Kolibri Global Energy (KEI & KGEIF in US) Update - Jan 17

[dan_s]

This is a recent addition to out Small-Cap Growth Portfolio that has a lot of "running room". The wells they drilled and completed in 2022 have proven up over 50 more horizontal drilling locations in their Tishomingo Field, which is part of the Central Oklahoma SCOOP.
The success of the Company's 2022 drilling program has increased my current valuation by $1.85US to $6.50US per share for KGEIF. If you are not familiar with this company, I recommend that you watch the replay of our 12/1/2022 webinar and then read the profile on the company that we published on 1/1/2023. You can find both of them on the EPG website.

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Thousand Oaks, CALIFORNIA, January 17, 2023 – Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQX: KGEIF) is pleased to provide an update on the 30-day Initial Production Rate (“IP30”) of its Glenn 16-3H well in its Tishomingo field in Oklahoma.

Glenn 16-3H Well

The Glenn 16-3H well (100% working interest) has averaged about 990 Barrels of oil equivalent (“BOEPD”) (805 Barrels of oil per day (“BOPD")) for thirty production days while the well has been flowing back the completion stimulation fluid.

Wolf Regener, President and CEO, commented, “The IP30 of the Glenn 16-3H well, along with the previous wells from our 2022 drilling program, have all far exceeded our expectations.

We look forward to drilling our next wells later this quarter, as we have signed a drilling rig contract, where the rig is expected to arrive around the beginning of March 2023.

To put this excellent well result in perspective, the forecasted 30-day proved curve case (IP30) utilized by our third-party engineering firm for our December 31, 2021 reserve report was 388 BOEPD (“Reserve Report IP30”), while the initial 30-day type curve used by the Company’s management for wells in the corridor assumes a 472 BOEPD IP30 rate (“Management IP30”). The Glenn 16-3H well’s IP30 is about 2.5 times higher than the Reserve Report IP30, which is similar to the Brock 9-3H well’s IP30 which we announced on January 9, 2023.

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.

For further information, contact:

Wolf E. Regener +1 (805) 484-3613
Email: wregener@kolibrienergy.com
Website: www.kolibrienergy.com

[dan_s]

My updated forecast/valuation model for KEI has been posted to the EPG website.

Note that my valuation is based on production of just 4,000 Boepd in 2023 and 5,000 Boepd in 2024. If future development wells are as good as the wells drilled in 2022, actual production should be a lot higher.

KEY to this stock's upside is that the Company should be able to fully fund future development drilling with operating cash flow assuming an average realized oil price of $80/barrel. Equally important is that all of Kolibri's leasehold is now held-by-production, so they can easily adjust each year's drilling program to stay self-funded.