All amounts are in U.S. Dollars unless otherwise indicated:
THIRD QUARTER 2023 HIGHLIGHTS
- Average production for the third quarter of 2023 was 2,737
BOEPD, an increase of 61% compared to third quarter 2022 production
of 1,702 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
production restrictions due to the Company’s gathering system
operator, existing wells that were shut-in while completion
operations were underway and a few well reworks. These reduced
third quarter production by approximately 200 BOEPD
- Adjusted EBITDA(1) was $9.5 million in the third quarter of
2023 compared to $6.9 million in the third quarter of 2022, an
increase of 39%. The increase was primarily due to an increase in
production of 61% and lower realized losses on commodity contracts,
partially offset by a decrease in average prices of 20%
- Revenue, net of royalties was $12.7 million in the third
quarter of 2023 compared to $9.9 million for the third quarter of
2022, which was an increase of 29%, as production increased by 61%
partially offset by a decrease in average prices of 20%
- Net income for the third quarter of 2023 was $2.3 million and
Basic EPS was $0.07/share compared to net income of $9.3 million
and Basic EPS of $0.26 for the third quarter of 2022. The decrease
was mainly due to an unrealized loss on commodity contracts of $2.6
million in the third quarter of 2023 versus an unrealized gain on
commodity contracts of $4.6 million that was recorded in the third
quarter of 2022. In addition, the third quarter of 2023 had lower
average prices and higher depreciation expense which was offset by
higher production compared to the third quarter of 2022
- Average netback from operations(2) for the third quarter of
2023 was $43.28/boe, a decrease of 22% from the prior year third
quarter due to lower prices in 2023. Average netback including
commodity contracts(2) for the third quarter of 2023 was $41.65 per
boe, a decrease of 16% from the prior year third quarter due to
lower prices
- Production and operating expenses per barrel averaged $7.34 per
BOE in the third quarter of 2023 compared to $7.77 per BOE in the
third quarter of 2022, a decrease of 6%. The $7.34 per BOE in the
third quarter includes prior month costs, which our gathering
system operator had underbilled for previous periods. In addition,
due to the Company’s recent completion operations, some of the
adjacent existing wells are producing additional water, which is
expected to decrease over time
- In October 2023, the credit facility was redetermined with the
same $40 million borrowing base. At September 30, 2023, the Company
had $15.8 million of available borrowing capacity on its credit
agreement and its net debt outstanding was $23.8 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.
KEI’s President and Chief Executive Officer, Wolf Regener
commented:
“We are pleased that the Company continues to grow our
operations with third quarter 2023 adjusted EBITDA(1) of $9.5
million, a 39% increase from the prior year quarter. With the
Barnes 7-4H and the Barnes 7-5H wells starting production at the
beginning of October and the Emery 17-3H, 17-4H and 17-5H wells
expected to start production at the beginning of December, we
expect a continued increase in our cash flow in the fourth quarter.
The Barnes 7-4H well had a thirty-day production rate of 665 BOEPD,
and the Barnes 7-5H had a thirty-day production rate of 613
BOEPD.
“We are also continuing to improve the efficiency of our field
operations as the Barnes 7-4H and Barnes 7-5H wells had an average
total cost of approximately $6 million per well and the 3 Emery
wells were drilled at an average time of only 11 days each. This is
a dramatic improvement, as we were estimating 20-day wells at the
beginning of this year. We expect to start completion operations
for the Emery 17-3H, 17-4H and 17-5 wells in the next week and
expect them to begin producing in early December. We are excited to
apply our new completion technique to the Emery 17-4H well, which
is the second well we have drilled in the T-zone, to demonstrate
the repeatability of making economic wells in this new
formation.
“We have also scheduled to begin drilling the first well in our
next 3 well pad in mid-December. The three well pad will consist of
two lower Caney wells and one T-zone well.
“Average production for the third quarter of 2023 was 2,737
BOEPD, an increase of 61% compared to third quarter 2022 production
of 1,702 BOEPD 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 the wells that were shut-in during completion operations
and the production restrictions from the gathering system
operator.
“Adjusted EBITDA(1) was $9.5 million for the third quarter of
2023 compared to $6.9 million for the prior year third quarter, an
increase of 39%. The increase was due to the increase in production
partially offset by a decrease in average prices.
“Net revenue was $12.7 million in the third quarter of 2023
compared to $9.9 million for third quarter of 2022, which was an
increase of 29% due to higher production partially offset by lower
prices.
“Net income for the third quarter of 2023 was $2.3 million
compared to net income of $9.3 million for the third quarter of
2022. The decrease was mainly due to an unrealized loss on
commodity contracts of $2.6 million in the third quarter of 2023
versus an unrealized gain on commodity contracts of $4.6 million
that was recorded in the third quarter of 2022. In addition, the
third quarter of 2023 had lower average prices and higher
depreciation expense, which was offset by higher production
compared to the third quarter of 2022.
“Netback from operations(2) decreased to $43.28 per BOE in the
third quarter of 2023 compared to $55.16 per BOE in the same period
of 2022, a decrease of 22%. Netback including commodity
contracts(2) for the third quarter of 2023 was $41.65 per BOE
compared to $49.69 in 2022, a decrease of 16% from the prior year
period. The 2023 decreases compared to the same periods in the
prior year were due to the decrease in average prices.
“Operating expenses averaged $7.34 per BOE in the third quarter
of 2023 compared to $7.77 per BOE in the third quarter of 2022, a
decrease of 6%. The $7.34 per BOE in the third quarter includes
prior month costs, which our gathering system operator had
underbilled for previous periods. In addition, due to the Company’s
recent completion operations, some of the adjacent existing wells
are producing additional water, which is expected to decrease over
time.”
Third Quarter
First Nine Months
2023
2022
%
2023
2022
%
Net Income:
$ Thousands
$2,319
$9,299
(76)%
$14,396
$13,850
4%
$ per basic common share
$0.07
$0.26
(73)%
$0.41
$0.39
5%
$ per diluted shares
$0.06
$0.26
(77)%
$0.40
$0.39
3%
Capital Expenditures
$17,247
$4,940
249%
$37,177
$19,913
87%
Average Production (Boepd)
2,737
1,702
61%
2,780
1,563
78%
Average Price per BOE
$65.05
$80.89
(20)%
$62.19
$84.19
(26)%
Average Netback from operations(2) per
Barrel
$43.28
$55.16
(22)%
$42.48
$57.05
(26)%
Average Netback including commodity
contracts(2) per Barrel
$41.65
$49.69
(16)%
$41.00
$48.50
(15)%
September 2022
June 2023
December 2022
Cash and Cash Equivalents
$
501
$
975
$
1,037
Working Capital
$
(13,093
)
$
(8,274
)
$
(6,569
)
Borrowing capacity
$
15,842
$
21,842
$
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.
Third Quarter 2023 versus Third Quarter
2022
Oil and gas gross revenues totaled $16.4 million in the third
quarter of 2023 versus $12.7 million in the third quarter of 2022,
an increase of 29%. Oil gross revenues totaled $15.3 million in the
third quarter of 2023 versus $10.8 million in the third quarter of
2022. Oil revenues increased $4.5 million or 42% as oil production
increased by 66% to 2,083 BOPD partially offset by average oil
price decreases of 15%. Natural gas revenues decreased by $0.6
million or 62% as natural gas prices decreased 74% partially offset
by production increases of 45%. Natural gas liquids (NGLs) revenues
decreased $0.2 million or 18% as NGL prices decreased 44% to
$19.84/boe partially offset by production increases of 46%.
Average third quarter 2023 production per day increased 1,035
boepd or 61% from the third quarter of 2022. The increase was due
to 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 the wells that were shut-in
during completion operations and the production restrictions from
the gathering system operator.
Production and operating expenses increased to $1.6 million in
the third quarter of 2023, an increase of 34% due to increased
production. Operating expenses averaged $7.34 per BOE for the third
quarter of 2023 compared to $7.77 per BOE for the same period in
2022. The $7.34 per BOE in the third quarter includes prior month
costs which our gathering system operator had underbilled for
previous periods. In addition, due to the Company’s recent
completion operations, some of the adjacent existing wells are
producing additional water, which is expected to decrease over
time.
Depletion and depreciation expense increased $1.9 million or
104% due to increased production and a higher PP&E balance.
General and administrative expenses increased $0.3 million or
29% in the third quarter of 2023 due to higher costs associated
with the dual listing process, higher investor relations and
marketing costs and increases in payroll costs.
Finance income decreased by $4.6 million in the third quarter of
2023 compared to the third quarter of 2022 due to realized gains on
commodity contracts in the third quarter of 2022.
Finance expense increased by $2.5 million in the third quarter
due to unrealized losses on commodity contracts in the third
quarter of 2023.
FIRST NINE MONTHS 2023 HIGHLIGHTS
- Average production for the nine months ended September 30, 2023
was 2,780 BOEPD, an increase of 78% from the average production of
1,563 BOEPD in the same period of 2022. 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 the wells that
were shut-in during completion operations and the production
restrictions from the gathering system operator
- Adjusted EBITDA(1) was $28.6 million for the nine months ended
September 30, 2023 compared to $18.3 million for the prior year
period, an increase of 57%. The increase was primarily due to an
increase in production of 78% partially offset by a decrease in
average prices of 26%
- Revenue, net of royalties was $37.2 million in the first nine
months of 2023 compared to $27.8 million for the first nine months
of 2022, which was an increase of 34%, as production increased by
78% partially offset by a decrease in average prices of 26%
- Net income for the first nine months of 2023 was $14.5 million
and Basic EPS was $0.41/share compared to $13.9 million and Basic
EPS of $0.39/share for the first nine months of 2022 primarily due
to an increase in production, partially offset by a decrease in
average prices and higher depreciation expense
- Average netback from operations(2) for the first nine months of
2023 was $42.48/boe, a decrease of 26% from the prior year period
due to lower prices in 2023. Netback including commodity
contracts(2) for the first nine months of 2023 was $41.00/boe which
was 15% lower than the prior year period
- Production and operating expenses per barrel averaged $6.47 per
BOE in the first nine months of 2023 compared to $8.17 per BOE in
the first nine months of 2022 due to increased production which
reduced the per barrel fixed costs
(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 Nine Months of 2023 versus First
Nine Months of 2022
Oil and gas gross revenues totaled $47.2 million in the first
nine months of 2023 versus $35.9 million in the first nine months
of 2022, an increase of 31%. Oil revenues were $43.5 million in the
first nine months of 2023 versus $31.3 million in the same period
of 2022, an increase of 39%, as average production increased by 86%
partially offset by a decrease in oil prices of 25%. Natural gas
revenues decreased $0.7 million or 34% due to an average natural
gas price decrease of 57% partially offset by a 55% increase in
natural gas production. NGL revenue decreased $0.2 million or 9%
due to an average NGL price decrease of 43% partially offset by an
increase in NGL production of 59% in the first nine months of 2023
compared to the comparable prior year period.
Average production per day for the first nine months of 2023
increased 78% to 2,780 boepd from the prior year comparable period.
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 the wells that were shut-in during completion operations
and the production restrictions from the gathering system
operator.
Production and operating expenses increased to $4.3 million or
24% in the first nine months of 2023 compared to the prior year
period. Production and operating expenses per barrel averaged $6.47
per BOE in the first nine months of 2023 compared to $8.17 per BOE
in the first nine months of 2022 due to increased production which
reduced the per barrel fixed costs.
Depletion and depreciation expense increased $6.4 million due to
increased production and a higher PP&E balance.
General and administrative expenses increased $0.7 million or
28% in the first nine months of 2023 due to higher costs associated
with the dual listing process, higher investor relations and
marketing costs and increases in payroll costs.
Finance income decreased by $1.6 million due to unrealized gains
on financial commodity contracts recorded in the first nine months
of 2022.
Finance expense decreased $1.2 million in the first nine months
of 2023 due to lower realized losses on commodity contracts
partially offset by higher interest expense.
KOLIBRI GLOBAL ENERGY
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
(Unaudited, Expressed in
Thousands of United States Dollars)
($000 except as noted)
September 30
December 31
2023
2022
Current Assets
Cash and cash equivalents
$
501
$
1,037
Trade and other receivables
5,405
5,773
Other current assets
1,094
670
7,000
7,480
Non-current assets
Property, plant and equipment
203,217
176,554
Right of use assets
1,528
48
204,745
176,602
Total Assets
$
211,745
$
184,082
Current Liabilities
Trade and other payables
16,995
$
12,596
Lease payable
1,116
32
Fair value of commodity contracts
1,982
1,421
20,093
14,049
Non-current liabilities
Loans and borrowings
23,809
17,799
Asset retirement obligations
1,873
1,425
Lease payable
364
17
Fair value of commodity contracts
294
594
26,340
19,835
Equity
Share capital
296,232
296,221
Contributed surplus
23,874
23,254
Deficit
(154,794
)
(169,277
)
Total Equity
165,312
150,198
Total Equity and Liabilities
$
211,745
$
184,082
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
2023
2022
2023
2022
Oil and natural gas revenue, net
$
12,746
9,851
37,153
27,826
Other income
1
16
2
45
12,747
9,867
37,155
27,871
Production and operating expenses
1,628
1,216
4,328
3,487
Depletion and depreciation expense
3,790
1,860
11,503
5,086
General and administrative expenses
1,170
905
3,121
2,435
Stock based compensation
157
75
531
232
6,745
4,056
19,483
11,240
Finance income
-
4,648
-
1,611
Finance expense
(3,683
)
(1,160
)
(3,189
)
(4,392
)
Net income
2,319
9,299
14,483
13,850
Net income per basic share
$
0.07
0.26
0.41
0.39
KOLIBRI GLOBAL ENERGY
INC.
THIRD QUARTER 2023
(Unaudited, expressed in
Thousands of United States dollars, except as noted)
Third Quarter
First Nine Months
2023
2022
2023
2022
Oil revenue before royalties
$
15,270
10,773
43,537
31,317
Gas revenue before royalties
390
1,020
1,437
2,161
NGL revenue before royalties
718
873
2,224
2,443
Oil and Gas gross revenue
16,378
12,666
47,198
35,921
Adjusted EBITDA(1)
9,536
6,874
28,578
18,258
Additions to property, plant &
equipment
17,247
4,940
37,177
19,913
Statistics:
Third Quarter
First Nine Months
2023
2022
2023
2022
Average oil production (Bopd)
2,083
1,252
2,110
1,137
Average natural gas production (mcf/d)
1,565
1,083
1,698
1,093
Average NGL production (Boepd)
393
269
387
244
Average production (Boepd)
2,737
1,702
2,780
1,563
Average oil price ($/bbl)
$79.70
$93.52
$75.57
$100.91
Average natural gas price ($/mcf)
$2.71
$10.24
$3.10
$7.24
Average NGL price ($/bbl)
$19.84
$35.33
$21.04
$36.63
Average price (Boe)
$65.04
$80.89
$62.19
$84.19
Royalties (Boe)
14.42
17.96
13.24
18.97
Operating expenses (Boe)
7.34
7.77
6.47
8.17
Netback from operations(2) (Boe)
$43.28
$55.16
$42.48
$57.05
Price impact from commodity
contracts(3) (Boe)
(1.63
)
(5.47
)
(1.48
)
(8.55
)
Netback including commodity contracts(2)
(Boe)
$41.65
$49.69
$41.00
$48.50
(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.
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. 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,
2023
2022
2023
2022
Net income
2,319
9,299
14,483
13,850
Adjustments:
Finance income
-
(4,648
)
-
(1,611
)
Finance expense
3,683
1,160
3,189
4,392
Share based compensation
157
75
531
232
General and administrative expenses
1,170
905
3,121
2,435
Depletion, depreciation and
amortization
3,790
1,860
11,503
5,086
Other income
(1
)
(16
)
(2
)
(45
)
Operating netback
11,118
8,635
32,825
24,339
Netback from operations per BOE
43.28
55.16
42.48
57.05
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,
2023
2022
2023
2022
Net income
2,319
9,299
14,483
13,850
Depletion and depreciation
3,790
1,860
11,503
5,086
Accretion
40
8
129
20
Interest expense
651
281
1,511
718
Unrealized (gain) loss on commodity
contracts
2,579
(4,648
)
412
(1,608
)
Share based compensation
157
75
531
232
Interest income
-
-
-
(3
)
Other income
(1
)
(16
)
(2
)
(45
)
Foreign currency (gain) loss
1
15
11
8
Adjusted EBITDA
9,536
6,874
28,578
18,258
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, 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
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: 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 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 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 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, gas and clean and sustainable energy.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231113228344/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
Kolibri Global Energy (TSX:KEI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kolibri Global Energy (TSX:KEI)
Historical Stock Chart
From Apr 2023 to Apr 2024
