Kolibri Global Energy Inc. Barnes 7-3H Well Initial Oil Rate Exceeds the Proved Forecasted Reserve Report Production Rate
17 März 2022 - 9:44PM
Business Wire
Kolibri Global Energy Inc. (the “Company” or
“KEI”) (TSX: KEI, OTCQB: KGEIF) is providing an update on
the Barnes 7-3H well (98.07% working interest), which began
flowback production last week in its Tishomingo field in
Oklahoma.
The Barnes 7-3H well is currently flowing back stimulation fluid
at a rate that has been restricted by the Company’s operations
team. Despite the restricted rate, the well is producing
approximately 400 barrels of oil a day. It is still early in the
cleanup process, with only about 3.5% of the stimulation fluid
recovered to date.
Wolf Regener, President, and CEO, commented. “I’m very pleased
to say that this early in the flowback, the well is already
producing 400 barrels a day of oil at restricted production rates.
It’s so early in the flowback that the well hasn’t even started
producing gas yet. The well is currently producing these rates
while flowing up casing. It is acting much stronger than our
previous wells, which has enabled it to still be able to flow up
casing at these rates. In previous wells, installing tubing in the
wells and, in most cases, adding assisted lift would have been
necessary by now.
“This 400 barrel of oil a day rate is about 27% above the
initial 30 day proved forecast curve case oil portion of the
production rate utilized for our reserve report and is right in
line with the oil portion of the initial 30 day type curve utilized
by the Company’s management.
“We anticipate that the well will start producing gas and NGLs
in the coming week as the well cleans up further. The Company’s
wells in this area generally produce about 20% gas and natural gas
liquids by volume along with the oil. While there can be no
assurance as to what the well’s 30-day initial rate or ultimate
productivity will be, based on the current flowing pressures, we
are hopeful that the well will attain or potentially exceed
management’s type curve forecast, which is significantly higher
than the reserve report proved forecast case. The Company will
update the market when we have stabilized unrestricted production
rates in the coming weeks.”
The Company has also updated its presentation on its
website.
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. 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
Company's shares are traded on the Toronto Stock Exchange under the
stock symbol KEI and on the OTCQB under the stock symbol KGEIF.
Cautionary Statements
Readers should be aware that references to initial production
rates and other short-term 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 8, 2022.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute
"forward-looking information" as such term is used in applicable
Canadian securities laws and “forward-looking statements” within
the meaning of United States securities laws (collectively,
“forward looking information”), including statements regarding the
timing of and expected results from planned wells development.
Forward-looking information is based on plans and estimates of
management and interpretations of data by the Company's technical
team at the date the data is provided and is subject to several
factors and assumptions of management, including that indications
of early results are reasonably accurate predictors of the
prospectiveness of the shale intervals, that required regulatory
approvals will be available when required, that no unforeseen
delays, unexpected geological or other effects, including flooding
and extended interruptions due to inclement or hazardous weather
conditions, equipment failures, permitting delays or labor or
contract disputes are encountered, that the necessary labor and
equipment will be obtained, that the development plans of the
Company and its co-venturers will not change, that the offset
operator’s operations will proceed as expected by management, 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, farm-ins or
other participation arrangements to maintain its projects, and that
global economic conditions will not deteriorate in a manner that
has an adverse impact on the Company's business, its ability to
advance its business strategy and the industry as a whole.
Forward-looking information is subject to a variety of risks and
uncertainties and other factors that could cause plans, estimates
and actual results to vary materially from those projected in such
forward-looking information. Factors that could cause the
forward-looking information in this news release to change or to be
inaccurate include, but are not limited to, the risk that any of
the assumptions on which such forward looking information is based
vary or prove to be invalid, including that 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 equipment
failures, permitting delays, labor or contract disputes or
shortages of equipment or labor are encountered, 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 conditions),
the risk of commodity price and foreign exchange rate fluctuations,
that the offset operator’s operations have unexpected adverse
effects on the Company’s operations, 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 is
unable to access required capital, 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 and uncertainties
applicable to exploration and development activities and the
Company's business as set forth in the Company's management
discussion and analysis and its annual information form, both of
which are available for viewing under the Company's profile at
www.sedar.com, any of which could result in delays, cessation in
planned work or loss of one or more concessions and have an adverse
effect on the Company and its financial condition. The Company
undertakes no obligation to update these forward-looking
statements, other than as required by applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220317005973/en/
Wolf E. Regener +1 (805) 484-3613 Email:
wregener@kolibrienergy.com Website: www.kolibrienergy.com
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