All amounts are in U.S. Dollars unless otherwise indicated:
SECOND QUARTER HIGHLIGHTS
- Average production for the second quarter of 2023 was 2,415
BOEPD, an increase of 25% compared to the second quarter of 2022
average production of 1,928 BOEPD. This increase is due to
production from the Emery 17-2H, the Brock 9-3H and the Glenn 16-3H
wells which started production at the end of 2022 and the Barnes
8-1H, Barnes 8-2H and Barnes 8-3H wells which started production in
the last week of June 2023. The production increases were partially
offset by existing wells that were shut-in for two to four weeks of
the quarter while completion operations were underway.
Approximately 800 BOEPD was shut-in for two weeks and 300 BOEPD was
shut-in for four weeks during the second quarter
- Adjusted EBITDA(1) was $7.6 million in the second quarter of
2023 compared to $8.6 million in the second quarter of 2022, a
decrease of 12%. The decrease was due to a decrease in average
prices of 37% partially offset by a 25% increase in production
- Revenue, net of royalties was $10.1 million in the second
quarter of 2023 compared to $12.4 million for second quarter of
2022, a decrease of 19%, due to lower average prices partially
offset by higher production
- Net income in the second quarter of 2023 was $4.3 million and
EPS was $0.12/share compared to $7.0 million and EPS of $0.20/share
in the second quarter of 2022. The decrease was due to lower
average prices and higher depletion and depreciation expense
partially offset by higher production and lower realized losses on
commodity contracts compared to the prior year second quarter
- Average netback from operations(2) for the second quarter of
2023 was $39.97/boe, a decrease of 37% from the prior year second
quarter due to higher average prices in 2022. Netback including
commodity contracts(2) for the second quarter of 2023 was
$38.60/boe which was 28% lower than the prior year second
quarter
- Production and operating expenses per barrel averaged $6.04 per
BOE in the second quarter of 2023 compared to $7.77 per BOE in the
second quarter of 2022, a decrease of 22%. The decrease was due to
increased production which reduced the per barrel fixed costs and
lower production taxes due to a decrease in prices
- At June 30, 2023, the Company had $21.8 million of available
borrowing capacity on its credit agreement and its net debt
outstanding was $16.8 million
(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 extremely excited about the execution of our 2023
drilling program as we continue to make progress in maximizing the
development of our Tishomingo field. The early performance of the
Barnes 8-1H and Barnes 8-2H wells is on track to confirm that we
can economically downspace to six Caney wells per section and the
early results of the Barnes 8-3H T-zone well indicate that T-zone
wells are also likely to be economic.
“We are now accelerating our development plans by drilling five
continuous wells to close out our 2023 drilling program. We are
currently drilling the Barnes 7-5H well, to be followed immediately
by the Barnes 7-4H well, which are both located in the lower Caney.
We will then begin drilling the next three well pad, consisting of
two lower Caney wells and one T-zone well, while we simultaneously
fracture stimulate the Barnes 7-5H and Barnes 7-4H wells. We will
continue to fund our drilling program primarily from operating cash
flow but expect our net debt to increase slightly at year-end as we
manage our working capital from the accelerated drilling
schedule.
“Average production for the second quarter of 2023 was 2,415
BOEPD, an increase of 25% compared to the second quarter of 2022
average production of 1,928 BOEPD due to the five wells that were
drilled in the prior year partially offset by the shut-in wells
during completion operations. At the end of the second quarter, our
exit rate production was about 3,400 BOEPD. This does not include
about 300 BOEPD of production that was either shut-in or was in the
process of dewatering after being impacted by the completion
operations.
“Adjusted EBITDA(1) was $7.6 million in the second quarter of
2023 compared to $8.6 million in the second quarter of 2022, a
decrease of 10%. The decrease was due to a 37% decrease in average
prices, partially offset by a 25% increase in production.
“Net revenue decreased by 19% to $10.1 million in the second
quarter of 2023 compared to $12.4 million for the second quarter of
2022 due to the average price decline partially offset by higher
production. We expect revenue to increase in the third quarter due
to production from the three recently completed wells in addition
to production from the Barnes 7-4H and Barnes 7-5H wells which we
anticipate to begin before the end of the third quarter.
“Net income in the second quarter of 2023 was $4.3 million with
EPS of $0.12/share compared to $7.0 million with EPS of $0.20/share
in the second quarter of 2022. The decrease was due to lower
average prices and higher depletion and depreciation expense
partially offset by higher production and lower realized losses on
commodity contracts compared to the prior year second quarter.
“Netback from operations(2) for the second quarter of 2023 was
$39.97/boe, a decrease of 37% from the prior year second quarter
due to higher average prices in 2022. Netback including commodity
contracts(2) for the second quarter of 2023 was $38.60/boe, which
was 28% lower than the prior year second quarter.
“Operating expenses per barrel averaged $6.04 per BOE in the
second quarter of 2023 compared to $7.77 per BOE in the second
quarter of 2022, a decrease of 22%. The decrease was due to
increased production which reduced the per barrel fixed costs and
lower production taxes due to a decrease in prices.”
Second Quarter
First Six Months
2023
2022
%
2023
2022
%
Net Income :
$ Thousands
$
4,268
$
7,007
(39
)%
$
12,164
$
4,551
167
%
$ per basic common share
$
0.12
$
0.20
(40
)%
$
0.34
$
0.13
162
%
$ per diluted common share
$
0.12
$
0.19
(37
)%
$
0.33
$
0.13
154
%
Capital Expenditures
$
15,742
$
7,572
108
%
$
19,930
$
14,973
33
%
Average Production (Boepd)
2,415
1,928
25
%
2,803
1,493
88
%
Average Price per Barrel
$
58.00
$
92.02
(37
)%
$
60.75
$
86.06
(29
)%
Average Netback from operations(2) per
Barrel
$
39.97
$
63.06
(37
)%
$
42.07
$
58.11
(28
)%
Average Netback including commodity
contracts(2) per Barrel
$
38.60
$
53.66
(28
)%
$
40.66
$
47.78
(15
)%
June 2023
March 2023
December 2022
Cash and Cash Equivalents
$
975
$
3,058
$
1,037
Working Capital
$
(8,274
)
$
113
$
(6,569
)
Borrowing capacity
$
21,842
$
6,842
$
6,842
(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.
Second Quarter 2023 versus Second Quarter
2022
Oil and gas gross revenues totaled $11,989,000 in the quarter
versus $14,365,000 in the second quarter of 2022. Oil revenues
decreased $2,376,000 or 17% as average oil prices decreased by
$37.41 per barrel or 34%, partially offset by an oil production
increase of 27% to 1,821 bopd. Natural gas revenues decreased
$518,000 or 69% to $232,000 as average natural gas prices decreased
by $4.65/mcf or 72% to $1.83/mcf partially offset by a natural gas
production increase of 10% to 1,397 mcfpd. Natural gas liquids
(NGLs) revenues decreased $504,000 or 49% as average NGL prices
decreased 61% to $15.97/boe partially offset by a NGL production
increase of 30% to 361 boepd.
Average production for the second quarter of 2023 was 2,415
BOEPD, an increase of 25% compared to the second quarter of 2022
average production of 1,928 BOEPD due to the five wells that were
drilled in the prior year partially offset by the shut-in wells
during completion operations.
Production and operating expenses decreased to $1,147,000 in the
second quarter of 2023, a decrease of 21%. The decrease is due to
lower production taxes and compressor costs which are accounted for
as leases under IFRS 16 and therefore not included in the second
quarter of 2023 production and operating expenses. Production and
operating expenses including these compressor costs would have been
$1.3 million for the second quarter of 2023. The decrease was
partially offset by the increase in production.
Depletion and depreciation expense increased $1,288,000 or 62%
due to increased production and a higher PP&E balance.
G&A expense increased $177,000 or 27% due to increases in
both payroll costs and director fees in 2023 and an increase in
investor relations and marketing costs in 2023.
Share based compensation for the second quarter of 2023 was
$356,000 compared to $32,000 in the second quarter of 2022. The
increase was due to stock option and restricted share unit grants
made in the second quarter of 2023.
Finance expense decreased $1,145,000 in the second quarter of
2023 compared to the prior year quarter primarily due to lower
realized losses on commodity contracts in 2023 compared to the
prior year partially offset by higher interest expense in 2023.
FIRST SIX MONTHS 2023 HIGHLIGHTS
- Average production for the first six months of 2023 was 2,803
BOEPD, an increase of 88% compared to the first six months 2022
average production of 1,493 BOEPD. This increase is due to
production from the Emery 17-2H, the Brock 9-3H and the Glenn 16-3H
wells which started production at the end of 2022 and the Barnes
8-1H, Barnes 8-2H and Barnes 8-3H wells which started production in
the last week of June 2023 partially offset by wells that were
shut-in during completion operations
- Adjusted EBITDA(1) was $19.0 million in the first six months of
2023 compared to $11.4 million in the first six months of 2022, an
increase of 67%. The increase was due to a 88% increase in
production partially offset by a 29% decrease in average
prices
- Revenue, net of royalties was $24.4 million in the first six
months of 2023 compared to $18.0 million for first six months of
2022, an increase of 36%, as production increased by 88% partially
offset by lower average prices
- Net income in the first six months of 2023 was $12.2 million
compared to $4.6 million in the first six months of 2022. The
increase was primarily due to an increase in production and lower
realized losses on commodity contracts partially offset by a
decrease in average prices and higher depreciation expense
- Average netback from operations(2) for the first six months of
2023 was $42.07/boe, a decrease of 28% from the prior year period
due to higher prices in 2022. Netback including commodity
contracts(2) for the first six months of 2023 was $40.66/boe which
was a decrease of 15% compared to the prior year period
- Production and operating expenses per barrel averaged $6.04 per
BOE in the first six months of 2023 compared to $8.40 per BOE in
the first six months of 2022, a decrease of 28%. The decrease was
due to increased production which reduced the per barrel fixed
costs and lower production taxes due to a decrease in prices
(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 Six Months of 2023 versus First Six
Months of 2022
Oil and gas gross revenues totaled $28,267,000 in the first six
months of 2023 versus $20,544,000 in the first six months of 2022.
Oil revenues increased $7,723,000 or 38% as oil production
increased by 97% to 2,125 boepd partially offset by an average oil
price decrease of $31.76 per barrel or 30%. Natural gas revenues
decreased $94,000 or 8% to $1,047,000 as average natural gas prices
decreased by $2.46/mcf or 43% to $3.28/mcf partially offset by a
natural gas production increase of 61% to 1,765 mcfpd. Natural gas
liquids (NGLs) revenues decreased $64,000 or 4% as average NGL
prices decreased 42% to $21.67/boe partially offset by a NGL
production increase of 66% to 384 boepd.
Average production for the first six months of 2023 was 2,803
BOEPD, an increase of 88% compared to the first six months 2022
average production of 1,493 BOEPD. This increase is due to
production from the Emery 17-2H, the Brock 9-3H and the Glenn 16-3H
wells which started production at the end of 2022 and the Barnes
8-1H, Barnes 8-2H and Barnes 8-3H wells which started production in
the last week of June 2023 partially offset by wells that were
shut-in during completion operations.
Production and operating expenses increased to $2,700,000 in the
first six months of 2023, an increase of 19%. The increase was due
to the increase in production and was partially offset by
compressor costs which are accounted for as leases under IFRS 16
and therefore not included in the first six months of 2023
production and operating expenses. Production and operating
expenses including these compressor costs would have been $3.1
million for the first six months of 2023.
Depletion and depreciation expense increased $4,487,000 or 139%
due to increased production and a higher PP&E balance.
G&A expense increased $421,000 or 28% due to increases in
both payroll costs and director fees in 2023 and an increase in
investor relations and marketing costs in 2023.
Share based compensation for the first six months of 2023 was
$374,000 compared to $157,000 in the first six months of 2022. The
increase was due to stock option and restricted share unit grants
made in the second quarter of 2023.
Finance income increased by $2.1 million for the first six
months of 2023 due to an unrealized gain on commodity contracts in
2023.
Finance expense decreased $4.6 million in the first six months
of 2023 compared to the prior year period primarily due to an
unrealized loss on commodity contracts in the prior year and lower
realized losses in the first six months of 2023 compared to
2022.
KOLIBRI GLOBAL ENERGY
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
(Unaudited, Expressed in
Thousands of United States Dollars)
($000 except as noted)
June 30
December 31
2023
2022
Current Assets
Cash
$
945
$
1,037
Trade and other receivables
4,272
5,773
Other current assets
369
670
Fair value of commodity contracts
123
5,709
7,480
Non-current assets
Property, plant and equipment
189,441
176,554
Right of use assets
1,299
48
Fair value of commodity contracts
206
-
190,946
176,602
Total Assets
$
196,655
184,082
Current Liabilities
Trade and other payables
$
13,075
$
12,596
Lease payable
908
32
Fair value of commodity contracts
-
1,421
13,983
14,049
Non-current liabilities
Loans and borrowings
17,746
17,799
Asset retirement obligations
1,704
1,425
Lease payable
415
17
Fair value of commodity contracts
-
594
19,865
19,835
Equity
Share capital
296,227
296,221
Contributed surplus
23,693
23,254
Deficit
(157,113
)
(169,277
)
Total Equity
162,807
150,198
Total Equity and Liabilities
$
196,655
184,082
KOLIBRI GLOBAL ENERGY
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited, expressed in
Thousands of United States dollars, except per share
amounts)
($000 except as noted)
Second Quarter
First Six Months
2023
2022
2023
2022
Oil and natural gas revenue, net
$
10,114
12,428
24,407
17,975
Other income
-
28
1
29
10,114
12,456
24,408
18,004
Production and operating expenses
1,147
1,364
2,700
2,271
Depletion and depreciation expense
3,375
2,087
7,713
3,226
General and administrative expenses
1,021
844
1,951
1,530
Stock based compensation
356
32
374
157
5,899
4,327
12,738
7,184
Finance income
777
747
2,167
10
Finance expense
(724
)
(1,869
)
(1,673
)
(6,279
)
Net income
4,268
7,007
12,164
4,551
Net income per basic share
$
0.12
0.20
0.34
0.13
Net income per diluted share
$
0.12
0.19
0.33
0.13
KOLIBRI GLOBAL ENERGY
SECOND QUARTER 2023
(Unaudited, expressed in
Thousands of United States dollars, except as noted)
Second Quarter
First Six Months
2023
2022
2023
2022
Oil revenue before royalties
$
11,987
14,365
28,267
20,544
Gas revenue before royalties
232
750
1,047
1,141
NGL revenue before royalties
525
1,029
1,506
1,570
Oil and Gas revenue
12,746
16,144
30,820
23,255
Adjusted EBITDA(1)
7,646
8,572
19,042
11,384
Additions to property, plant &
equipment
15,742
7,572
19,930
14,973
Statistics:
2nd Quarter
First Six Months
2023
2022
2023
2022
Average oil production (Bopd)
1,821
1,439
2,125
1,078
Average natural gas production (mcf/d)
1,397
1,271
1,765
1,097
Average NGL production (Boepd)
361
277
384
232
Average production (Boepd)
2,415
1,928
2,803
1,493
Average oil price ($/bbl)
$
72.33
$
109.74
$
73.51
$
105.27
Average natural gas price ($/mcf)
$
1.83
$
6.48
$
3.28
$
5.74
Average NGL price ($/bbl)
$
15.97
$
40.82
$
21.67
$
37.40
Average price (Boe)
$
58.00
$
92.02
$
60.75
$
86.06
Less: Royalties (Boe)
11.98
21.19
12.64
19.55
Less: Operating expenses (Boe)
6.05
7.77
6.04
8.40
Netback from operations(2) (Boe)
$
39.97
$
63.06
$
42.07
$
58.11
Price adjustment from commodity contracts
(Boe)
(1.37
)
(9.40
)
(1.41
)
(10.33
)
Netback including commodity contracts(2)
(Boe)
$
38.60
$
53.66
$
40.66
$
47.78
(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.
The information outlined above is extracted from and should be
read in conjunction with the Company's unaudited financial
statements for the three and six months ended June 30, 2023 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.
Netback from operations per barrel and its components are
calculated by dividing revenue, less royalties and operating
expenses by the Company’s sales volume during the period. Netback
including commodity contracts is calculated by adjusting netback
from operations by the realized gains or losses received from
commodity contracts during the period. Netback is a non-GAAP ratio
but it is commonly used by oil and gas companies to illustrate the
unit contribution of each barrel produced. The Company believes
that the netback is a useful supplemental measure of the cash flow
generated on each barrel of oil equivalent that is produced in its
operations. However, non-GAAP measures and non-GAAP ratios do not
have any standardized meaning prescribed by IFRS and therefore, may
not be comparable to similar measures or ratios used by other
companies and should not be used to make comparisons.
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 June
30,
Six months ended June
30,
2023
2022
2023
2022
Net income (loss)
4,268
7,006
12,164
4,551
Adjustments:
Finance income
(777
)
(746
)
(2,167
)
(10
)
Finance expense
724
1,869
1,673
6,279
Share based compensation
356
32
374
157
General and administrative expenses
1,021
844
1,951
1,530
Depletion, depreciation and
amortization
3,375
2,087
7,713
3,226
Other income
-
(28
)
(1
)
(29
)
Operating netback
8,967
11,064
21,707
15,704
Netback from operations per BOE
39.97
63.06
42.07
58.11
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 June
30,
Six months ended June
30,
2023
2022
2023
2022
Net income
4,268
7,007
12,164
4,551
Depletion and depreciation
3,375
2,087
7,713
3,226
Accretion
44
6
89
12
Interest expense
375
212
860
437
Unrealized (gain) loss on commodity
contracts
(777
)
(746
)
(2,167
)
3,040
Share based compensation
356
32
374
157
Interest income
-
(1
)
-
(3
)
Other income
-
(28
)
(1
)
(29
)
Foreign currency loss (gain)
5
3
10
(7
)
Adjusted EBITDA
7,646
8,572
19,042
11,384
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 cash flow,
adjusted EBITDA and net debt, 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, 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, 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 www.sedar.com.
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.
KEI is a North American energy company focused on finding and
exploiting energy projects in oil, gas and clean and sustainable
energy. 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 common shares of the Company trade on the Toronto Stock
Exchange (“TSX”) under the symbol “KEI” and on the Over the Counter
QX (“OTCQX”) under the symbol “KGEIF”.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230803209219/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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