NEWBURY PARK, Calif.,
Sept. 30, 2021 /CNW/ - Kolibri Global
Energy Inc. (the "Company" or "KEI") (TSX: KEI),
announces that its indirect wholly owned subsidiary BNK Petroleum
(US) Inc. ("BNK US") has received an extension of the maturity date
on its credit facility with BOK Financial ("BOKF") from
June 2022 to June 2023. BOKF
granted the extension following the completion of the most recent
borrowing base redetermination.
The Company is also pleased to announce that BNK US will make
principal reduction payments totalling US$1.55 million, to reduce the outstanding
principal to US$16.0 million, by
April 1st, 2022.
These principal reduction payments are projected to be funded from
cash on hand and adjusted funds flow from operations and will
further reduce the interest expense.
Wolf Regener, President and CEO
commented. "We are very pleased to get the extension of the
maturity date and that our property continues to perform well. Once
we make the additional principal payments that end in April 2022, we will have paid down almost 50% of
the credit facility from its peak of US$30
million."
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is an international 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 OTCQB
under the stock symbol KGEIF.
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, including statements regarding
payments under the credit facility and the Company's
plans and objectives. 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 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 Company will
continue to be able to access sufficient capital through
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 or
labor 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 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.sedar.com, any of which could result in delays, cessation in
planned work or loss of one or more concessions 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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SOURCE Kolibri Global Energy Inc.