Kolibri Global Energy Inc. (KEI.TO) Q1 Results - May 5

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Kolibri is off to a great start. This recent addition to our Small Cap Growth Portfolio has a lot of running room in Oklahoma.

FIRST QUARTER HIGHLIGHTS - The balance of the release and tables are in the attachment.

· Average production for the first quarter of 2023 was 3,194 BOEPD, an increase of 203% compared to first quarter of 2022 average production of 1,054 BOEPD. The production increase is due to the additional production from the five wells in the 2022 drilling program.

· Adjusted EBITDA(1) was $11.4 million in the first quarter of 2023 compared to $2.8 million in the first quarter of 2022. The increase was due to higher production partially offset by lower average prices.

· Revenue, net of royalties was $14.2 million in the first quarter of 2023 compared to $5.5 million for the first quarter of2022, an increase of 158%. The increase was due to higher production partially offset by lower average prices.

· Net income in the first quarter of 2023 was $7.9 million, compared to a net loss of $2.5 million in the same period of 2022. The increase was due to higher production partially offset by lower average prices.

In ddition, the Company had an unrealized gain on commodity contracts in the first quarter of 2023 compared to an unrealized loss in the first quarter of 2022.

· Average netback from operations(2) for the first quarter of 2023 was $43.67 per BOE, a decrease of 11% from the prior year first quarter of $48.91 per BOE due to lower average prices. Netback including commodity contracts(2) for the first quarter of 2023 was $42.23 per BOE compared to $36.88 in the first quarter of 2022, an increase of 15% from the prior year period. The increase compared to the prior year was due to lower realized losses from commodity contracts in the first quarter of 2023 compared to the first quarter of 2022.

· Production and operating expense per barrel averaged $6.04 per BOE in the first quarter of 2023 compared to $9.56 per BOE in the first quarter of 2022, a decrease of 37%. The decrease was due to lower production taxes and increased production which reduced the per barrel fixed costs.

· At March 31, 2023, the Company had $6.8 million of available borrowing capacity on the credit facility. The Company is currently awaiting its next redetermination from the bank which is expected to occur in the second quarter of 2023.