Kolibri Global Energy Inc. Completion Operations Underway on Barnes 8-4H Well
05 April 2022 - 8:09PM
Business Wire
Kolibri Global Energy Inc. (the “Company” or
“KEI”) (TSX: KEI, OTCQB: KGEIF), is pleased to announce that
its indirect wholly-owned subsidiary BNK Petroleum (US) Inc. (“BNK
US”) has started completion operations on the Barnes 8-4H well
(99.8% working interest) in its Tishomingo field in Oklahoma.
Wolf Regener, President, and CEO, commented. “Completion
operations have started this morning and are expected to be
finished within the next two weeks. The wellbore will then be
cleaned out after which flow back of the well can begin. The
Company will update the market when we have stabilized production
rates which are expected by the end of April.
After our outstanding results from the Barnes 7-3H well, we are
eager to bring the Barnes 8-4H well on production. The Barnes 8-4H
is also located in the heart of our field and our operations team
is using the same stimulation design that was used on the Barnes
7-3H well. We look forward to bringing on additional new production
with unhedged current pricing of over $100 per barrel.
“The Barnes 7-3H well is still producing at a much higher rate
than any of our previous wells and over the last five days has
continued to average over 1,000 barrels of oil equivalent a
day.”
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
expected timing to finish completion operations, the expected
timing of stabilized production rates, and the Company bringing on
additional new production with unhedged current pricing of over
$100 per barrel. 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 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/20220405006133/en/
Wolf E. Regener +1 (805) 484-3613 Email:
wregener@kolibrienergy.com Website: www.kolibrienergy.com
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