in the fourth quarter of 2021.
General and administrative expenses increased $0.4 million or
17% in the first nine months of 2022 due to due to increases in
payroll costs and director fees in 2022 and additional
non-recurring professional costs related to the share consolidation
process.
Finance income increased by $1.6 million due to unrealized gains
on financial commodity contracts recorded in 2022.
Finance expense decreased $1.0 million in the first nine months
of 2022 due to an unrealized loss on commodity contracts of $3.0
million in 2021 partially offset by higher realized losses on
commodity contracts which increased by $2.0 million compared to the
prior year period.
KOLIBRI GLOBAL ENERGY
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
(Unaudited, Expressed in
Thousands of United States Dollars)
($000 except as noted)
September 30
2022
December 31
2021
Current Assets
Cash and cash equivalents
$
4,878
$
7,316
Trade and other receivables
4,233
1,999
Other current assets
1,407
587
10,518
9,902
Non-current assets
Property, plant and equipment
162,116
147,114
Total Assets
$
172,634
$
157,016
Current Liabilities
Trade and other payables
$
6,883
$
3,145
Current portion of loans and
borrowings
-
1,000
Lease payable
26
43
Fair value of commodity contracts
770
1,891
7,679
6,079
Non-current liabilities
Loans and borrowings
15,855
15,866
Asset retirement obligations
1,617
1,398
Fair value of commodity contracts
99
585
Lease payable
27
17,598
17,849
Equity
Share capital
296,221
296,060
Contributed surplus
23,206
22,948
Deficit
(172,070
)
(185,920
)
Total Equity
147,357
133,088
Total Equity and Liabilities
$
172,634
$
157,016
KOLIBRI GLOBAL ENERGY
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited, expressed in
Thousands of United States dollars, except per share
amounts)
($000 except as noted)
Third Quarter
First Nine Months
2022
2021
2022
2021
Oil and natural gas revenue, net
$
9,851
$
3,909
$
27,826
$
10,717
Other income
16
1
45
2
9,867
3,910
27,871
10,719
Production and operating expenses
1,216
742
3,487
2,209
Depletion and depreciation expense
1,860
874
5,086
2,679
General and administrative expenses
905
650
2,435
2,075
Stock based compensation
75
-
232
-
Gain on forgiven loan
-
-
-
(303
)
4,056
2,266
11,240
6,660
Finance income
4,648
-
1,611
-
Finance expense
(1,160
)
(1,036
)
(4,392
)
(5,397
)
Net income (loss)
9,299
608
13,850
(1,338
)
Net income (loss) per share
$
0.26
$
0.03
$
0.39
$
(0.06
)
KOLIBRI GLOBAL ENERGY
INC.
THIRD QUARTER 2022
(Unaudited, expressed in
Thousands of United States dollars, except as noted)
Third Quarter
First Nine Months
2022
2021
2022
2021
Oil revenue before royalties
$
10,773
4,104
31,317
11,528
Gas revenue before royalties
1,020
320
2,161
842
NGL revenue before royalties
873
564
2,443
1,314
Oil and Gas gross revenue
12,666
4,988
35,921
13,684
Adjusted EBITDA(1)
6,874
1,737
18,258
4,711
Additions to property, plant &
equipment
4,940
47
19,913
137
Statistics:
3rd Quarter
First Nine Months
2022
2021
2022
2021
Average oil production (Bopd)
1,252
641
1,137
671
Average natural gas production (mcf/d)
1,083
845
1,093
877
Average NGL production (Boepd)
269
178
244
174
Average production (Boepd)
1,702
960
1,563
991
Average oil price ($/bbl)
$
93.52
$
69.61
$
100.91
$
62.96
Average natural gas price ($/mcf)
$
10.24
$
4.12
$
7.24
$
3.52
Average NGL price ($/bbl)
$
35.33
$
34.36
$
36.63
$
27.61
Average price (Boe)
$
80.89
$
56.49
$
84.19
$
50.58
Royalties (Boe)
17.96
12.22
18.97
10.96
Operating expenses (Boe)
7.77
8.40
8.17
8.17
Netback from operations(2) (Boe)
$
55.16
$
35.87
$
57.05
$
31.45
Price impact from commodity contracts(3)
(Boe)
(5.47
)
(8.83
)
(8.55
)
(6.37
)
Netback including commodity contracts(2)
(Boe)
$
49.69
$
27.04
$
48.50
$
25.08
(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)
Price impact from commodity contracts
includes the positive or negative adjustment to the average price
per barrel that the Company realized from its commodity
contracts.
The information outlined above is extracted from and should be
read in conjunction with the Company's unaudited financial
statements for the three and nine months ended September 30, 2022
and the related management's discussion and analysis thereof,
copies of which are available under the Company's profile at
www.sedar.com.
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
www.sedar.com 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 September
30,
Nine months ended September
30,
2022
2021
2022
2021
Net income (loss)
9,299
608
13,850
(1,338)
Adjustments:
Finance income
(4,648)
-
(1,611)
-
Finance expense
1,160
1,036
4,392
5,397
Stock based compensation
75
-
232
-
General and administrative expenses
905
650
2,435
2,075
Depletion, depreciation and
amortization
1,860
874
5,086
2,679
Impairment of PP&E
-
-
-
-
Other income
(16)
(1)
(45)
(303)
Operating netback
8,635
3,168
24,339
8,510
Netback from operations per BOE
55.16
35.87
57.05
31.45
Adjusted EBITDA is calculated as net income before interest,
taxes, depletion and depreciation and other non-cash and
non-operating gains and losses. The Company considers this a key
measure as it demonstrates its ability to generate cash from
operations necessary for future growth excluding non-cash items,
gains and losses that are not part of the normal operations of the
company and financing costs. The following is the reconciliation of
the non-GAAP measure adjusted EBITDA:
(US $000)
Three months ended September
30,
Nine months ended September
30,
2022
2021
2022
2021
Net income (loss)
9,299
608
13,850
(1,338)
Depletion and depreciation
1,860
874
5,086
2,679
Accretion
8
6
20
19
Interest expense
281
237
718
700
Unrealized (gain) loss on commodity
contracts
(4,648)
11
(1,608)
2,953
Share based compensation
75
-
232
-
Interest income
-
-
(3)
-
Other income
(16)
(1)
(45)
(305)
Foreign currency (gain) loss
15
2
8
3
Adjusted EBITDA
6,874
1,737
18,258
4,711
CAUTIONARY STATEMENTS
In this news release and the Company’s other public
disclosure:
- 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.
- Discounted and undiscounted net present value of future net
revenues attributable to reserves do not represent fair market
value.
- 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.
- 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, expectations
regarding cash flow, the Company’s reserves based loan facility,
including scheduled repayments, 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 and 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
managements’ 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, 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: 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, anticipated results and estimated costs
will not be consistent with managements’ 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 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 www.sedar.com.
With respect to estimated reserves, the evaluation of the
Company’s reserves is based on a limited number of wells with
limited production history and includes a number of assumptions
relating to factors such as availability of capital to fund
required infrastructure, commodity prices, production performance
of the wells drilled, successful drilling of infill wells, the
assumed effects of regulation by government agencies and future
capital and operating costs. All of these estimates will vary from
actual results. Estimates of the recoverable oil and natural gas
reserves attributable to any particular group of properties,
classifications of such reserves based on risk of recovery and
estimates of future net revenues expected therefrom, may vary. The
Company's actual production, revenues, taxes, development and
operating expenditures with respect to its reserves will vary from
such estimates, and such variances could be material. In addition
to the foregoing, other significant factors or uncertainties that
may affect either the Company’s reserves or the future net revenue
associated with such reserves include material changes to existing
taxation or royalty rates and/or regulations, and changes to
environmental laws and regulations.
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, gas, and
clean and sustainable energy. 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. The
Company's shares are traded on the Toronto Stock Exchange under the
stock symbol KEI and on the OTCQX under the stock symbol KGEIF.
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version on businesswire.com: https://www.businesswire.com/news/home/20221104005190/en/
For further information, contact: Wolf E. Regener,
President and Chief Executive Officer +1 (805) 484-3613 Email:
investorrelations@kolibrienergy.com Website:
www.kolibrienergy.com
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