Kolibri Global Energy Inc. Announces New Senior Credit Facility
20 Mai 2022 - 12:00PM
Business Wire
Kolibri Global Energy Inc. (the “Company” or
“KEI”) (TSX: KEI, OTCQB: KGEIF (temporarily: KGEID)),
announces that its indirect wholly owned subsidiary BNK Petroleum
(US) Inc. (“BNK US”) has entered into a new US $75 million
revolving line of credit (“new facility”) from BOK Financial
(“BOKF”) with an initial commitment amount of US$20,000,000.
The new facility has a four year term and provides for interest
only payments until the June 2026 maturity date, with bi-annual
scheduled reserve redeterminations. Initial proceeds from the new
facility were used to fund the re-payment of BNK US’ previous
facility with BOKF. The new facility bears interest at a per annum
rate equal to an elected SOFR rate plus a margin ranging from 3% to
4%, depending on the borrowing base utilization amount. The Company
currently has US$16.2 million drawn on the new facility which bears
interest at 4.64%, assuming the current SOFR rate.
Post consolidation the Company’s ticker remains KEI on the TSX.
On the OTCQB due to the consolidation the ticker has temporarily
changed to KGEID for 20 business days, at which time it will revert
back to KGEIF.
Commenting on the new facility, Wolf Regener, President and CEO,
said, “We appreciate having BOKF’s continued support of our
Tishomingo project. The new loan provides us with additional credit
available and extended maturity to June 2026. We plan to use this
facility and our cash flow to continue our 2022 drilling program in
the 3rd quarter.”
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.
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, including statements regarding payments
under the credit facility and the Company’s plans and objectives.
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 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 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/20220520005069/en/
Wolf E. Regener, +1 (805) 484-3613 Email:
wregener@kolibrienergy.com Website: www.kolibrienergy.com
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