All amounts are in U.S. Dollars unless otherwise indicated:
THIRD QUARTER 2024 HIGHLIGHTS
- Net income for the third quarter of 2024 was $5.1 million and
EPS was $0.14/share compared to net income of $2.3 million and EPS
of $0.07/share for the third quarter of 2023, an increase of 118%
and 100%, respectively. The increase was mainly due to an
unrealized gain on commodity contracts of $1.3 million that was
recorded in the third quarter of 2024 compared to an unrealized
loss on commodity contracts of $2.6 million in the third quarter of
2023. In addition, the third quarter of 2024 had higher production
which was offset by lower average prices and higher income tax
expense compared to the third quarter of 2023
- Average production for the third quarter of 2024 was 3,032
BOEPD, an increase of 11% compared to the third quarter of 2023,
which was 2,737 BOEPD. The increase was due to production from the
wells that were drilled and completed in the last three months of
2023 and the first nine months of 2024
- Adjusted EBITDA(1) was $10.1 million in the third quarter of
2024 compared to $9.5 million in the third quarter of 2023, an
increase of 6%. The increase was primarily due to an increase in
production of 11%, partially offset by a decrease in average prices
of 9%
- Revenue, net of royalties was $13.0 million in the third
quarter of 2024 compared to $12.7 million for the third quarter of
2023, which was an increase of 2%, as production increased by 11%
which was mostly offset by a decrease in average prices of 9%
- Production and operating expenses per barrel averaged $6.63 per
BOE in the third quarter of 2024 compared to $7.34 per BOE in the
third quarter of 2023, a decrease of 10%. The decrease was due to
increased production which reduced the per barrel fixed costs
- Average netback from operations(2) for the third quarter of
2024 was $40.01/boe, a decrease of 8% from the prior year third
quarter due to lower prices in 2024. Average netback including
commodity contracts(2) for the third quarter of 2024 was $39.95 per
boe, a decrease of 4% from the prior year third quarter
- In October 2024, the credit facility was redetermined with the
same $50 million borrowing base. At September 30, 2024, the Company
had $19.0 million of available borrowing capacity on its credit
agreement and its net debt outstanding was $29.1 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 increase
production, adjusted EBITDA and net income as we continue our 2024
drilling program to demonstrate the growth potential of our field.
Our production increased by 11% during the quarter and our net
income more than doubled. We expect continued growth in the fourth
quarter as we enter into a new phase of the Company’s development
where we believe the most economic strategy is to drill longer
laterals. The three Alicia Renee wells, our first 1.5-mile lateral
wells, are still flowing back the fracture stimulation fluid. The
wells are still cleaning up, but over the last five days, the
Alicia 2-11-3H well has averaged 1,049 Barrels of oil equivalent
per day (“BOEPD”) (720 barrels of oil per day (“BOPD”)), the Alicia
2-11-4H well has averaged 845 BOEPD (590 BOPD) and the Alicia
2-11-5H well has averaged 630 BOEPD (435 BOPD).”
Third Quarter
First Nine Months
2024
2023
%
2024
2023
%
Net Income:
$ Thousands
$
5,066
$
2,319
118%
$
12,472
$
14,396
(14)%
$ per basic common share
$
0.14
$
0.07
100%
$
0.35
$
0.41
(15)%
$ per diluted shares
$
0.14
$
0.06
133%
$
0.35
$
0.40
(13)%
Capital Expenditures
$
9,798
$
17,247
(43)%
$
21,545
$
37,177
(42)%
Average Production (Boepd)
3,032
2,737
11%
3,154
2,780
13%
Average Price per BOE
$
59.09
$
65.04
(9)%
$
60.64
$
62.19
(2)%
Average Netback from operations(2) per
Barrel
$
40.01
$
43.28
(8)%
$
39.78
$
42.48
(6)%
Average Netback including commodity
contracts(2) per Barrel
$
39.95
$
41.65
(4)%
$
39.09
$
41.00
(5)%
September
2024
June
2024
December 2023
Cash and Cash Equivalents
$
1,619
$
549
$
598
Working Capital
$
(3,965
)
$
(1,885
)
$
(11,916
)
Borrowing capacity
$
19,042
$
16,042
$
10,042
(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 2024 versus Third Quarter
2023
Oil and gas gross revenues totaled $16.5 million in the third
quarter of 2024 versus $16.4 million in the third quarter of 2023.
Oil gross revenues totaled $15.4 million in the third quarter of
2024 versus $15.3 million in the third quarter of 2023. Oil
revenues increased 1% as oil production increases of 8% were offset
by average oil price decreases of 7%. Natural gas revenues
decreased by $0.2 million or 45% as natural gas prices decreased
55% partially offset by production increases of 24%. Natural gas
liquids (NGLs) revenues increased $0.2 million or 21% as NGL prices
increased 4% and production increased 17%.
Average third quarter 2024 production per day increased 295
boepd or 11% from the third quarter of 2023. The increase is due to
production from the wells that were drilled and completed in the
last three months of 2023 and the first nine months of 2024.
Production and operating expenses decreased to $1.5 million in
the third quarter of 2024, a decrease of 6%. Operating expenses
averaged $6.63 per BOE for the third quarter of 2024 compared to
$7.34 per BOE for the third quarter of 2023. The decrease was due
to increased production which reduced the per barrel fixed
costs.
General and administrative expenses increased $0.2 million or
14% in the third quarter of 2024 due to higher accounting fees and
public company costs that resulted from listing on the NASDAQ stock
market as well as higher payroll and director costs and higher
investor relations and marketing costs in 2024.
Finance income increased by $1.3 million in the third quarter of
2024 compared to the prior year third quarter due to realized gains
on commodity contracts in the third quarter of 2024.
Finance expense decreased by $2.8 million in the third quarter
of 2024 due to unrealized losses on commodity contracts of $2.5
million in the prior year third quarter.
FIRST NINE MONTHS 2024 HIGHLIGHTS
- Average production for the nine months ended September 30, 2024
was 3,154 BOEPD, an increase of 13% from the average production of
2,780 BOEPD in the same period of 2023. The increase is due to
production from the wells that were drilled and completed in the
last three months of 2023 and the first nine months of 2024.
- Adjusted EBITDA(1) was $30.5 million for the nine months ended
September 30, 2024 compared to $28.6 million for the prior year
period, an increase of 7%. The increase was due to a 13% increase
in production partially offset by a decrease in average prices of
2% compared to the same period in 2023.
- Revenue, net of royalties was $41.2 million in the first nine
months of 2024 compared to $37.2 million for the first nine months
of 2023, which was an increase of 11%, as production increased by
13% partially offset by a decrease in average prices of 2%
- Net income for the first nine months of 2023 was $12.5 million
and Basic EPS was $0.35/share compared to net income of $14.5
million and Basic EPS of $0.41/share for the first nine months of
2023 primarily due to an increase in income tax expense, partially
offset by higher revenues and an unrealized gain on commodity
contracts in 2024
- Average netback from operations(2) for the first nine months of
2024 was $39.78/boe, a decrease of 6% from the prior year period
due to lower prices and higher operating expenses in 2024, mainly
due to reassessed prior year costs. Netback including commodity
contracts(2) for the first nine months of 2024 was $39.09/boe which
was 5% lower than the prior year period
(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 2024 versus First
Nine Months of 2023
Oil and gas gross revenues totaled $52.4 million in the first
nine months of 2024 versus $47.2 million in the first nine months
of 2023, an increase of 11%. Oil revenues were $48.6 million in the
first nine months of 2024 versus $43.5 million in the same period
of 2023, an increase of 12%, as average production increased by 10%
and average in oil prices increased by 1%. Natural gas revenues
decreased $0.6 million or 44% due to an average natural gas price
decrease of 54% partially offset by a 22% increase in natural gas
production. NGL revenue increased $0.7 million or 33% due to an
increase in NGL production of 25% and an average NGL price increase
of 6% in the first nine months of 2024 compared to the comparable
prior year period.
Average production per day for the first nine months of 2024
increased 13% to 3,154 boepd from the prior year comparable period.
The increase is due to production from the wells that were drilled
and completed in the last three months of 2023 and the first nine
months of 2024.
Production and operating expenses increased to $5.9 million or
38% in the first nine months of 2024 compared to the prior year
period. Production and operating expenses per barrel averaged $7.84
per BOE in the first nine months of 2024 compared to $6.47 per BOE
in the first nine months of 2023. The increase was mainly due to
natural gas and NGL processing costs of $0.8 million related to
prior years as the purchaser reassessed prior year gathering and
processing costs in 2024. Under the terms of the Company’s contract
with the purchaser, adjustments to fee billings over the last 24
months are permissible. The adjustments received to date cover 2022
and 2023. The increase is also due to having more wells on
production and an increase in water hauling costs in 2024 compared
to the prior year.
General and administrative expenses increased $1.0 million or
32% in the first nine months of 2024 due to higher accounting fees
and public company costs that resulted from listing on the NASDAQ
stock market as well as higher payroll and director costs and
higher investor relations and marketing costs in 2024.
Finance income increased by $0.9 million in the first nine
months of 2024 due to unrealized gains on financial commodity
contracts recorded in 2024.
Finance expense increased $0.1 million in the first nine months
of 2024 due to higher interest expense partially offset by lower
realized losses on commodity contracts.
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
2024
2023
Current Assets
Cash
$
1,619
$
598
Accounts receivable and other
receivables
5,623
5,492
Deposits and prepaid expenses
880
838
Fair value of commodity contracts
697
-
8,819
6,928
Non-current assets
Property, plant and equipment
227,685
216,161
Right of use assets
813
1,190
Fair value of commodity contracts
121
78
228,619
217,429
Total Assets
$
237,438
$
224,357
Current Liabilities
Accounts payables and other payables
$
12,444
$
12,596
Lease liabilities
675
32
Fair value of commodity contracts
-
1,421
13,119
14,049
Non-current liabilities
Loans and borrowings
30,711
29,612
Asset retirement obligations
2,238
1,966
Deferred income taxes
7,339
3,359
Lease liabilities
171
162
Fair value of commodity contracts
-
-
40,459
35,099
Equity
Shareholders’ capital
296,458
296,232
Contributed surplus
24,927
24,179
Accumulated deficit
(137,525
)
(149,997
)
183,860
170,414
Total Equity and Liabilities
$
237,438
$
224,357
KOLIBRI GLOBAL ENERGY
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited, expressed in
Thousands of United States dollars, except per share
amounts)
($000 except as noted)
Third Quarter
First Nine Months
2024
2023
2024
2023
Oil and natural gas revenue, net
$
13,009
$
12,746
$
41,150
$
37,153
Other income
-
1
60
2
13,009
12,747
41,210
37,155
Production and operating expenses
1,524
1,628
5,879
4,328
Depletion and depreciation expense
3,611
3,790
11,205
11,503
General and administrative expenses
1,333
1,170
4,126
3,121
Stock based compensation
268
157
807
531
6,736
6,745
22,017
19,483
Finance income
1,341
-
871
-
Finance expense
(902
)
(3,683
)
(3,304
)
(3,189
)
Income tax expense
(1,646
)
-
(4,288
)
-
Net income
5,066
2,319
12,472
14,483
Basic net income per share
$
0.14
$
0.07
$
0.35
$
0.41
Diluted net income per share
$
0.14
$
0.06
$
0.35
$
0.40
KOLIBRI GLOBAL ENERGY
INC.
THIRD QUARTER 2024
(Unaudited, expressed in
Thousands of United States dollars, except as noted)
Third Quarter
First Nine Months
2024
2023
2024
2023
Oil revenue before royalties
$
15,398
$
15,270
$
48,647
$
43,537
Gas revenue before royalties
216
390
808
1,437
NGL revenue before royalties
871
718
2,952
2,224
Oil and Gas gross revenue
16,485
16,378
52,407
47,198
Adjusted EBITDA(1)
10,136
9,536
30,546
28,578
Capital expenditures
9,798
17,247
21,545
37,177
Average oil production (Bopd)
2,247
2,083
2,326
2,110
Average natural gas production (mcf/d)
1,948
1,565
2,078
1,698
Average NGL production (Boepd)
460
393
482
387
Average production (Boepd)
3,032
2,737
3,154
2,780
Average oil price ($/bbl)
$
74.48
$
79.70
$
76.32
$
75.57
Average natural gas price ($/mcf)
$
1.21
$
2.71
$
1.42
$
3.10
Average NGL price ($/bbl)
$
20.60
$
19.84
$
22.35
$
21.04
Average price (Boe)
$
59.09
$
65.04
$
60.64
$
62.19
Royalties (Boe)
12.45
14.42
13.02
13.24
Operating expenses (Boe)
6.63
7.34
7.84
6.47
Netback from operations(2) (Boe)
$
40.01
$
43.28
$
39.78
$
42.48
Price impact from commodity contracts(3)
(Boe)
(0.06
)
(1.63
)
(0.69
)
(1.48
)
Netback including commodity contracts(2)
(Boe)
$
39.95
$
41.65
$
39.09
$
41.00
(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, 2024
and the related management's discussion and analysis thereof,
copies of which are available under the Company's profile at
www.sedarplus.ca.
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.sedarplus.ca 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. Netback is a non-GAAP ratio
but it is commonly used by oil and gas companies to illustrate the
unit contribution of each barrel produced. The Company believes
that the netback is a useful supplemental measure of the cash flow
generated on each barrel of oil equivalent that is produced in its
operations. However, non-GAAP measures and non-GAAP ratios do not
have any standardized meaning prescribed by IFRS and therefore, may
not be comparable to similar measures or ratios used by other
companies and should not be used to make comparisons.
The following is the reconciliation of the non-GAAP ratio
netback from operations to net income, 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,
2024
2023
2024
2023
Net income
5,066
2,319
12,472
14,483
Adjustments:
Income tax expense
1,646
-
4,288
-
Finance income
(1,341
)
1
(871
)
-
Finance expense
902
3,682
3,304
3,189
Share based compensation
268
157
807
531
General and administrative expenses
1,333
1,170
4,126
3,121
Depletion, depreciation and
amortization
3,611
3,790
11,205
11,503
Other income
-
(1
)
(60
)
(2
)
Operating netback
11,485
11,118
35,271
32,825
Netback from operations per BOE
40.01
43.28
42.48
42.48
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,
2024
2023
2024
2023
Net income
5,066
2,319
12,472
14,483
Income tax expense
1,646
-
4,288
-
Depletion and depreciation expense
3,611
3,790
11,205
11,503
Accretion expense
46
40
135
129
Interest expense
839
651
2,567
1,511
Unrealized (gain) loss on commodity
contracts
(1,341
)
2,579
(871
)
412
Stock based compensation
268
157
807
531
Other income
-
(1
)
(60
)
(2
)
Foreign currency (gain) loss
1
1
3
11
Adjusted EBITDA
10,136
9,536
30,546
28,578
PRODUCT TYPE DISCLOSURE
This news release includes references to sales volumes of "oil",
"natural gas", and “barrels of oil equivalent” or “BOEs”. “Oil”
refers to light crude oil and medium crude oil combined, and
"natural gas" refers to shale gas, in each case as defined by NI
51-101. Production from our wells, primarily disclosed in this news
release in BOEs, consists of mainly oil and associated wet gas. The
wet gas is delivered via gathering system and then pipelines to
processing plants where it is treated and sold as natural gas and
NGLs.
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 and continued growth in the fourth quarter, 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.sedarplus.ca.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20241112226323/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
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