Kolibri Global Energy (KEI & KGEIF in US) Update - Sept 6

[dan_s]

Thousand Oaks, CALIFORNIA, September 6, 2023 – Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQX: KGEIF) is pleased to provide an operations update for its Tishomingo field in Oklahoma.

Drilling and Completion Operations

The Barnes 7-4H and 7-5H wells were successfully drilled and cased in the Lower Caney formation safely and under budget. The drilling rig is currently moving over to the Emery pad for the drilling of the next two Lower Caney wells and a T-zone well. The first of these next three wells, the Emery 17-3H, is expected to begin drilling within the week.

The Barnes 7-4H and 7-5H are scheduled to begin completion operations within the next two weeks once the drilling rig has moved out and all the equipment for the fracture stimulations has moved in and is rigged up.

Wolf Regener, President, and CEO commented, “We are excited to begin completion operations on the Barnes 7-4H and Barnes 7-5H wells, and to move the same drilling rig over to drill the next three-well pad immediately. We are looking forward to the additional production that we expect from all these wells.”

Recently Completed Wells and Field Update

The Company is pleased to report that the Barnes 8-3H well, which is our first T-zone well utilizing our latest completion technique and has been on production for just over 2 1/2 months, is currently producing in line with management's forecasted production. The production from our earlier T-zone wells had declined much harder at this stage. Achieving commercial rates from the T-Zone could add many additional well locations and reserves that are not currently reflected in our reserve estimates. The T-zone formation is present over our entire acreage block and is thus potentially very significant to the Company. < If the T-Zone wells continue to produce oil at rates in line with the pre-drill type curves, the Company's probable reserves (2P) could double.

The current production from the Barnes 8-2H well in the Lower Caney is within management’s forecasted production band range. The Barnes 8-1H well, which is in the Upper Caney, is producing just below management’s expected forecasted production band range. As we previously disclosed, while the Barnes 8-1H is still economic, the Company plans to place our future Caney wells in the Lower Caney formation.

The gathering system operator for the field has had issues for much of August, which resulted in the Company’s production being restricted from the entire field. The issues are being resolved and the production is rebounding.

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.

[dan_s]

Note from member in Calgary:
Regarding the gathering system problems: "There are issues related to heat, their compressors having a hard time keeping up & the line that they are selling into was higher pressure as it’s backed up because of the heat way downstream (heard a rumor all the way to ft worth) and XTO converted their controls to electric from gas and that hasn’t gone smoothly at all. So Q3 could be a bit messy. But as long as drilling is good exit should be intact."

"Stuff happens" in the oilfield and Kolibri has no control over the midstream issues. Results of the new five wells is what matters the most.

[Fraser921]

I was wondering why the name fell hard yeterday

[dan_s]

Just remember that weather related "stuff" (extreme heat, cold, flooding and ice) is temporary. In the early 80s (before going to work for Hess) I worked for Oklahoma Petroleum Management, a contract operator. We had a nice four well field that was flooded and the storage tanks floated away, half full of oil.

The 3rd party gathering system problem for Kolibri will not impact the total volumes produced from their wells.

[ChuckGeb]

I assume XOM is experiencing the same gathering issue. I have confidence it will be promptly and competently resolved.