Kolibri provides production update from Oklahoma wells

Executive Summary

• Kolibri Global Energy Inc. provided an operations update on its Tishomingo field in Oklahoma, highlighting strong initial production rates from the Lovina wells and ongoing flowback activities at the Forguson well.
• The company noted that the Lovina wells are producing a significantly higher percentage of oil (approximately 93%) compared to previous wells, which is expected to result in lower decline rates and higher netbacks.
• Future drilling plans include the Barnes 6-31-2H and 6-31-3H wells, both featuring 1.5-mile laterals with 100% working interest, while the Forguson well continues to test the economics of the company's eastern acreage.

Key Details

• Lovina Wells Production (30-day average):
  • Lovina 9-16-1H: 565 BOEPD (463 BOPD).
  • Lovina 9-16-2H: 629 BOEPD (510 BOPD).
  • Lovina 9-16-3H: 510 BOEPD (413 BOPD).
  • Lovina 9-16-4H: 428 BOEPD (355 BOPD).
• Production Performance:
  • Combined production from the four Lovina wells exceeds previously disclosed early initial production rates.
  • The 3H production rate increased by 22% and the 4H rate increased by 33% from initial rates.
  • The wells produce approximately 7% natural gas, resulting in a high oil percentage.
  • Higher oil content and longer well lengths, combined with controlled flowback, are expected to lead to lower decline rates.
• Forguson Well Status:
  • Well ID: Forguson 17-20-3H.
  • Current Production: Approximately 160 BOEPD (115 BOPD).
  • Flowback Status: Continuing to flow back fracture stimulation fluid; only ~2.6% of fluid recovered (compared to 7-10% for Lovina wells).
  • Working Interest: Kolibri has a 46% working interest.
  • Strategic Importance: Tests the economics of 3,000 acres on the eastern side of the field. This acreage is not included in the Dec. 31, 2024, reserve report. The Caney target here is shallower but has similar characteristics to the main field.
• Upcoming Drilling Plans:
  • Barnes 6-31-2H: Casing is currently being run.
  • Barnes 6-31-3H: Planned to be drilled after the 2H well.
  • Well Specs: Both wells planned to have 1.5-mile laterals.
  • Working Interest: Kolibri holds 100% working interest in both Barnes wells.
  • Completion: Planned to occur simultaneously with previously drilled Velin wells.

Notable Quotes

• Wolf Regener, President and CEO: "Operations on all fronts are proceeding well. The high oil percentage from the Lovina wells is expected to lead to higher netbacks for the company and slower decline rates."
• Wolf Regener, President and CEO: "If the Forguson well proves to be economic, in addition to adding cash flow, it could lead to additional development locations for the company."
• Wolf Regener, President and CEO: "We are looking forward to the additional production and cash flow from all of these wells, which we expect will significantly increase the company's cash flow and add incremental value to our shareholders."