Kolibri Global Energy Inc. (TSX: KEI) (OTCQB: KGEIF):
All amounts are in U.S. Dollars unless otherwise indicated:
2021 HIGHLIGHTS
- In December 2021, the Company completed an equity rights
offering for gross proceeds of C$8.6 million and is using the
proceeds to drill two wells. As of March 10, 2022, the Company has
completed drilling the Barnes 7-3H well (98.07% working interest)
and the Barnes 8-4H well (99.8% working interest) and is currently
performing a fracture stimulation on the Barnes 7-3H well with
production expected in late March.
- BOK Financial agreed to increase the borrowing base of the
credit facility by $2.0 million if certain items are met. When the
Company finishes fracture stimulating the Barnes 7-3H well, those
items will have been met. The Company anticipates receiving the
increase in the borrowing base in the second quarter of 2022.
- The Company’s debt was reduced to $16.9 million at December 31,
2021 from $20.7 million at the beginning of the year. This was down
from a peak debt level of $30.0 million.
- The Company’s Total Proved Reserves were 34.1 million barrels
of oil equivalent (BOE) for 2021 which was a 3% increase from 2020
according to the Company’s December 31, 2021, independent reserves
evaluation. The NPV10 value of the Total Proved Reserves increased
to $358.8 million, an 86% increase from 2020, due primarily to
higher estimated future pricing.
- The Company performed an impairment reversal test at December
31, 2021 and reversed the entire impairment expense of $71.9
million that was recorded in March 2020 due to low prices. The
$71.9 impairment reversal was lower than the original impairment
charge by $1.1 million to reflect the depletion that would have
been recorded if the PP&E was never impaired for a net
impairment reversal amount of $70.8 million.
- Gross revenue in 2021 was $19.2 million, compared to $12.3
million in 2020.
- Net income in 2021 was $71.0 million, compared to a net loss of
$70.4 million in 2020, due to the impairment reversal of $70.8
million for the year ended December 31, 2021 compared to the
impairment charge of $71.9 million for the year ended December 31,
2020.
- Revenue, net of royalties was $15.0 million for 2021 compared
to $9.6 million for 2020, due to an average price increase of 85%
partially offset by 15% lower production.
- Adjusted funds flow was $6.6 million for 2021 compared to $7.2
million for 2020. This decrease was due to a decrease in production
of 15% and realized losses from commodity contracts in 2021
compared to realized gains in 2020, partially offset by the
increase in average prices.(1)
- Netback from operations increased to $33.75 per BOE in 2021
compared to $16.20 per BOE in 2020, an increase of 108%.(2) Netback
including the impact of commodity contracts for 2021 was $26.05 per
BOE, an increase of 9% from the prior year.(2) The 2021 increase
compared to the prior year was due to the increase in average
prices partially offset by higher production taxes.
- Interest expense has decreased by 32% in 2021 compared to the
prior year due to principal payments on the credit facility which
reduced the outstanding loan balance combined with lower interest
rates.
- Average production for 2021 was 976 BOEPD compared to 1,151
BOEPD in 2020, a decrease of 15% due to the normal production
decline of existing wells.
- General & administrative (G&A) expenses for 2021 were
$2.7 million compared to $2.9 million in 2020, a decrease of 7%.
The decrease is due to management’s continued efforts to reduce
G&A costs throughout the Company partially offset by higher
advisor fees at the beginning of the year.
- Production and operating expense per barrel averaged $8.32 per
BOE in 2021 compared to $6.54 per BOE in 2020, an increase of 27%.
The increase was primarily due to an increase in production taxes
of $1.47 per BOE in 2021 due to higher average prices.
(1)
Adjusted Funds Flow 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.
Kolibri’s President and Chief Executive Officer, Wolf Regener
commented:
“With our successful rights offering raising over C$8.6 million
in December, the Company was able to fast track our 2022 drilling
program at the beginning of the year. We have already drilled both
the Barnes 7-3H well and the Barnes 8-4H well safely and on budget.
The Company is currently performing fracture stimulation operations
on the Barnes 7-3H well and expects production flow back by the end
of March. In addition, we anticipate receiving the additional $2.0
million increase in our credit facility borrowing base which we
will use, along with cash flow from operations, to fracture
stimulate the Barnes 8-4H well in the second quarter of 2022. With
oil current prices of over $100/barrel, we expect to generate
significant incremental value to shareholders from both of these
wells as production from these wells is unhedged.
Our 2021 independent reserves evaluation report showed a 3%
increase in total proved reserves from the prior year with a NPV10
total proved value of $358.8 million, which was an 86% increase
from 2020, primarily due to higher prices.
Also, due to higher prices in the oil market, the Company
completely reversed the $71.9 million impairment charge that it has
recorded in March 2020. The $71.9 impairment reversal was reduced
by $1.1 million to reflect the depletion that would have been
recorded if the PP&E was never impaired for a net impairment
reversal amount of $70.8 million.
The Company was able to generate $6.6 million of adjusted funds
flow without any capital expenditures during the year.
Netback from operations increased to $33.75 per BOE in 2021
compared to $16.20 per BOE in 2020, an increase of 108%, with an
average price of $66.08 per BOE. Netback including the impact of
commodity contracts for 2021 was $26.05 per BOE, an increase of 9%
from the prior year. The 2021 increase compared to the prior year
was due to the increase in average prices partially offset by
higher production taxes.
Revenue, net of royalties was $15.0 million for 2021 compared to
$9.6 million for 2020, an increase of 56% due to an 86% increase in
average prices partially offset by a 15% decrease in
production.
The average production for 2021 was 975 BOEPD, a decrease of 15%
compared to 2020 production of 1,151 BOEPD. The decrease is due to
the normal production decline of existing wells as no new wells
were brought online in 2021.
G&A expenses for 2021 was $2.7 million compared to $2.9
million in 2020, a decrease of 7%. The decrease is due to
management’s continued efforts to reduce G&A costs throughout
the Company partially offset by higher advisor fees at the
beginning of the year.
Interest expense has decreased by 32% in 2021 compared to the
prior year due to principal payments on the credit facility which
reduced the outstanding loan balance combined with lower interest
rates.
Production and operating expense per barrel averaged $8.32 per
BOE in 2021 compared to $6.54 per BOE in 2020, an increase of 27%.
The increase was primarily due to an increase in production taxes
of $1.47 per BOE in 2021 due to higher average prices.”
Fourth Quarter
Year Ended
2021
2020
%
2021
2020
%
Net Income (Loss):
$ Thousands
$72,340
$(1,078)
-%
$71,002
$(70,410)
-%
$ per common share
$0.31
$(0.01)
-%
$0.30
$(0.30)
-%
assuming dilution
Adjusted Funds Flow
$1,859
$1,750
6%
$6,569
$7,196
(9%)
Capital Expenditures
$559
$43
1200%
$696
$(16)
-%
Average Production (Boepd)
931
1,082
(14%)
975
1,151
(15%)
Gross Revenue
5,444
3,205
70%
19,128
12,251
56%
Average Price per Barrel
$51.67
$32.19
61%
$53.75
$29.08
85%
Netback from operations
per Barrel
$40.88
$18.38
122%
$33.75
$16.20
108%
Netback including commodity contracts per
Barrel
$28.99
$25.40
14%
$26.05
$23.86
9%
December 2021
December 2020
Cash and Cash Equivalents
$7,316
$920
Working Capital
$3,823
($3,456)
Year Ended 2021 to Year Ended 2020
For 2021, oil and gas gross revenues increased $6,877,000 or 56%
to $19,128,000. Oil revenues before royalties increased by 51% to
$15,978,000 due to a 79% increase in prices between years partially
offset by a 16% decrease in production. Natural gas revenues before
royalties increased $534,000 or 74% due to a 104% increase in
average gas prices partially offset by a 15% decrease in natural
gas production. NGL revenue before royalties increased $958,000 or
103% due to a 136% increase in average prices partially offset by a
14% decrease in production.
Average production per day for 2021 decreased 15% from the prior
year due to the normal production decline of existing wells.
Production and operating expenses increased by $207,000 due to
an increase in production taxes. Production and operating expense
per barrel averaged $8.32 per BOE in 2021 compared to $6.54 per BOE
in 2020, an increase of 27%. The increase was primarily due to an
increase in production taxes of $1.47 per BOE in 2021 due to higher
average prices.
Depletion and depreciation expense decreased $1,020,000 due to
decreased production and a lower PP&E balance due to the
impairment.
The Company completely reversed the $71.9 million PP&E
impairment charge that it has recorded in March 2020 due to higher
oil prices. The $71.9 impairment reversal was reduced by $1.1
million to reflect the depletion that would have been recorded if
the PP&E was never impaired for a net impairment reversal
amount of $70.8 million.
G&A expenses decreased $162,000, or 6%, in 2021 compared to
2020. The decrease is due to management’s continued efforts to
reduce G&A costs throughout the Company partially offset by
higher advisor fees at the beginning of the year.
Finance income decreased $3,542,000 in 2021 compared to the
prior year due to realized and unrealized gains on commodity
contracts that were recorded in 2020.
Finance expense increased $4,760,000 due to realized and
unrealized losses on commodity contracts in 2021 partially offset
by lower interest expense.
FOURTH QUARTER HIGHLIGHTS:
- Net income in the fourth quarter of 2021 was $72.3 million,
compared to net loss of $1.8 million in the fourth quarter of 2020,
due to the impairment reversal of $70.8 million for the year ended
December 31, 2021.
- Revenue, net of royalties, was $4.3 million for the fourth
quarter of 2021, an increase of 70% compared to the fourth quarter
2020 due to higher average prices partially offset by lower
production.
- Adjusted funds flow was $1.9 million in the fourth quarter of
2021 compared to $1.8 million in the prior year fourth
quarter.
- Netback from operations increased to $40.88 per BOE in the
fourth quarter of 2021 compared to $18.38 per BOE in the fourth
quarter of 2020, an increase of 123%. Netback including the impact
of commodity contracts for the fourth quarter of 2021 was $28.99
per BOE, an increase of 14% from the prior year. The 2021 increase
compared to the prior year quarter was due to the increase in
average prices partially offset by higher production taxes.
- Interest expense decreased by 22% in the fourth quarter of 2021
due to principal payments on the credit facility which reduced the
outstanding loan balance and lower interest rates.
- Average production for the fourth quarter of 2021 was 931
BOEPD, a decrease of 14% compared to the prior year fourth quarter
due to the normal decline of existing wells.
- G&A expense decreased by over 20% in the fourth quarter of
2021 due to due to management’s continued efforts to reduce G&A
costs throughout the Company.
- Operating expense per barrel averaged $8.79 per BOE in the
fourth quarter of 2021 compared to $6.84 per BOE in the prior year
quarter, an increase of 28%. The increase was primarily due to an
increase in production taxes in 2021 due to higher average
prices.
- The Company performed an impairment reversal test at December
31, 2021 and reversed the entire impairment expense of $71.9
million that was recorded in March 2020. The $71.9 impairment
reversal was lower than the original impairment by $1.1 million to
reflect the depletion that would have been recorded if the PP&E
was never impaired for a net impairment reversal amount of $70.8
million.
Fourth Quarter 2021 to Fourth Quarter 2020
Gross oil and gas revenues totaled $5,444,000 in the fourth
quarter of 2021 versus $3,205,000 in the fourth quarter of 2020, an
increase of 70%. Oil revenues were $4,450,000 in the fourth quarter
of 2021 versus $2,735,000 in the fourth quarter of 2020, an
increase of 63%, due to increase in average prices partially offset
by decreased production. Natural gas revenues increased 95% due to
an increase in average prices partially offset by a decrease in
production. NGL revenue increased 125% to $577,000 due to higher
average NGL prices partially offset by lower production.
Operating expenses increased by $72,000 in the fourth quarter of
2021 compared to 2020 due to higher production taxes.
G&A expenses decreased by $155,000, or 20%, between quarters
due to management’s continued efforts to reduce G&A costs
throughout the Company.
Finance income decreased by $185,000 in the fourth quarter of
2021 compared to the prior year fourth quarter due to realized
gains on commodity contracts in 2020.
Finance expense decreased $602,000 due to unrealized losses on
commodity contracts in 2020 and lower fourth quarter 2021 interest
expense compared to the prior year fourth quarter.
KOLIBRI GLOBAL ENERGY INC.
CONDENSED CONSOLIDATED STATEMENTS
OF FINANCIAL POSITION
(Unaudited, Expressed in
Thousands of United States Dollars)
December 31,
December 31,
2021
2020
Current assets
Cash and cash equivalents
$
7,316
$
920
Trade and other receivables
1,999
1,607
Deposits and prepaid expenses
587
575
9,902
3,102
Non-current assets
Property, plant and equipment
147,076
78,979
Right of use assets
38
103
Total assets
$
157,016
$
82,184
Current liabilities
Trade and other payables
$
3,145
$
4,371
Current portion of loans and
borrowings
1,000
2,084
Current lease payable
43
66
Fair value of commodity contracts
1,891
37
6,079
6,558
Non-current liabilities
Loans and borrowings
15,866
18,665
Asset retirement obligations
1,398
1,269
Lease payable
-
44
Fair value of commodity contracts
585
-
17,849
19,978
Equity
Share capital
296,060
289,622
Contributed surplus
22,948
22,948
Deficit
(185,920)
(256,922)
Total equity
133,088
55,648
Total equity and liabilities
$
157,016
$
82,184
KOLIBRI GLOBAL ENERGY INC.
CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited, expressed in
Thousands of United States dollars, except per share amounts)
Three months ended
December 31
Year ended
December 31
2021
2020
2021
2020
Revenue:
Oil and natural gas revenue, net
$
4,255
$
2,510
$
14,972
$
9,580
Other income
-
-
2
2
4,255
2,510
14,974
9,582
Expenses:
Production and operating
753
681
2,962
2,755
Depletion and depreciation
915
988
3,594
4,614
General and administrative
622
777
2,697
2,859
Share based compensation
-
-
-
21
Impairment (impairment reversal) of
PP&E
(70,820
)
-
(70,820
)
71,923
Gain on forgiven loans
(280
)
-
(583
)
-
(68,810)
2,446
(62,150
)
82,172
Finance income
514
699
-
3,542
Finance expense
(1,239
)
(1,841
)
(6,122
)
(1,362
)
Net income (loss) and comprehensive income
(loss)
$
72,340
$
(1,078
) $
71,002
$
(70,410)
Net income (loss) per share
Basic and Diluted
$
0.31
$
(0.00
)
$
0.30
$
(0.30
)
KOLIBRI GLOBAL ENERGY INC.
FOURTH QUARTER AND YEAR ENDED
2021
(Unaudited, expressed in
Thousands of United States dollars, except as noted)
4th Quarter
Year Ended Dec. 31
2021
2020
2021
2020
Oil revenue before royalties
$
4,450
2,735
15,978
10,593
Gas revenue before royalties
417
214
1,259
725
NGL revenue before royalties
577
256
1,891
933
5,444
3,205
19,128
12,251
Adjusted funds flow
1,859
1,750
6,569
7,196
Additions (adjustments) to PP&E
559
43
696
(16
)
Statistics:
4th Quarter
Year Ended Dec. 31
2021
2020
2021
2020
Average oil production (Bopd)
638
735
662
785
Average natural gas production (mcf/d)
825
924
864
1,013
Average NGL production (Boepd)
153
193
169
197
Average production (Boepd)
931
1,082
975
1,151
Average oil price ($/bbl)
$
75.80
$
40.42
$
66.08
$
36.85
Average natural gas price ($/mcf)
$
5.49
$
2.52
$
3.99
$
1.96
Average NGL price ($/bbl)
$
40.56
$
14.39
$
30.59
$
12.94
Average price per barrel
$
63.56
$
32.19
$
53.75
$
29.08
Royalties per barrel
13.89
6.97
11.68
6.34
Operating expenses per barrel
8.79
6.84
8.32
6.54
Netback from operations
$
40.88
$
18.38
$
33.75
$
16.20
Price adjustment from commodity contracts
(Boe)
(11.89
)
7.02
(7.70
)
7.66
Netback including commodity contracts
(Boe)
28.99
25.40
26.05
23.86
The information outlined above is extracted from and should be
read in conjunction with the Company's audited financial statements
for the year ended December 31, 2021 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 funds flow (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.
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)
Year ended December
31,
2021
2020
Net earnings (loss) from continuing
operations
71,002
(70,410)
Adjustments:
Finance income
-
(3,542)
Finance expense
6,122
1,362
Stock based compensation
-
21
General and administrative expenses
2,697
2,859
Impairment (impairment reversal) of
property, plant and equipment
(70,820)
71,923
Depletion, depreciation and
amortization
3,594
4,614
Other income
(583)
(2)
Operating netback
12,012
6,825
Netback from operations
$33.75
$16.20
The following is the reconciliation of the non-GAAP measure
adjusted funds flow to the comparable financial measures disclosed
in the Company’s financial statements:
(US $000)
Year ended December
31,
2021
2020
Cash flow from continuing operations
6,303
6,111
Change in non-cash working capital
(551)
(128)
Interest expense(a)
817
1,213
Adjusted funds flow
6,569
7,196
(a)
Interest expense on long-term debt
excluding the amortization of debt issuance costs
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.
Readers are referred to the full description of the results of
the Company's December 31, 2021 independent reserves evaluation and
other oil and gas information contained in its Form 51-101F1
Statement of Reserves Data and Other Oil and Gas Information for
the year ended December 31, 2021, which the Company filed on SEDAR
on March 7, 2022.
Caution Regarding Forward-Looking Information
This release contains forward-looking information including
estimates of reserves, the proposed timing and expected results of
exploratory and development work including fracture stimulation and
production from the Company's Tishomingo field, Oklahoma acreage,
the future performance of wells including following shut-in’s and
restart of well(s), the expected effects of cost reduction efforts,
availability of funds from the Company’s reserves based loan
facility and the expected increase to the Company’s borrowing base
of $2.0 million in the second quarter of 2022, 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", “intend” 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, declines will match the modeling, 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 managements’
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 price of oil
will be sustained or increase, 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 and will be increased in the
second quarter of 2022, 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 managements’ 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 price of oil will decline, 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.
KEI is an international 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 common shares of the Company trade
on the Toronto Stock Exchange (“TSX”) under the symbol “KEI” and on
the Over the Counter QB (“OTCQB”) under the symbol “KGEIF”.
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version on businesswire.com: https://www.businesswire.com/news/home/20220310006025/en/
Wolf E. Regener, President and Chief Executive Officer +1 (805)
484-3613 Email: investorrelations@kolibrienergy.com Website:
www.kolibrienergy.com
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