Kolibri's Tishomingo wells producing 6,000 boepd

Executive Summary

• Kolibri Global Energy Inc. provided an operations update on its Tishomingo field in Oklahoma, reporting current production exceeding 6,000 barrels of oil equivalent per day (boepd).
• The company detailed the performance of newly completed Barnes and Velin wells, noting successful fracture stimulations and flowback activities, while highlighting strong economic metrics for the Lovina wells.
• Internal analysis indicates the Lovina wells offer strong economics, with forecasted internal rates of return (IRR) of 33% at $60/bbl and 48% at $70/bbl, matching independent reserves evaluator forecasts for ultimate oil recovery.

Key Details

• Field Production: The Tishomingo field, including new Barnes and Velin wells, is currently producing over 6,000 boepd. This rate includes offsetting wells shut in for fracture stimulations, some of which are dewatering or producing at higher rates than prior to being shut in.
• Barnes Wells Performance:
  • Wells: Barnes 6-31-2H and Barnes 6-4H (100% working interest).
  • Status: Successfully fracture stimulated with all planned proppant placed; currently flowing back stimulation fluid.
  • Production: Averaging approximately 465 boepd each (395 barrels of oil per day).
  • Composition: High oil percentage (85%).
  • Analysis: Production rates on a comparable lateral length basis are slightly higher than the earlier Lovina wells. The company believes the entire 1.5-mile lateral of the Barnes 6-31-2H is not yet contributing fully.
  • Future Actions: Production tubing strings are scheduled to be run in early 2026 to improve production rates.
• Lovina Wells Performance:
  • Location: Southern part of acreage, between Emery and Glenn wells.
  • Performance: Exhibiting lower decline rates than previously drilled wells.
  • Economics (Internal Analysis based on 4 months of data):
    • At $60/bbl oil price: 33% Internal Rate of Return (IRR).
    • At $70/bbl oil price: 48% Internal Rate of Return (IRR).
  • Reserves: Forecasted average ultimate oil recovery matches the independent qualified reserves evaluator (IQRE) report effective Dec. 31, 2024.
  • Composition: Producing less gas and NGLs and slightly more oil than anticipated in the IQRE report.
• Velin Wells Performance:
  • Wells: Velin 12-9H and Velin 12-10H (97% working interest).
  • Status: Drilled ~2 years ago; fracture stimulated immediately prior to Barnes wells; started flowing back after Barnes completion.
  • Production: Averaging approximately 200 boepd (145 bopd), which is lower than anticipated.
  • Contributing Factors: Extended shut-in time due to proximity to Barnes wellbores (standard industry practice) and lower initial flowing pressures despite deeper structural position.
  • Geology: Presence of increased natural healed fractures and small-scale faulting, potentially due to adjacency to a large structural uplift.
  • Future Actions: Tubing is currently being run to assist fracture fluid flowback; improved flow rates are expected once more fluid is recovered.

Notable Quotes

• Wolf Regener, President and CEO: "Over all, I'm very pleased with how well the field continues to perform, with current production over 6,000 boepd. It is great to see the high oil percentage of our recent wells, which is helping to improve the company's netbacks."
• Wolf Regener, President and CEO: "The early production profile of the Lovina wells was different than many of our previous wells, and we are glad to see them achieving the lower decline rates, predicted by our team, resulting in the strong forecasted IRRs. The early production data from the Barnes wells is very similar, including the high oil percentages, so we are hopeful that those wells will have similar results."