Kolibri Global Energy Inc. Barnes 7-3H Well Currently Producing Over 1,000 BOEPD
31 März 2022 - 2:30PM
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), in its Tishomingo
field in Oklahoma.
The Barnes 7-3H well has averaged over 920 Barrels of oil
equivalent per day “BOEPD” (730 Barrels of oil per day “BOPD”) for
the last 14 days with current production of about 1,050 BOEPD (830
BOPD). The Company has achieved these results utilizing a
controlled flowback on the well to optimize long-term production
and recoveries.
Wolf Regener, President and CEO, commented. “We are beyond
thrilled about the early performance of the Barnes 7-3H well as it
is exceeding even our most optimistic forecasts. Since the
production from the Barnes 7-3H is not hedged, the Company is
generating netbacks of over $55 per BOE from the production
assuming a $100/barrel oil price. To put the well performance in
perspective, the 30 day proved forecast curve case initial
production rate (IP30) utilized by our third-party engineering firm
for our reserve report is 388 BOEPD or 37% of what the Barnes 7-3H
is currently producing. The initial 30 day type curve utilized by
the Company’s management assumes a 472 BOEPD IP30 rate, and the
best well we have in the field had a 630 BOEPD IP30 rate.
“Since we are only halfway through the 30 day initial production
time period, there can be no assurance as to what the Barnes 7-3H
well’s 30-day initial rate or ultimate productivity will be. Based
on the current performance, we anticipate that the well will end up
with an IP30 rate that is much higher than the reserve report
proved forecast case, well above our KEI type curve and has a good
chance of being around the current 14 day average. The current
production from this well has doubled our production in the
field.
“We are in discussions with several subcontractors and
anticipate beginning completion operations for the Barnes 8-4H
sometime in the first three weeks of April.”
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, the
anticipated IP30 rate and beginning completion operations for the
Barnes 8-4H sometime in the first three weeks of April.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220331005428/en/
For further information, contact: Wolf E. Regener +1
(805) 484-3613 Email: wregener@kolibrienergy.com Website:
www.kolibrienergy.com
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