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THOUSAND OAKS, Calif. – Kolibri Global Energy Inc. (the “Company” or “Hummingbird”) (TSX: KEI, NASDAQ: KGEI) is pleased to provide additional information on its latest wells at its Tishomingo field in Oklahoma.
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Thirty-Day Flow Rates
Alicia Renee 2-11-3H’s (“Alicia 3H”) initial thirty-day average production was 1,062 Barrels of oil equivalent per day (“BOEPD”) (711 barrels of oil per day (“BOPD”)), Alicia Renee , 2-11-4H (“Alicia 4H”) estimated at 883 BOEPD (593 BOPD) and Alicia Renee 2-11-5H (“Alicia 5H”) is well estimated at 706 BOEPD (474 BOPD). Current production is approximately 1,080 BOEPD, 980 BOEPD, and 800 BOEPD, for Alicia 3H, Alicia 4H and Alicia 5H, respectively.
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Kolibri has a 100% working interest in the wells, which were drilled in 6 wells in a 1.5 mile lateral spacing pattern. The average cost of construction, drilling, and completion of these wells is estimated to be less than US$6.3 million per well. These costs include the estimated future costs of installing tubing and associated well completions. These estimated future costs are not expected to be incurred until next year, as the wells are still flowing casing and do not appear to require tubing until then.
Wolf Regener, President and CEO, commented, “We are very pleased with the way these long Caney wells have performed so far, and they are all still flowing. Also, the expected total required cost of less than US$6.3 million per well, combined with the positive production results to date, indicates that the wells may be more economical than we predicted. Assuming that the wells continue to perform as we expect, it should lead to showing the higher rates of profit and success that we expected. Even with the expected natural decline from the wells, adding these three wells to our existing production, which was 3,032 BOEPD for the quarter ended September 30, 2024, we expect our cash flow to increase significantly in the fourth quarter and in 2025. “
Information about the company Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is a North American energy company specializing in the discovery and operation of oil and gas energy projects. Through various subsidiaries, the Company owns and operates energy properties in the United States. The company continues to use its operational expertise to identify and acquire additional oil and gas projects. The Company’s shares trade on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI.
Warning statements
In this press release and other public disclosures of the Company: Barrels of oil equivalent (“Boes”) indicators represent natural gas, natural gas liquids and oil. Boes can be misleading, especially when used alone. The Boe conversion ratio of 6 Mcf:1 Bbl is based on the energy balance conversion method that applies primarily to the heat tip and does not represent an equivalent value at the wellhead. Given that the ratio of value based on the current price of crude oil to natural gas is very different from the 6:1 energy equivalent, using the conversion on a 6:1 basis may be misleading as an indicator of value. Probable reserves are those additional funds that can be guaranteed to be returned over potential reserves. There is a 10% chance that actual realized amounts will equal or exceed the sum of proven and probable reserves.
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Readers should note that references to initial production rates and other short-term production rates are preliminary and do not indicate long-term performance or ultimate availability. Readers are referred to a complete description of the Company’s December 31, 2023 independent reserve test results and other oil and gas information contained in its Amended and Restated Form 51-101F1 Statement of Reserve Data and Other Gas Reserve Information for the Year Ended. December 31, 2023, the Company filed on SEDAR on March 25, 2024.
Caution Regarding Forward-Looking Information
Certain statements contained in this press release include “forward-looking information” as such term is used in applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States securities laws (collectively, “forward-looking information”), including statements about the timing and the expected results of development of planned wells, wells performing as expected, including expected increases in production, cash flow, higher rates of profit and efficiency and and statements regarding the estimated cost of resources, drilling and completion of the Alicia 3H, Alicia 4H and Alicia 5H wells. Forward-looking information is based on the plans and estimates of management and the interpretation of data by the Company’s technical team on the date of data provision and is subject to several factors and management’s assumptions, including whether the indicators of preliminary results are reasonably accurate forecasts. the possibility of the existence of shale intervals, which required regulatory permits will be obtained when necessary, so that there are no unexpected delays, unexpected geological or other consequences, including floods and increased disruption due to bad or dangerous weather, equipment malfunctions, allowing delays or labor disputes or of the contract are met, that the necessary personnel and equipment will be obtained, and that the development plans of the Company and its affiliates will not change, the operations of the operator of the offset will continue as expected by management, that the demand for oil and gas will stabilize, that the price of oil will stabilize or increase, that the problems of the collection system will be solved, that the Company will continue to be able to obtain sufficient income through cash flows, loans, investments, farm entry or other participation programs to maintain its projects, and that global economic conditions will not deteriorate in a manner that adversely affects the Company’s business, its ability to advance its business strategy and the industry throughout. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to differ materially from those expressed in such forward-looking information. Factors that could cause forward-looking information in this press release to change or be inaccurate include, but are not limited to, the risk that any assumptions on which such forward-looking information is based vary or prove to be invalid, including. that the Company or its subsidiaries are unable for any reason to obtain and provide information necessary to secure the necessary approvals or that the necessary regulatory approvals are not obtained when required, that unexpected geological results are encountered, that equipment failures, permitting delays, labor or contractual disputes or material shortages , labor or materials, risks associated with the oil and gas industry (eg operational risks in development, exploration and production; delays or changes in plans regarding exploration and development projects or capital cost and resource estimates and estimates relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended disruption due to adverse or hazardous weather), commodity price risk and rate fluctuations of foreign exchange, that the operation of the offset operator has had unexpected adverse effects on the Company’s performance, that the completion techniques need further development, that production. prices do not match the Company’s projections, that the production rates are very low or none are achieved, that the operator of the gathering system does not find the problems solved, that the price of oil will fall, that the Company cannot obtain the necessary funds, events such as those assumed will not occur, do occur, and those assumed conditions will continue or improve, not continue or improve, and other risks and uncertainties applicable to the evaluation and development of the Company’s business as set forth in the Company’s management discussion and the analysis and its annual information form, both of which are available for viewing under Company. profile on www.sedar.comany of which may result in the delay, abandonment of scheduled work or the loss of one or more leases and have an adverse effect on the Company and its financial condition. The Company undertakes no obligation to update these forward-looking statements, except as required by applicable law.
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A Warning About Future-Oriented Financial Information and Financial Perspective
These news releases may contain information that is considered “forward-looking financial information” or “financial opinion” (collectively, “FOFI”) within the meaning of applicable securities laws. FOFI is prepared by management to provide an overview of the Company’s operations and results and may not be suitable for other purposes. FOFI has been prepared based on a number of assumptions including the assumptions discussed above under “Caution Regarding Forward-Looking Information”. The Company’s actual results of operations and resulting financial results may differ from the amounts set forth herein, and such differences may be material. The Company and management believe that FOFI has been prepared appropriately, reflecting management’s best estimates and judgments. The FOFI contained in this news release is made as of the date of the news release and the Company disclaims any intention or obligation to revise or update any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless otherwise stated. required pursuant to applicable law.
View the source version on businesswire.com: https://www.businesswire.com/news/home/20241205133465/en/
Contacts
For more information, contact:
Wolf E. Regener +1 (805) 484-3613
Email: wregener@kolibrienergy.com
Website: www.kolibrienergy.com
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