Kolibri Global Energy Inc. Barnes 8-4H Well Currently Producing About 600 BOEPD
25 April 2022 - 8:59PM
Business Wire
Kolibri Global Energy Inc. (the “Company” or
“KEI”) (TSX: KEI, OTCQB: KGEIF) is providing an update on
the Barnes 8-4H well (98.07% working interest), in its Tishomingo
field in Oklahoma.
The Barnes 8-4H well has averaged about 600 Barrels of oil
equivalent per day “BOEPD” (515 Barrels of oil per day “BOPD”) for
the last few days as the well has been cleaning up from the
stimulation.
Wolf Regener, President and CEO, commented. “We are very pleased
about the early performance of the Barnes 8-4H well. These early
results are while the well is still flowing up casing as tubing is
scheduled to be installed later this week. Since the production
from the Barnes 8-4H is not hedged, the Company is generating
netbacks of over $50 per BOE from the production assuming a
$95/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, while the initial 30 day type curve utilized
by the Company’s management assumes a 472 BOEPD IP30 rate.
“Since we are only in the very beginning of the 30 day initial
production time period, there can be no assurance as to what the
Barnes 8-4H well’s 30-day initial rate or ultimate productivity
will be. Based on the current performance of the well and the
expectation that it will perform similar to our previous core area
wells, we anticipate that the well will end up with an IP30 rate
that is much higher than the reserve report proved forecast case
and above the type curve utilized by the Company’s management.”
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
In this news release and the Company’s other public disclosure:
The references to barrels of oil equivalent ("Boes") reflect
natural gas, natural gas liquids and oil. 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. 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. The type curve utilized by the Company’s
management is the average of the 7 Caney wells that are located in
the Corridor (well names can be found on the Company’s Corporate
presentation), with lateral lengths normalized to a 4,900 ft
lateral length, the other assumptions are the same as in the
Company’s December 31, 2021 independent reserves evaluation.
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 of the Barnes 8-4H well and tubing is
scheduled to be installed later this week.. 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/20220425005881/en/
Wolf E. Regener +1 (805) 484-3613 Email:
wregener@kolibrienergy.com Website: www.kolibrienergy.com
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