KGEI

This article first appeared on GuruFocus. Revenue: $22.5 million in Q2 2026, a 109% increase year-over-year, marking the highest quarterly revenue in company history. Production: Average production rose 46% to 4,690 BOE per day, up from 3,220 BOE per day in the prior year quarter. Net Income: $8.5 million, or $0.24 basic EPS, compared to $2.9 million and $0.08 per share in Q2 2025, an increase of nearly 200%. Adjusted EBITDA: $16.4 million, up 114% from $7.7 million in the prior year quarter. Netback from Operations: $43.92 per BOE, a 48% increase from $29.66 per BOE in Q2 2025. Production and Operating Expense: Averaged $8.90 per BOE, up 24% from $7.15 per BOE, due to workover costs and higher water hauling costs. Year-to-Date Revenue: $42.1 million for the first half of 2026, up 55% from $27.2 million in the prior year period. Year-to-Date Net Income: $12.5 million, or $0.35 basic EPS, compared to $8.6 million and $0.24 per share in the prior year period. Year-to-Date Adjusted EBITDA: $31.3 million, up 52% from $20.5 million in the prior year period. Year-to-Date Netback from Operations: $41.18 per BOE, a 21% increase from $34.05 per BOE. Borrowing Base: Increased by 15% to $75 million from $65 million following a credit facility redetermination. Warning! GuruFocus has detected 4 Warning Sign with KGEI. Is KGEI fairly valued? Test your thesis with our free DCF calculator. Release Date: August 13, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record quarterly revenue of $22.5 million, up 109% year-over-year, driven by a 46% increase in production and a 41% increase in average prices. Adjusted EBITDA reached an all-time high of $16.4 million, a 114% increase from the prior year quarter. Net income surged nearly 200% to $8.5 million, with basic EPS of $0.24 per share. Borrowing base increased by 15% to $75 million, providing greater financial flexibility and reflecting growing asset value. Exciting growth catalysts: drilling of the first False Caney well (Lovina 8-5-1HF) and completion of three Clifton Mack wells, expected to boost production in Q4. Three wells were shut in for one-third of the quarter due to drilling proximity to existing wells, temporarily reducing production. Production and operating expenses increased 24% to $8.90 per BOE, driven by workover costs on a non-operated well and higher water hauling costs. Realized losses on commodity contracts negatively impacted adjusted EBITDA and net income. Higher operating expenses, depletion, and interest expenses partially offset revenue gains. Cost pressures from rising chemical costs and higher drilling costs for the Clifton Mack wells due to unexpected pressure intervals, though management expects these to be isolated. Q: Can you explain the strength in 2Q production, which showed virtually no sequential decline despite no new wells being added in the first half of the year?A: Wolf Regener, President and CEO, explained that the wells are performing well. When new wells are brought online, they flow for a period before being put on artificial lift. The transition to gas lift provided a temporary production boost, reversing some of the natural decline. He cautioned that production will not stay flat until the new wells are brought online, which will push volumes back up. Q: What factors could cause production to come in at the higher end of the updated guidance range?A: Wolf Regener stated that the performance of the four new wells being completed is the biggest variable. Since these wells have high initial production rates, their performance will significantly impact the forecast. He noted that bringing on four wells at once "really moves the needle a lot one way or another" and is the primary factor that could push results to the higher end of the guidance. Q: What is the rationale for drilling the Lovina 8-5-1HF well as a two-mile lateral, and what are the expectations for the False Caney formation test?A: Wolf Regener explained that the two-mile lateral is possible because the area is geologically "quiet" with less faulting and dip, and the company has good well control. He is highly optimistic about the False Caney test, citing a whole core showing high oil saturation and excellent log characteristics. He believes a successful well could open the door to many more locations and significant reserve additions, potentially comparable to the Caney formation's 40 million barrels of proved reserves, even if the zone is thinner. Q: How will you evaluate the success of the False Caney well, and how might its initial production rates compare to the existing Caney wells?A: Wolf Regener stated that success will be determined by the flow rates, the 30-day production rate, and subsequent decline rates. He hopes the well will be "very definitive right off the bat." While he hopes it will produce at least as much as the Caney wells and potentially have higher IPs, he was cautious not to lead expectations too much, preferring to let the production data speak for itself. Q: Are there any concerns about the performance of the Alicia Renee wells that were shut in during drilling, and what is expected when they are brought back online?A: Wolf Regener clarified that the shut-ins were a precautionary measure due to the need to drill the new Clifton Mack wells close to the existing wellbores to navigate around faults. He noted that even if the new wells intersect the old ones, it would only be at the very heel and should not significantly affect either. He anticipates a "bunch of flush production" from the Alicia Renee wells when they are brought back online, as they do not produce much water. Q: Can you provide more details on the casing issues and higher pressures encountered on the Clifton Mack wells, and what was the resulting cost impact?A: Wolf Regener clarified it was not a casing failure but a need for extra casing strings. The wells encountered a shallower, lower-pressure interval not seen elsewhere in the field, requiring an additional string to isolate it, and higher pressures at the bottom required another string before drilling the lateral. He declined to specify the exact cost overrun, stating it would require a new press release to disseminate that information, but confirmed the wells were more expensive than normal. He added that the company's guidance for standard Caney well costs remains unchanged for the rest of the field. Q: Was the lower oil cut in the second quarter a one-off event or a sign that base wells are getting gassier?A: Gary Johnson, CFO, explained that the low oil cut was skewed by the gas purchaser volume adjustment. In May and June, the oil cut was tracking at 70%. Wolf Regener added that the 74% oil cut in Q1 was due to new wells coming on with a higher oil percentage. While oil production is tracking as expected, the new wells have brought in more associated gas than anticipated, which has lowered the overall oil cut on a BOE basis. Q: Do you expect the higher water hauling costs and workover expenses to continue through the rest of the year?A: Gary Johnson stated that the workover costs on the non-operated well, which were incurred in both Q1 and Q2, should now stop. Regarding water hauling costs, he expects them to "temper down" throughout the year, though they may still be slightly higher than last year. Wolf Regener added that the company is implementing physical solutions to reduce rising chemical costs. Q: Are you seeing general cost pressures in the field?A: Wolf Regener acknowledged some cost escalation, particularly in chemical costs, which have increased. The company is taking steps to mitigate this by implementing physical measures to reduce chemical usage. He characterized the overall cost increases as "nothing too bad." For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. Thursday, Aug. 13, 2026, at 12 p.m. ET President and Chief Executive Officer-Wolf Regener Chief Financial Officer-Gary Johnson Operator: Good day, and welcome to the Kolibri Global Energy's Second Quarter 2026 Financials Conference Call. [Operator Instructions] Please note this event is being recorded. I advise participants that this conference call is being recorded today, August 13, 2026. This call will be available on the company's website at www.kolibrienergy.com. Here is a disclaimer. This call may include forward-looking statements -- forward-looking information regarding Kolibri's strategic plans, anticipated production, capital expenditures, exit rates, cash flows, reserves and other estimates and forecasts. Forward-looking information is subject to risks and uncertainties, and actual results will vary from the forward-looking statements. This call may include future-oriented financial information and financial outlook information, which Kolibri discloses in order to provide readers with a more complete perspective on Kolibri's potential future operations, and such information may not be appropriate for other purposes. For a description of the assumptions on which such forward-looking information is based on the applicable risks and uncertainties and Kolibri's policy for updating such statements, we direct you to Kolibri's most recent annual information form and management discussion and analysis for the period under discussion as well as Kolibri's most recent corporate presentation, all of which are available on Kolibri's website. Listeners should not place undue reliance on forward-looking information. Kolibri undertakes no obligation to update any forward-looking future-oriented financial or financial outlook information other than the required by applicable law. I would now like to turn the call over to Mr. Wolf Regener, the President and CEO of Kolibri Energy, Inc. Please go ahead, sir. Wolf E. Regener: Thank you, and thank you, everyone, for joining us today. With me on today's call is also Gary Johnson, our Chief Financial Officer. So as hopefully, everyone has seen, we released our second quarter 2026 results this morning. And if you looked at them, I hope you share our excitement about the results. To say we are very pleased, it's an understatement. Our second quarter resulted in the company having its highest quarterly revenue, production and adjusted EBITDA in the history of the company. And this is in spite of having 3 of our wells shut in for 1/3 of the quarter. We also finished drilling the 3 Clifton Mack wells and are looking forward to beginning the completion operations on those shortly. I'm also very excited that we're starting to drill the Lovina 8-5-1HF well, which is our first test of the False Caney formation. I'm looking forward to testing this bench in our field. I'm excited about this because of all the data we have. We have a whole core that shows that the False Caney is highly oil saturated and it has excellent characteristics on logs from numerous wells in the field. I'm looking forward to the exciting times ahead for our company. With that, I'll now turn over the call to Gary to discuss our financial results. Go ahead, Gary. Gary W. Johnson: Thanks, Wolf, and thanks, everyone, for joining the call. I'm going to go over a few highlights of the second quarter and the year-to-date results, then we take questions at the end of the call. All amounts are in U.S. dollars unless otherwise stated. I'll start by going over the second quarter. As you may have seen in our press release, our second quarter revenue was $22.5 million, which was our highest quarterly revenue in the company's history. Revenue increased by 109% from the prior year second quarter due to a 46% production increase and a 41% increase in average prices. Average production was up 46% to 4,690 BOE per day, compared to 3,220 BOE per day in the prior year quarter. That increase was due to the production from the wells that were drilled and completed during the second half of '25. Net income was $8.5 million and basic EPS was $0.24 per share, compared to $2.9 million and basic EPS of $0.08 per share in the prior year second quarter, which was an increase of almost 200%. The increase was due to higher revenue and an unrealized gain on commodity contracts, partially offset by higher operating expense and depletion expense due to the higher production. Adjusted EBITDA was $16.4 million compared to $7.7 million in the prior year quarter, which was an increase of 114% due to higher revenues, partially offset by higher OpEx and a realized loss on commodity contracts. Our netback from operations increased to $43.92 per BOE compared to $29.66 per BOE in the prior year quarter, which was an increase of 48%. This was due to higher average prices for the quarter, which were partially offset by higher operating expenses. Production and operating expense averaged $8.90 per BOE for the quarter, compared to $7.15 per BOE in the prior quarter, which was an increase of 24%. This increase was due to workover costs for a non-operated well, which added $0.59 per BOE and also temporarily higher water hauling costs compared to '25. So moving on to the year-to-date June results. Net revenue increased by 55% to $42.1 million compared to $27.2 million due to a 29% increase in production and a 19% increase in average prices. Average production for year-to-date June was up 29% to 4,688 BOE per day, compared to 3,646 BOE per day in the prior year period. And this increase was again due to production from the wells that were drilled during the last half of '25. Net income was $12.5 million and basic EPS was $0.35 per share compared to $8.6 million and basic EPS of $0.24 per share in the prior year period. The increase was due to higher revenue, partially offset by higher operating expense and depletion expense due to the higher production, higher interest expense and a realized loss on our commodity contracts in '26. Adjusted EBITDA was $31.3 million, compared to $20.5 million in the prior year period, an increase of 52% due to higher revenue, partially offset by higher operating expenses and a realized loss on commodity contracts. Netback from operations increased by 21% to $41.18 per BOE compared to $34.05 per BOE in the prior year period. This was due to higher average prices, partially offset by higher operating expenses. I also wanted to add that our credit facility was redetermined in the second quarter, and our borrowing base was increased by 15% from $65 million to $75 million. The continued increase in our borrowing base gives us more flexibility in managing our working capital going forward and also demonstrates the growing value of our property. So as you can see, last year's drilling program led to significant increases in revenue and cash flow across both the second quarter and the first half of the year. We anticipate the 4 new wells in our 2026 drilling program will add on to this growth, primarily in the fourth quarter when the wells are expected to be contributing a full quarter of production. And with that, I'll hand it back to Wolf. Wolf E. Regener: Thanks, Gary. As Gary laid out, we had a great quarter with us hitting our highest ever quarterly revenue, production and adjusted EBITDA. And we're looking forward to more growth from the 4 new wells coming online. In addition, as I said in the beginning of the call, also really looking to the False Caney test. Having a successful False Caney well can open up the door to many more locations, reserves and thus value creation for all shareholders. And that is what I believe we are all here to do. This concludes the formal part of our presentation, and we'd be happy to answer any questions you may now have. Operator: [Operator Instructions] And the first question will come from Steve Ferazani with Sidoti. Steve Ferazani: Obviously, great quarter. Wolf, the surprise to us was the strength in the 2Q production and the fact that they're really -- even if we factor in the volume adjustment by the gas purchaser, it's largely offset by the shut-in of the Alicia Renee wells. We exclude that, and there's virtually no sequential decline in production even though you added no new volume in the first half. And I'm just trying to figure out how that happens? Wolf E. Regener: Wells did well. But yes, no, the wells are performing well. And when we bring these wells on, they flow for a while and then we put them on lift. And so we got a little boost again when we put them on lift, they had a little decline and then came back up again on that. And now they'll start the normal decline after that as well. So we're not going to stay flatline, unfortunately, until we fill these new wells on, which will go back up again. So that's [indiscernible] what's going on. Steve Ferazani: But when I think about that, were you -- those -- the 4Q wells, was it the Barnes [indiscernible], were you still optimizing those wells within Q1? Is that part of the factor here? Wolf E. Regener: Yes. Well, it's more along the lines of what I mentioned as far as bringing the gas compression into the gas lift that helps it out again, right? So you have some decline in what's happening and then you can reverse some of that when you bring that on... Steve Ferazani: Got it. Gary, the gas purchaser volume adjustment, what quarter was that from? I'm just trying to figure out how it factored into your gas and NGL realized price? Gary W. Johnson: It's related to several periods in the past, going back to '24 actually. So it's -- but just certain wells. But yes, it goes back quite a few months, quite a few years, actually. Steve Ferazani: Got it. Got it. You provided the updated guidance late June. Were there any new factors that weren't included in that guide, so we know we had the volume adjustment. I'm assuming late June, you knew that. You knew the shut-in of the Alicia Renee wells. I'm sure you had a reasonable sense of the timing of the 3 wells you're completing now. Any factors we should be thinking about that were not in that guide? Wolf E. Regener: No, it will just depend on how these wells do -- that they're coming on the 4 wells. That's really the biggest factor on the... Steve Ferazani: But that's really what puts you... Wolf E. Regener: On the guidance test, yes, because it's a lot of production coming on at once, right? And I mean, while our production has been growing nicely, right, close to 5,000 BOE. And -- but still bringing on 4 wells at a time that have high IPs really moves the needle a lot one way or another for a forecast. So that's our biggest variable, I'll say. Steve Ferazani: That's what would put you to the higher end. Because right now, you'd be -- I mean, to hit the low end of guidance, second half would be flat to first half. So it's reasonable to start thinking probably the low end is less low risk? Wolf E. Regener: I don't want to overpromise anything, so I'm guessing... Steve Ferazani: Yes, I understand... Wolf E. Regener: Our guidance is what we have... Steve Ferazani: I'm trying to guess just anyway. Wolf E. Regener: Sorry, I'm not going to speculate. No offense. Steve Ferazani: But bigger picture, 3Q is -- based on the guide, 3Q is like is it going to be your low production quarter, 4Q is expected to be the high production quarter for the year? Wolf E. Regener: Correct. You're absolutely right. Steve Ferazani: Okay. And then is the Lovina well in general, so it's a 2-mile well. You haven't done -- 2-mile lateral, you haven't done that before. How much of that is because it's in the False Caney or how much of it is the geographical location in the field, what's allowing you to try the 2-mile lateral for the first time? Wolf E. Regener: Even on these 1.5 mile laterals, some of them are a little bit longer because they're sometimes coming into a section back a bit. So some of these not 1.5s, they are actually a little bit longer. But really -- I mean, it's a quiet area. We've had no -- we've been able to steer still at the end of our laterals. That was the hardest part for us in the beginning when we just had 1 mile laterals because we do have quite a bit of dip here. We've made this because that we don't have quite as much dip here. It's in the quiet area of the field where we don't see a whole lot of faulting. We have good control around it. So we feel comfortable that we can push it to the 2 miles out here on this well. Steve Ferazani: Got it. It's an exciting time. What would make you -- what are the factors in deciding whether you'll complete it or not or we don't know? Wolf E. Regener: I would imagine -- unless we have a horrible drilling issue, we say we'll be completing that. Steve Ferazani: Which would then and that's the plan... Wolf E. Regener: I can't imagine any scenario where we wouldn't. Steve Ferazani: And would you be using -- the timing-wise, would you be using the same spread? Wolf E. Regener: It's probably -- I don't know if it's going to be the same or not. It will be a matter of timing, who's available for the right price too, right? So it is timing as well. So as soon as we're done drilling, we'd like to get the completion crew in as quickly as possible, much like we're doing on the Clifton Mack wells here. Steve Ferazani: Got it. Last one for me, just on the update on your production and operating costs. The water hauling, do you expect that to continue through this year? The workover is isolated to this quarter, fair? Wolf E. Regener: Yes, the workover is definitely isolated to the quarter... Gary W. Johnson: It was actually the first half because it was in the first quarter as well. The workover from our non-op was both quarters, but, yes, it should stop now. But the water hauling... Wolf E. Regener: I think it should [indiscernible] how much we spent on 1 well. Gary W. Johnson: Yes, we were [indiscernible]. Steve Ferazani: And the water hauling, Gary, do you think that -- does that temper here? Or is it around this level for the year? Gary W. Johnson: I mean, it's definitely going down throughout the quarter -- I mean, throughout the year so far. But I mean, it might be -- it's probably going to be higher than last year a little bit, but not much, but definitely going to taper down. Steve Ferazani: Got it. And then just generally on cost pressures, are you seeing them around your field? Wolf E. Regener: We've had some increases. I mean some of our chemical costs have come up and up. And so we're putting actually some physical things in to try to knock those chemical costs down again. So we're in early stages of that. We think we're making some progress on that. But yes, I mean, there's been some cost escalation, but nothing too bad. Operator: The next question will come from Nicholas Pope with ROTH Capital. Nicholas Pope: I got a couple of quick questions here on the operations front. Curious, with that Lavina well, first test here in the False Caney, you said you had that whole core look oil saturated. Curious what -- I guess, what's remaining from a risk standpoint as you kind of look at that well and how you all are expecting to communicate with the Street the kind of results of that well or maybe what you view as kind of successful relative to kind of what we're seeing in kind of the core Caney wells that you're already drilling, maybe comparing it with that. Wolf E. Regener: Yes. Yes. So on a prospective basis, it's -- the zone is a little thinner. You can see that on our presentation, too, with how we -- it's more cartoonish than it is relative to one another. So it's a little thinner than the Caney itself. But if you look at how much acreage we have in our proved reserves for our Caney itself, it's like 11,500 acres net to us. And the Caney, we think has prospective over about 9,900 acres. So it's not as thick, and we have a lot of reserves in the Caney, right? We have 40 million barrels proved in the Caney itself. So even if the False Caney is thinner, even if you want to cut it in half, we're looking at something comparable, but we're hoping to be able to get a lot of reserves if we can make this work and it's repeatable. So really, what we're looking for is having a good well that's steered in this interval. We'll get the cuttings and get the analysis as we're drilling it as well. So we have a feel for what the rock looks like. Not anticipating any big surprises on that front. And then it will come down to just what the flow rates are from it and then what ultimately are the decline rates. But we've liked that core for a long time because it's a little thinner. We think the 2-mile laterals really make the economics work really well. And our steering has gotten better and better with the newer tools over the last 5, 6 years even. So we have high hopes that we're going to keep it where we want it, but our geology is going to be good, and it should be with the control we have and that we'll make a good well. And then there'll be what the flow rates are and what the 30-day rate is and actually declines thereafter. So it's hopefully going to be pretty -- I'm hoping it's very definitive right off the bat. Nicholas Pope: And how are you expecting these wells like their initial rates to compare to the -- for the Caney itself? Or is it too early? I'm hoping... Wolf E. Regener: It's really too early. I mean I'm hoping we're making at least what the Caney wells are. It might have higher IPs maybe, but the perms look a little better, but we'll see. Let's let the production speak for itself when we do it. So I don't want to lead anyone too much one way or another on this. Nicholas Pope: Got it. Appreciate that. And then looking at these Alicia Renee wells that are shut in. Curious if there's any concern about performance once those come back online when the Clifton Mack wells are done? Or it's pretty straightforward to... Wolf E. Regener: No, not at all. Yes. So it's just the way we had to redesign the programs, we had to drill them closer into where those were just to get around some of the faults that we found when we drilled that first one. And so it's -- that's the reason that they shut in. It's just we're drilling really close to where those other wellbores were, but it's the very toe end of those wellbores that are hitting the heel of the Clifton Mack wells. So even if we crack into it a little bit, it's just at the very heel of it and shouldn't affect the Clifton Mack much or the Alicia Renee much. And our wells in general, we actually get a bunch of flush production after these wells have been shut in for a while because they don't produce a whole lot of water. That's just the water that we've injected or it slowly comes back over time. So I'm anticipating some flush production out of the Alicia Renee when they come back on. Operator: [Operator Instructions] Our next question will come from Richard Dearnley with Longport Partners. Richard Dearnley: The Clifton Mack wells with the casing problem was because one of the things was too much pressure. How much more pressure did they have than what you were expecting or versus the standard average Caney well? Wolf E. Regener: Yes. And let me say it's not so much a casing issue. It's just that we had to use extra casing strings in these wells. So we had a lower pressure interval that was up shallower that we've not had in other areas of the field just in this area. So we had to put an extra casing string across that to isolate that. And then there were some higher pressures down at the bottom. So before we drilled the lateral, we set another string right there before we drilled the lateral in order to hold everything back and keep everything isolated. That's kind of tough. It's always been kind of a tougher interval for us right at that transition from the Springer into the Caney formation. So really, that's the extra security that was there for these wells that we felt that we had to do in order to go forward. Yes, it showed us higher pressures. I don't have a quantifiable number on that. And so we'll just see what she does when we come back. Really, the only pressure we can really get is once we actually fracture stimulate and start getting fluid back out of the rock. So for that, it's -- we use higher mud weights here to drill it to keep everything in place. So that's the reason for the higher pressures that we mentioned. Richard Dearnley: Right. And what did they end up costing? Wolf E. Regener: Well, we haven't specified it specifically, but they were more expensive than our normal wells. Richard Dearnley: Is that classified info? Wolf E. Regener: No, just we haven't disclosed yet. So I can't -- whatever we didn't specifically put in the press release, so I can't say on the call either because otherwise, we have to do another press release to disseminate that information. I'm not trying to be difficult, but have to be careful about what we disseminate to everyone per the rules. Richard Dearnley: Right. Well, it would be useful to know that when you release the IP or EUR estimates, just the background. And... Wolf E. Regener: Absolutely, I understand. But the good part is that -- the part is no matter what these wells cost, we're still guiding toward our normal Caney wells still being that same cost because in the rest of the field, we don't have to do these extra casing strings. Richard Dearnley: Right, right. And is the gas oil ratio heading north this quarter, is that a one-off or the base -- the average -- your base wells getting gasier? Wolf E. Regener: No, it's -- so part of it is this adjustment that came in that dropped it down a bit lower as well. And you'll see we have a note in our -- I can't remember in the press release or the MD&A... Gary W. Johnson: MD&A. Yes, it was 70% in May and June. So it kind of got skewed by that adjustment for the quarter. That's why it was really low. But yes, so we're tracking, set the max at 70% in the last few months. Wolf E. Regener: Yes. And basically, the 74% that was in the first quarter was the new wells that came on had a higher percentage oil -- oil percent. And while the oil is tracking what the decline has been, we did start getting additional gas coming in. So they're actually on a BOE basis came up a little bit more than expected. Oil stayed kind of what we expected, but more gas came in, so that dropped that down a bit. Richard Dearnley: Okay. And you said that you expect the False Caney well to be oil saturated. Well, your base is very oil saturated already. Are you expecting higher oil saturation from the False Caney? Wolf E. Regener: No, we won't know what the percentage is until we drill it. But all we're saying is that when you have whole core, our Caney was oil saturated as well. So it's just an indication that there is oil in the False Caney. And then what the rates are and what the percentage oil to gas is, we'll see when we fracture stimulate and when we produce them back. Operator: And this will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Wolf Regener for any closing remarks. Please go ahead, sir. Wolf E. Regener: I just want to thank everyone for being supportive of the company and shareholders and also taking the time to listen to us today and ask questions, et cetera. Thank you, everyone. Have a great day. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. 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Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved record quarterly revenue, production, and adjusted EBITDA despite having three wells shut in for approximately one-third of the period. Production growth of 46% year-over-year was primarily driven by the full contribution of wells drilled and completed during the second half of 2025. Netback from operations increased 48% to $43.92 per BOE, benefiting from a 41% rise in average realized prices which offset higher operating expenses. Management attributed the sequential production stability to optimizing gas lift and compression, which provided a boost to wells as they transitioned from natural flow. Operating expenses rose 24% to $8.90 per BOE due to non-operated workover costs and temporarily elevated water hauling expenses. Strategic focus has shifted to testing the False Caney formation, where core data indicates high oil saturation and favorable log characteristics across the field. The company successfully expanded its credit facility borrowing base by 15% to $75 million, providing increased liquidity for future development. Anticipate significant production growth in the fourth quarter of 2026 as four new wells are expected to contribute a full quarter of volume. The Lovina 8-5-1HF well represents a strategic pivot to a two-mile lateral design, aimed at maximizing economics in the thinner False Caney formation. Management expects Q3 to be the low production quarter for the year, with Q4 serving as the peak period following the completion of the Clifton Mack wells. Success in the False Caney test could significantly expand the company's inventory, potentially adding to the existing 9,900 prospective acres and 40 million barrels of proved Caney reserves. Guidance for the second half of the year remains subject to the initial production rates of the four new wells, which management identified as the primary variable for meeting targets. The Clifton Mack wells required extra casing strings to isolate a shallow low-pressure interval and manage higher pressures at the bottom, leading to higher-than-normal drilling costs. Alicia Renee wells were temporarily shut in due to their proximity to the new Clifton Mack wellbores, though management expects 'flush production' once they return to service. A gas purchaser volume adjustment related to periods dating back to 2024 impacted realized gas and NGL prices during the quarter. Management is implementing physical infrastructure changes to mitigate rising chemical costs and other inflationary pressures observed in the field. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management explained that production remained flat sequentially because wells were transitioned to gas lift and compression, which reversed some natural decline. They cautioned that production will likely decline normally until the four new wells are brought online later in the year. The two-mile lateral is being tested in a 'quiet area' of the field with minimal faulting and dip, allowing for better steering control. Longer laterals are viewed as essential to making the economics work for the thinner False Caney formation compared to the core Caney bench. The wells were more expensive due to the need for additional casing strings to manage unexpected pressure transitions from the Springer to the Caney formation. Management clarified that these higher costs are area-specific and do not change the cost guidance for the rest of the field where these geological conditions are absent. The workover costs that impacted the first half of the year are expected to cease, as they were isolated to a specific non-operated well. Water hauling costs have been tapering down throughout the year and are expected to continue decreasing, though they may remain slightly higher than 2025 levels.

Interested in Kolibri Global Energy Inc.? Here are five stocks we like better. Record Q2 performance: Revenue rose 109% year over year to $22.5 million, while production increased 46% to 4,690 BOE per day. Net income reached $8.5 million and adjusted EBITDA climbed 114% to $16.4 million, despite three wells being shut in for part of the quarter. Growth expected later in 2026: Kolibri completed drilling three Clifton Mak wells and expects four 2026 program wells to support production, with the third quarter forecast as the low point and the fourth quarter as the high point. The company also expanded its borrowing base 15% to $75 million. New False Caney exploration: Kolibri began drilling the Lovina 8-5-1 HF well, its first test of the oil-saturated False Caney formation. A successful two-mile-lateral test could add development locations and reserves across approximately 9,900 prospective acres. Kolibri Global Energy (NASDAQ:KGEI) reported record quarterly revenue, production and adjusted EBITDA for the second quarter of 2026, despite having three wells shut in for roughly one-third of the period, according to management on the company’s earnings call. President and CEO Wolf Regener said the company also completed drilling three Clifton Mak wells and expects to begin completion operations shortly. Separately, Kolibri has started drilling the Lovina 8-5-1 HF well, its first test of the False Caney formation. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be Chief Financial Officer Gary Johnson said second-quarter revenue reached a company record of $22.5 million, up 109% from the prior-year quarter. The increase reflected a 46% rise in production and a 41% increase in average realized prices. Average production was 4,690 barrels of oil equivalent per day, compared with 3,220 BOE per day a year earlier. Johnson attributed the production increase to wells drilled and completed during the second half of 2025. Net income was $8.5 million, or $0.24 per basic share, compared with $2.9 million, or $0.08 per share, in the prior-year quarter. Adjusted EBITDA increased 114% to $16.4 million from $7.7 million. Operating netback rose 48% to $43.92 per BOE from $29.66 per BOE. Production and operating expense averaged $8.90 per BOE, up from $7.15 per BOE a year earlier. → Nebius’ Q2 Beat Shows the AI Bottleneck Is Capacity, Not Demand Johnson said the higher operating cost per BOE reflected workover costs for a non-operated well, which added $0.59 per BOE, as well as temporarily elevated water-hauling costs. During the question-and-answer session, management said the non-operated workover expense affected both the first and second quarters but should now stop. Water-hauling costs have declined through the year, although they are expected to remain somewhat above last year’s level. For the first six months of 2026, net revenue rose 55% to $42.1 million, while average production increased 29% to 4,688 BOE per day. Net income for the period was $12.5 million, or $0.35 per basic share, compared with $8.6 million, or $0.24 per share, a year earlier. Adjusted EBITDA increased 52% to $31.3 million. → On Holding's Price Stumble May Be an Opening for a Company Built to Run The company’s borrowing base was increased 15% during the second quarter, to $75 million from $65 million. Johnson said the redetermination provides additional flexibility for working-capital management and reflects the growing value of Kolibri’s properties. Management expects four wells included in its 2026 drilling program to support further growth, with the wells anticipated to contribute a full quarter of production primarily in the fourth quarter. Regener agreed with an analyst’s characterization that the third quarter is expected to be the company’s lowest-production quarter of 2026, while the fourth quarter is expected to be its highest. However, Regener said the major variable for the company’s production outlook will be the performance of the four wells as they come online. “Bringing on four wells at a time that have high IPs really moves the needle” for the forecast, he said. The Lovina 8-5-1 HF well will be Kolibri’s first test of the False Caney interval. Regener said the formation appears highly oil saturated in whole-core data and has shown favorable characteristics on logs from several wells in the field. He said the False Caney is thinner than the company’s existing Caney target, but management believes a two-mile lateral could improve the economics of the development. The well is being drilled in what Regener described as a relatively quiet part of the field, with less apparent faulting and sufficient geological control to support the longer lateral. Kolibri has approximately 11,500 net acres associated with proved reserves in the Caney and sees False Caney prospectivity over roughly 9,900 acres, according to Regener. He said Kolibri has 40 million barrels of proved reserves in the Caney, and a successful, repeatable False Caney development could add locations, reserves and shareholder value. Management said it will evaluate the False Caney well based on drilling results, flow rates, the 30-day production rate and subsequent decline performance. Regener said the company expects to complete the well unless it encounters a major drilling issue, but he declined to project whether initial production rates would match or exceed those of existing Caney wells. Regener said the three Clifton Mak wells required additional casing strings because the company encountered a shallow lower-pressure interval and higher pressures deeper in the well. The additional casing was used to isolate those conditions before drilling the lateral. He said the wells cost more than normal wells but did not disclose a specific amount. The company shut in the Alicia Renee wells while drilling nearby Clifton Mak wells because of the proximity of the new wellbores. Regener said management does not expect material performance issues when the Alicia Renee wells return to production. He added that shut-in wells have historically experienced some “flush production” when restarted because Kolibri’s wells produce relatively little water. On production performance, Regener said wells brought online in 2025 have continued to perform well. He said the company received an additional production boost after bringing gas compression online for gas lift, following an earlier period of decline. He cautioned that production will not remain flat until new wells enter service. Management also said certain chemical costs have increased, though Regener characterized the escalation as manageable. Kolibri is implementing physical changes intended to reduce those chemical expenses and said it is in the early stages of seeing progress. Kolibri Global Energy Inc engages in the finding and exploiting oil, gas, and clean and sustainable energy in the United States. It sells crude oil, natural gas, and natural gas liquids. The company was formerly known as BNK Petroleum Inc and changed its name to Kolibri Global Energy Inc in November 2020. Kolibri Global Energy Inc was incorporated in 2008 and is headquartered in Thousand Oaks, California. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Kolibri Global Energy Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Kolibri Global Energy Inc. (KGEI) came out with quarterly earnings of $0.23 per share, beating the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.08 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +9.52%. A quarter ago, it was expected that this company would post earnings of $0.17 per share when it actually produced earnings of $0.19, delivering a surprise of +11.76%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Kolibri Global Energy Inc., which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $22.54 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 8.07%. This compares to year-ago revenues of $11.11 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Kolibri Global Energy Inc. shares have added about 37.9% since the beginning of the year versus the S&P 500's gain of 13.2%. While Kolibri Global Energy Inc. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Kolibri Global Energy Inc. was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.14 on $18.4 million in revenues for the coming quarter and $0.65 on $81.22 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - United States is currently in the bottom 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the broader Zacks Oils-Energy sector, New Era Energy & Digital, Inc. (NUAI), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 14. This company is expected to post quarterly loss of $0.09 per share in its upcoming report, which represents a year-over-year change of +57.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. New Era Energy & Digital, Inc.'s revenues are expected to be $0.25 million, up 19.1% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kolibri Global Energy Inc. (KGEI) : Free Stock Analysis Report New Era Energy & Digital, Inc. (NUAI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

THOUSAND OAKS, Calif., August 13, 2026--(BUSINESS WIRE)--All amounts are in U.S. Dollars unless otherwise indicated: SECOND QUARTER HIGHLIGHTS Revenue, net of royalties was $22.5 million in the second quarter of 2026 compared to $10.8 million for the second quarter of 2025, an increase of 109% due to a 46% increase in production and a 41% increase in average prices Average production for the second quarter of 2026 was 4,690 BOEPD, an increase of 46% compared to the second quarter of 2025 average production of 3,220 BOEPD. The increase was primarily due to production from the wells that were drilled and completed in the last half of 2025 Net income in the second quarter of 2026 was $8.5 million and basic EPS was $0.24/share, compared to $2.9 million and basic EPS of $0.08/share in the second quarter of 2025. The 197% increase was due to higher revenues, partially offset by higher operating expense and depletion expense due to the higher production and realized losses on commodity contracts in 2026 Adjusted EBITDA(1) was $16.4 million in the second quarter of 2026 compared to $7.7 million in the second quarter of 2025, an increase of 114% due to higher revenues partially offset by higher operating expenses and realized losses on commodity contracts in 2026 Average netback from operations(2) for the second quarter of 2026 was $43.92/BOE, an increase of 48% from the prior year second quarter of $29.66/BOE due to higher average prices partially offset by higher operating costs per BOE Production and operating expense per barrel averaged $8.90 per BOE in the second quarter of 2026 compared to $7.15 per BOE in the second quarter of 2025, an increase of 24%. The increase was primarily due to workover costs on a non-operated well which was $0.59 per BOE in the second quarter of 2026. The increases were also due to temporary higher water hauling volumes from wells offsetting the wells that were fracked at the end of 2025 and thus resulted in higher water hauling costs compared to the prior year period At June 30, 2026, the Company had $30.5 million of available borrowing capacity on its credit agreement. In May 2026, the credit facility was redetermined and the borrowing capacity was increased from $65 million to $75 million Management will host an earnings conference call for investors this morning at 9:00 a.m. Pacific time to discuss the Company’s results and host a Q&A session. Interested parties are invited to participate by calling: 1-833-890-5570 or for international callers: 1-412-502-9708. Please request to be joined to the Kolibri Global Energy Inc. call. Kolibri’s President and Chief Executive Officer, Wolf Regener commented: "We are excited to announce another Company record for highest quarterly revenue of $22.5 million which was an increase of 109% compared to the prior year quarter. Continuing to execute the Company’s strategy of growing production by converting our reserves into producing wells resulted in a 46% production increase. We also benefited from an increase in average prices of 41% in the second quarter of 2026 compared to the prior year quarter. We generated Adjusted EBITDA(1) of $16.4 million which was a 114% increase from the prior year quarter. "The Company has just completed drilling the last of the three Clifton Mack wells and expects to begin fracture stimulation operations this month with production expected during the end of the third quarter. As we previously disclosed, the geologic conditions in this area required additional casing strings, which increased the cost of these wells compared to our standard Caney well design. We believe the pressures we encountered are supportive of potential high production rates from these wells. The geologic conditions that were encountered in this southwest corner of our acreage position appear to be isolated to this area, and we anticipate using our normal Caney well design on future Caney wells. "As we recently announced, we revised our strategy to target additional benches in our field while we continue to develop the lower Caney as we have in the past. We are excited to begin drilling the Lovina 8-5-1HF well, which will test the False Caney bench and will also be our first 2 mile lateral well. Successful results in these additional benches will have the potential to add many future drilling locations which would increase our reserves and thus value for our shareholders." Second Quarter 2026 versus Second Quarter 2025 Oil and gas gross revenues totaled $28.4 million in the quarter versus $13.8 million in the second quarter of 2025, an increase of 106%. Oil revenues increased $14.0 million or 117% as average oil prices increased by 53% and oil production increased by 42%. Natural gas revenues decreased $0.8 million or 99%. In the second quarter of 2026, the Company’s gas purchaser reassessed prior period production quantities from natural gas to NGL production, which reduced natural gas production by 368 MCFPD and reduced natural gas gross revenue by $0.3 million. Natural gas liquids (NGLs) revenues increased $1.4 million or 139% as NGL production increased 96%. In the second quarter of 2026, the Company’s gas purchaser reassessed prior period production quantities from natural gas to NGL production which increased NGL production by 355 BOEPD and increased NGL gross revenue by $0.7 million. Average production for the second quarter of 2026 was 4,690 BOEPD, an increase of 46% compared to the second quarter of 2025 average production of 3,220 BOEPD due primarily to production from the wells that were drilled in 2025. Second quarter production also increased by 294 BOEPD from reassessed prior period volume adjustments made by the Company’s gas purchaser which increased NGL production by 355 BOEPD and decreased natural gas production by 61 BOEPD for the second quarter of 2026. Second quarter production was reduced due to the temporary shut-in of the three Alicia Renee wells for approximately 30 days during the quarter. The shut-ins were implemented as a precautionary measure due to the close proximity of the Clifton Mack drilling. Prior to being shut in, the three wells were producing at a combined average rate of approximately 860 BOEPD. The Alicia Renee wells are currently expected to resume production once completion operations on the Clifton Mack wells are complete. Oil made up 64% of the production mix in the second quarter of 2026 compared to 66% for the same period in 2025. The 64% oil mix in the second quarter was due to the reassessed prior period production quantities, which increased NGL production and reduced natural gas production, that was recorded in April 2026. In May and June 2026, the oil mix was 70%. Production and operating expenses for the second quarter of 2026 were $3.4 million compared to $1.7 million in the prior year comparable period. The increase was due to higher production compared to the prior year quarter and also due to workover costs on a non-operated well, which totaled $0.3 million in the second quarter of 2026. The increases were also due to temporary higher water hauling volumes from wells offsetting the wells that were fracked at the end of 2025 resulting in higher water hauling costs compared to the prior year period. General and administrative expenses for the second quarter of 2026 were $1.6 million compared to $1.4 million for the second quarter of 2025, an increase of 12%. The increase was due to higher consulting and legal costs in 2026 compared to the prior year quarter. Finance income increased $1.6 million in the second quarter of 2026 compared to the prior year second quarter due to higher unrealized gains on commodity contracts in 2026. Finance expense increased $1.7 million in the second quarter of 2026 compared to the prior year second quarter due to a realized loss on commodity contracts of $1.2 million in the second quarter of 2026 and higher interest expense as a result of an increase in the outstanding bank loan balance in 2026. FIRST SIX MONTHS 2026 HIGHLIGHTS Revenue, net of royalties was $42.1 million in the first six months of 2026 compared to $27.2 million for first six months of 2025, an increase of 55%, due to a 29% increase in production and a 19% increase in average prices Average production for the first six months of 2026 was 4,688 BOEPD, an increase of 29% compared to the first six months of 2025 average production of 3,646 BOEPD. The increase is due to production from the wells that were drilled and completed in 2025 Net income in the first six months of 2026 was $12.5 million and basic EPS was $0.35/share compared to $8.6 million and basic EPS of $0.24/share in the first six months of 2025. The increase was due to higher revenue partially offset by higher operating expense and depletion expense from the increase in production and interest expense and realized losses on commodity contracts in 2026 Adjusted EBITDA(1) was $31.3 million in the first six months of 2026 compared to $20.5 million in the first six months of 2025. The increase was due to the increase in revenue partially offset by higher operating expenses and realized losses on commodity contracts in 2026 Production and operating expense per barrel averaged $8.45 per BOE in the first six months of 2026 compared to $7.11 per BOE in the first six months of 2025, an increase of 19%. The increase was primarily due to workover costs on a non-operated well, as well as a smaller amount due to the Company’s gas purchaser reassessing prior year gathering and processing fees, which together totaled $0.5 million in the first six months of 2026. The increases were also due to temporary higher water hauling volumes from wells offsetting the wells that were fracked at the end of 2025 and thus resulted in higher water hauling costs compared to the prior year period Average netback from operations(2) for the first six months of 2026 was $41.18/boe, an increase of 21% from the prior year period of $34.05/boe. The increase was due to higher prices in 2026 compared to the prior year partially offset by higher operating expense First Six Months of 2026 versus First Six Months of 2025 Oil and gas gross revenues totaled $53.0 million in the first six months of 2026 versus $34.8 million in the first six months of 2025, an increase of 52%. Oil revenues increased $17.8 million or 59% as average oil prices increased by 22% and production increased by 30%. Natural gas revenues decreased $0.6 million or 26% as average natural gas prices decreased by 23% and natural gas production decreased by 4%. NGL revenues increased $1.0 million or 38% as NGL production increased by 52% partially offset by a decrease in average NGL prices of 9%. Average production for the first six months of 2026 was 4,688 BOEPD, an increase of 29% compared to the first six months 2025 average production of 3,646 BOEPD. The increases are due to production from the wells that were drilled and completed in 2025. Production and operating expense was $6.3 million in the first six months of 2026 compared to $4.0 million for the same period of 2025, an increase of 59%. The increase was due to higher production compared to the prior year quarter and also due to workover costs on a non-operated well which totaled $0.5 million in the first six months of 2026. The increases were also due to temporary higher water hauling volumes from wells offsetting the wells that were fracked at the end of 2025 and thus resulted in higher water hauling costs compared to the prior year period. Finance income decreased by $0.5 million for the first six months of 2026 due to realized and unrealized gains on commodity contracts in the first six months of 2025. Finance expense decreased $3.1 million in the first six months of 2026 compared to the prior year comparable period due to realized and unrealized losses on commodity contracts in 2026 and higher interest expense as a result of an increase in the outstanding bank loan balance in 2026. The information outlined above is extracted from and should be read in conjunction with the Company's unaudited financial statements for the three and six months ended June 30, 2026 and the related management's discussion and analysis thereof, copies of which are available under the Company's profile on SEDAR+ at www.sedarplus.ca. NON-GAAP MEASURES Netback from operations, netback including commodity contracts and adjusted EBITDA (collectively, the "Company’s Non-GAAP Measures") are not measures or ratios recognized under Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by IFRS. Management of the Company believes that such measures and ratios are relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole. The Company's Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures and ratios as reported by such organizations. The Company’s Non-GAAP Measures should not be construed as alternatives to net income, cash flows related to operating activities, working capital or other financial measures and ratios determined in accordance with IFRS, as an indicator of the Company's performance. An explanation of the composition of the Company’s Non-GAAP Measures, how the Company’s Non-GAAP Measures provide useful information to an investor and the purposes for which the Company’s management uses the Non-GAAP Measures is set out in the management's discussion and analysis under the heading "Non-GAAP Measures" which is available under the Company's profile at www.sedarplus.ca and is incorporated by reference into this earnings release. The following is the reconciliation of the non-GAAP ratio netback from operations to net income, which the Company considers to be the most directly comparable financial measure that is disclosed in the Company’s financial statements: The following is the reconciliation of the non-GAAP measure adjusted EBITDA to the comparable financial measures disclosed in the Company’s financial statements: PRODUCT TYPE DISCLOSURE This news release includes references to sales volumes of "oil", "natural gas", and "barrels of oil equivalent" or "BOEs". "Oil" refers to light crude oil and medium crude oil combined, and "natural gas" refers to shale gas, in each case as defined by NI 51-101. Production from our wells, primarily disclosed in this news release in BOEs, consists of mainly oil and associated wet gas. The wet gas is delivered via gathering system and then pipelines to processing plants where it is treated and sold as natural gas and NGLs. CAUTIONARY STATEMENTS In this news release and the Company’s other public disclosure: Caution Regarding Forward-Looking Information This release contains forward-looking information including information regarding the proposed timing and expected results of exploratory and development work including production from the Company's Tishomingo field, Oklahoma acreage, projected increases in production and cash flow, adjusted EBITDA and net debt, the Company’s reserves based loan facility, including scheduled repayments, expected hedging levels and the Company’s strategy and objectives. The use of any of the words "target", "plans", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Such forward-looking information is based on management’s expectations and assumptions, including that the Company's geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, that declines will match the modeling, that future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management’s expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that anticipated results and estimated costs will be consistent with management’s expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained or increase, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserves-based loan facility and that the borrowing base will not be reduced, that funds will be available from the Company’s reserves based loan facility when required to fund planned operations, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business and its ability to advance its business strategy. Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks 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’s geologic and reservoir models or analysis are not validated, that anticipated results and estimated costs will not be consistent with management’s expectations, 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), the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, the risk 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 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 will cease to be in compliance with the covenants under its reserves-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base re-determination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, that funding is not available from the Company’s reserves based loan facility at the times or in the amounts required for planned operations, 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 identified in the Company’s most recent Annual Information Form under the "Risk Factors" section, the Company’s most recent management's discussion and analysis and the Company’s other public disclosure, available under the Company’s profile on SEDAR at www.sedarplus.ca. Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law. About Kolibri Global Energy Inc. Kolibri Global Energy Inc. is a North American energy company focused on finding and exploiting energy projects in oil and gas. 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 in oil, gas and clean and sustainable energy. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI. View source version on businesswire.com: https://www.businesswire.com/news/home/20260813517244/en/ Contacts For further information, contact: Wolf E. Regener, President and Chief Executive Officer +1 (805) 484-3613Email: [email protected] Website: www.kolibrienergy.com

This article first appeared on GuruFocus. Net Revenue: Increased by 20% to $19.6 million compared to $16.4 million in the prior year quarter. Average Production: Up 15% to 4,685 barrels of oil equivalent (BOE) per day compared to 4,077 BOE per day in the prior year quarter. Adjusted EBITDA: Increased by 16% to $14.8 million compared to $12.8 million in the prior quarter. Net Income: $4 million, or $0.11 per basic share, compared to $5.8 million, or $0.16 per basic share, in the same period of 2025. Operating Expense: $8 per BOE for the quarter, up from $7.07 per BOE in the prior year first quarter. Net Tax from Operations: Increased 2% to $38.41 per BOE compared to $37.55 per BOE in the prior year quarter. Net Back Including Commodity Contracts: $37.72 per BOE compared to $37.55 per BOE in the first quarter of 2025. Credit Facility Borrowing Capacity: Increased from $65 million to $75 million. Net Debt: $45 million at the end of the first quarter, down from $46 million at the end of the previous year. Warning! GuruFocus has detected 4 Warning Sign with KGEI. Is KGEI fairly valued? Test your thesis with our free DCF calculator. Release Date: May 14, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Kolibri Global Energy Inc (NASDAQ:KGEI) achieved the highest quarterly production, net revenue, and EBITDA in the company's history. Net revenue increased by 20% to $19.6 million compared to the prior year quarter, driven by higher production. The company reported a 15% increase in average production, reaching 4,685 barrels of oil equivalent per day. Kolibri Global Energy Inc (NASDAQ:KGEI) successfully increased its borrowing capacity from $65 million to $75 million. The company is in a solid financial position, paying down debt and planning further debt reduction. Net income decreased to $4 million from $5.8 million in the same period of 2025, due to a large non-cash mark-to-market unrealized loss on commodity contracts. Operating expenses increased by 13% to $8 per BOE, attributed to workover costs and higher water hauling costs. The company experienced a decrease in net back, including commodity contracts, compared to the previous year. There is uncertainty regarding the impact of new board members on future capital allocation and strategic decisions. Kolibri Global Energy Inc (NASDAQ:KGEI) faces potential risks from fluctuating oil prices and market conditions affecting cash flow and hedging strategies. Q: How are you thinking about capital allocation given the current oil price environment? A: Wolf Regener, President and CEO, mentioned that they are considering proposals for capital allocation, including drilling more wells, paying down debt, or buying back shares. They plan to present these options to the board soon and will provide more clarity in the future. Q: Can you provide an update on the three-well drilling program? A: Wolf Regener stated that the drilling is ongoing, and they expect to bring the wells online in the third quarter. He preferred not to provide exact timing due to potential fluctuations in completion schedules. Q: Are you experiencing any inflationary pressures on operating expenses? A: Wolf Regener confirmed that they are not seeing inflationary pressures on operating costs. The higher operating expenses this quarter were primarily due to one-time events, and costs are expected to decrease in future quarters. Q: Have you done any hedging since the end of the first quarter? A: Wolf Regener explained that they completed their hedging requirements by March 31st, meeting bank requirements. They added hedges when prices spiked and used a mix of costless collars and puts to protect against price fluctuations. Q: How does the decline in U.S. oil inventories affect Kolibri Global Energy? A: Wolf Regener noted that the impact would be reflected in the price of WTI, which benefits their bottom line. They have hedged about 50% of their projected production, allowing them to capture some upside from higher prices. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Kolibri Global Energy Inc.? Here are five stocks we like better. Kolibri Global Energy posted what management called its strongest quarter ever, with record first-quarter production of 4,685 BOE/day, net revenue of $19.6 million, and adjusted EBITDA of $14.8 million. The company continued to strengthen its balance sheet: borrowing capacity was raised to $75 million from $65 million, while net debt edged down to $45 million and management said more paydowns are planned. Kolibri has a three-well drilling program underway, with the working interest in those wells increased to about 88%; management is also weighing how to allocate extra cash among drilling, debt reduction, and share buybacks. Kolibri Global Energy (NASDAQ:KGEI) reported what management described as the strongest quarter in the company’s history for several operating and financial metrics, with President and CEO Wolf E. Regener saying first-quarter 2026 results included record quarterly production, net revenue and adjusted EBITDA. Regener said first-quarter production averaged 4,685 barrels of oil equivalent per day, up from 4,493 BOE per day in the fourth quarter of 2025. He said the company achieved that production level even though “only March had the impact of the oil price increase.” Regener also noted that, based on 2025 annual production, Kolibri has generated a 35% compound annual production growth rate over the past three years. → Rocket Lab Just Hit a New All-Time High—Time to Buy or Let It Breathe? Chief Financial Officer Gary Johnson said net revenue rose 20% to $19.6 million, compared with $16.4 million in the prior quarter, driven by higher production. Johnson said average production increased 15% to 4,685 BOE per day from 4,077 BOE per day in the prior quarter, reflecting the contribution from wells drilled during 2025. Adjusted EBITDA increased 16% to $14.8 million, compared with $12.8 million in the prior quarter, primarily due to higher revenue. Net income was $4 million, or $0.11 per basic share, compared with $5.8 million, or $0.16 per basic share, in the same period of 2025. → MP Materials Is Quietly Building a Rare Earth Powerhouse Johnson attributed the decline in net income to a $2.9 million non-cash mark-to-market unrealized loss on commodity contracts tied to the significant increase in oil prices in March 2026. Operating expense was $8 per BOE in the quarter, compared with $7.07 per BOE in the first quarter of the prior year, a 13% increase. Johnson said the increase reflected workover costs on a non-operated well, reassessed prior-year natural gas and NGL gathering and processing fees, and higher water hauling costs. → Micron Investors Face a High-Stakes Moment After the Latest Rally Kolibri’s netback from operations increased 2% to $38.41 per BOE, compared with $37.55 per BOE in the prior quarter. Netback including commodity contracts was $37.72 per BOE, compared with $37.55 per BOE in the first quarter of 2025, with Johnson citing higher average prices. Johnson said Kolibri’s credit facility was redetermined and borrowing capacity increased to $75 million from $65 million. Despite the higher borrowing capacity, he said the company has continued to reduce debt. Net debt at the end of the first quarter was $45 million, down from $46 million at year-end. Johnson said that after quarter-end Kolibri made a $4 million debt repayment and planned to make an additional $4 million net paydown later in May. Regener said the company is in “solid financial shape” and is benefiting from stronger oil prices, with improved cash flow supporting future decisions on drilling, debt reduction and share repurchases. During the question-and-answer session, Regener said Kolibri recently held its annual general meeting and added three new board members. He said management is preparing proposals and options for the board to consider in the coming weeks regarding use of additional cash flow. Regener said potential uses include drilling more wells, paying down additional debt or buying back shares. He also said the company expects to provide more clarity in the future and may issue an updated forecast depending on market conditions. Regener said Kolibri plans to continue buying back shares and drilling wells while also increasing outreach to shareholders and potential investors. He and Johnson are scheduled to attend the Louisiana Energy Conference from May 26 to May 28, where Regener said he will participate in a panel on May 27. The company also plans to present at the Latham Virtual Spring Conference on May 28. Regener said Kolibri’s drilling program for the Clifton Mac wells is already underway. In response to questions, he said the company is drilling now and expects to bring the wells on in the third quarter, though he declined to provide exact timing because of potential variation in completion schedules and equipment availability. Regener said the company budgeted roughly 20 days per well, including moves and other operational steps, or about two months of drilling in total. He described the process from drilling through preparation for fracture stimulation as generally taking about three months. He also said the working interest in the three wells has increased from the level first announced. Regener said the working interest is now about 88%, compared with a previously announced level of roughly 67%. On completion design, Regener said Kolibri is evaluating new ideas with its updated board and may make “some tweaks” to completion designs on the wells. He said the impact of those changes will depend on well performance. Regener said the recent rise in oil prices is benefiting Kolibri’s cash flow. He said the company’s first-quarter average oil price was $70.31 per barrel, while current market prices are higher. Discussing hedging, Regener said his general view is that if the company can lock in $90 to $100 oil prices for a longer period, it should likely hedge a portion of production. Johnson said Kolibri met its bank hedging requirements by the end of March and did not add hedges after March 31. Regener said about 50% of projected production, excluding the new wells, was hedged based on prior forecasts. He said some hedges are structured as costless collars, allowing the company to capture some upside above prices at the time the hedges were placed, while the rest of production remains floating. Regener said Kolibri previously estimated that every $5 increase in oil prices relative to its forecast would add about $2.8 million to annual EBITDA, net of hedges, a figure Johnson confirmed on the call. Asked about operating costs, Regener said Kolibri is not yet seeing inflationary pressure on the operating side and that most costs are “pretty locked in.” Johnson said higher water hauling costs were front-loaded early in the quarter and should continue to decline. Regener also said the company does not have takeaway issues. He said Kolibri handles its own oil takeaway, while Exxon handles gas and NGL takeaway. Kolibri Global Energy Inc engages in the finding and exploiting oil, gas, and clean and sustainable energy in the United States. It sells crude oil, natural gas, and natural gas liquids. The company was formerly known as BNK Petroleum Inc and changed its name to Kolibri Global Energy Inc in November 2020. Kolibri Global Energy Inc was incorporated in 2008 and is headquartered in Thousand Oaks, California. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Kolibri Global Energy Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved record quarterly production, net revenue, and EBITDA, driven primarily by the full-period contribution of wells drilled during 2025. Maintained a 35% compound annual production growth rate over the last three years, positioning the company to capitalize on the March 2026 oil price surge. Attributed a 13% increase in operating expenses per BOE to non-recurring factors, including workover costs on a non-operated well and prior-year fee reassessments. Reported a net income decrease due to a $2.9 million non-cash mark-to-market loss on commodity contracts, a direct result of the significant oil price increase in March. Strengthened the balance sheet by increasing credit facility capacity to $75 million while simultaneously executing $8 million in total debt paydowns through May. Integrated three new board members following the AGM to evaluate capital allocation strategies regarding incremental cash flow from elevated energy prices. Commenced a three-well drilling program for the Clifton Mack wells, with production expected to come online during the third quarter of 2026. Management anticipates oil prices will remain elevated longer than the market forward curve suggests, citing structural damage to global production. Projected that every $5 increase in oil price above the current forecast will add approximately $2.8 million to annual EBITDA, net of existing hedges. Evaluating a shift in capital allocation priorities between accelerated drilling, further debt reduction, and share buybacks in consultation with the new Board. Expects water hauling costs to trend downward in future quarters as the impact from 2025 fracture stimulations subsides. Increased working interest in the current three-well drilling program to approximately 88%, up from the previously announced 67%. Hedging strategy for 2026 covers approximately 50% of projected production (excluding new wells) using a mix of swaps, costless collars, and deferred puts. Confirmed that oil takeaway remains unconstrained as the company manages its own logistics, while gas and NGLs continue to be handled via Exxon. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management is collaborating with three new board members to develop proposals for the surplus cash generated by higher oil prices. Options under consideration include drilling additional wells, further debt repayment, and continuing share buybacks. The drilling phase is expected to last approximately two months, with a total three-month window from start to completion. Management is incorporating new technical ideas into completion designs, though they characterized these as "tweaks" that could potentially yield substantial performance differences. Management stated they have not yet seen inflationary pressures on the operating side, as most costs are currently locked in. Water hauling costs, which spiked in Q1, were front-loaded in January and decreased by half by March, suggesting a downward trend for the remainder of the year. No new hedges were added subsequent to March 31 as the company had already met bank requirements and prefers to maintain upside exposure. Management expressed a preference for collars and deferred puts over swaps for further-out periods to capture potential price spikes.

Kolibri Global Energy Inc. (KGEI) came out with quarterly earnings of $0.19 per share, beating the Zacks Consensus Estimate of $0.17 per share. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +11.77%. A quarter ago, it was expected that this company would post earnings of $0.12 per share when it actually produced earnings of $0.09, delivering a surprise of -25%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Kolibri Global Energy Inc., which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $19.57 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 1.87%. This compares to year-ago revenues of $16.37 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Kolibri Global Energy Inc. shares have added about 33.6% since the beginning of the year versus the S&P 500's gain of 8.8%. While Kolibri Global Energy Inc. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Kolibri Global Energy Inc. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.25 on $21.7 million in revenues for the coming quarter and $0.73 on $77.65 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - United States is currently in the top 5% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the broader Zacks Oils-Energy sector, FuelCell Energy (FCEL), has yet to report results for the quarter ended April 2026. This fuel cell power plant maker is expected to post quarterly loss of $0.57 per share in its upcoming report, which represents a year-over-year change of +68.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. FuelCell Energy's revenues are expected to be $41.11 million, up 9.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kolibri Global Energy Inc. (KGEI) : Free Stock Analysis Report FuelCell Energy, Inc. (FCEL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

THOUSAND OAKS, Calif., May 14, 2026--(BUSINESS WIRE)--All amounts are in U.S. Dollars unless otherwise indicated: FIRST QUARTER HIGHLIGHTS Revenue, net of royalties was $19.6 million in the first quarter of 2026 compared to $16.4 million for the first quarter of 2025 due to 15% higher production and 2% higher average prices Average production for the first quarter of 2026 was 4,685 BOEPD, an increase of 15% compared to first quarter of 2025 average production of 4,077 BOEPD. The production increase is due to the additional production from the wells that were drilled and completed in 2025 Net income for the first quarter of 2026 was $4.0 million, or $0.11 per basic share, compared to the first quarter of 2025 net income of $5.8 million, or $0.16 per basic share. The decrease was due to a mark-to-market unrealized loss on commodity contracts of $2.9 million in the first quarter of 2026 due to the significant increase in oil prices in 2026 Adjusted EBITDA(1) was $14.8 million in the first quarter of 2026 compared to $12.8 million in the first quarter of 2025, an increase of 16% due to higher revenue partially offset by higher operating expenses from the higher production in the first quarter of 2026 Production and operating expense per barrel averaged $8.00 per BOE in the first quarter of 2026 compared to $7.07 per BOE in the first quarter of 2025. The increase was primarily due to the costs of a workover on a non-operated well, as well as a smaller amount due to the Company’s gas purchaser reassessing prior year gathering and processing fees, which together totaled $0.2 million in the first quarter of 2026. This added $0.48 per BOE to our first quarter operating expenses. The increase was also due to higher water hauling costs compared to the prior year first quarter Average netback from operations(2) for the first quarter of 2026 was $38.41 per BOE, an increase of 2% from the prior year first quarter of $37.55 per BOE. Netback including commodity contracts(2) for the first quarter of 2026 was $37.72 per BOE compared to $37.55 per BOE in the first quarter of 2025. The increases were due to higher average prices At March 31, 2026, the Company had $16.5 million of available borrowing capacity on the credit facility. In May 2026, the credit facility was redetermined and the borrowing capacity was increased from $65 million to $75 million. Kolibri’s President and Chief Executive Officer, Wolf Regener commented: "We are very happy with the first quarter performance of the Company as we had the highest quarterly revenue and Adjusted EBITDA in the Company’s history even though our average oil price was only $70.31 per barrel in the quarter. First quarter 2026 revenue was $19.6 million with average production increasing by 15% and average prices increasing 2% from the prior year first quarter. With the significant oil price increase only being realized in the final month of the first quarter, we are excited about the Company’s continued growth for the rest of the year. We generated Adjusted EBITDA(1) of $14.8 million in the first quarter of 2026, which was a 16% increase from the prior year first quarter. "Our net debt at the end of the first quarter was $45 million which was down from $46 million at the end of 2025. We made an additional debt paydown of $4 million in April 2026 with another $4 million paydown expected in May 2026 and, with our annual capital expenditures forecasted to be significantly less than last year, we plan to reduce our debt level down to our forecasted net debt of $25 to $30 million by the end of 2026. "We are currently drilling the three 1.5 mile lateral wells, the Clifton Mack 11-14-1H, 11-14-2H and the 11-14-3H wells (88.1% working interest). After drilling is complete, the Company plans to perform fracture stimulation operations on the wells with production currently expected in the third quarter of 2026." First Quarter 2026 versus First Quarter 2025 Oil and gas gross revenues totaled $24.7 million in the first quarter of 2026 versus $21.0 million in the first quarter of 2025. Oil revenues increased $3.8 million or 21% to $21.8 million as oil production increased 21% with average oil prices flat between quarters. Natural gas revenues increased $0.2 million, or 19%, to $1.6 million as natural gas prices increased by 24% partially offset by a production decrease of 5%. Natural gas liquids (NGLs) revenues decreased $0.4 million, or 24%, as NGL prices decreased by 28% partially offset by a production increase of 5%. Average production for the first quarter of 2026 was 4,685 BOEPD, an increase of 15% compared to first quarter of 2025 average production of 4,077 BOEPD. The production increase is due to the additional production from the wells drilled in 2025. Production and operating expense per barrel averaged $8.00 per BOE in the first quarter of 2026 compared to $7.07 per BOE in the first quarter of 2025. The increase was due to the costs of a workover on a non-operated well, as well as a smaller amount due to the Company’s gas purchaser reassessing prior year gathering and processing fees, which together totaled $0.2 million in the first quarter of 2026. This added $0.48 per BOE to our first quarter operating expenses. The increase was also due to higher water hauling costs compared to the prior year first quarter. General and administrative expenses for the first quarter of 2026 increased by 15% from the prior year quarter due to an increase in consulting and legal costs. Finance expense increased $3.5 million in the first quarter of 2026 compared to the prior year quarter due primarily due to a mark-to-market unrealized loss on commodity contracts of $2.9 million in the first quarter of 2026 due to the significant increase in oil prices in 2026. The information outlined above is extracted from and should be read in conjunction with the Company's unaudited financial statements for the three months ended March 31, 2026 and the related management's discussion and analysis thereof, copies of which are available under the Company's profile on SEDAR+ at www.sedarplus.ca. NON-GAAP MEASURES Netback from operations, netback including commodity contracts and adjusted EBITDA (collectively, the "Company’s Non-GAAP Measures") are not measures or ratios recognized under Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by IFRS. Management of the Company believes that such measures and ratios are relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole. The Company's Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures and ratios as reported by such organizations. The Company’s Non-GAAP Measures should not be construed as alternatives to net income, cash flows related to operating activities, working capital or other financial measures and ratios determined in accordance with IFRS, as an indicator of the Company's performance. An explanation of how the Company’s Non-GAAP Measures provide useful information to an investor and the purposes for which the Company’s management uses the Non-GAAP Measures is set out in the management's discussion and analysis under the heading "Non-GAAP Measures" which is available under the Company's profile at www.sedarplus.ca and is incorporated by reference into this earnings release. The following is the reconciliation of the non-GAAP ratio netback from operations to net income, which the Company considers to be the most directly comparable financial measure that is disclosed in the Company’s financial statements: The following is the reconciliation of the non-GAAP measure adjusted EBITDA to the comparable financial measures disclosed in the Company’s financial statements: PRODUCT TYPE DISCLOSURE This news release includes references to sales volumes of "oil", "natural gas", and "barrels of oil equivalent" or "BOEs". "Oil" refers to tight oil, and "natural gas" refers to shale gas, in each case as defined by NI 51-101. Production from our wells, primarily disclosed in this news release in BOEs, consists of mainly oil and associated wet gas. The wet gas is delivered via gathering system and then pipelines to processing plants where it is treated and sold as natural gas and NGLs. CAUTIONARY STATEMENTS In this news release and the Company’s other public disclosure: Caution Regarding Forward-Looking Information This release contains forward-looking information including information regarding the proposed timing and expected results of exploratory and development work including production from the Company's Tishomingo field, Oklahoma acreage, projected increases in production and cash flow, the Company’s reserves based loan facility, expected hedging levels and the Company’s strategy and objectives. The use of any of the words "target", "plans", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Such forward-looking information is based on management’s expectations and assumptions, including that the Company's geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, that declines will match the modeling, that future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management’s expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that anticipated results and estimated costs will be consistent with management’s expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained or increase, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserves-based loan facility and that the borrowing base will not be reduced, that funds will be available from the Company’s reserves based loan facility when required to fund planned operations, that the Company will reduce its debt level down to its forecasted net debt of $25 to $30 million by the end of 2026, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business and its ability to advance its business strategy. Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks 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’s geologic and reservoir models or analysis are not validated, that anticipated results and estimated costs will not be consistent with management’s expectations, 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), the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, the risk 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 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 will cease to be in compliance with the covenants under its reserves-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base re-determination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, that funding is not available from the Company’s reserves based loan facility at the times or in the amounts required for planned operations, 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 identified in the Company’s most recent Annual Information Form under the "Risk Factors" section, the Company’s most recent management's discussion and analysis and the Company’s other public disclosure, available under the Company’s profile on SEDAR at www.sedarplus.ca. Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law. About Kolibri Global Energy Inc. Kolibri Global Energy Inc. is a North American energy company focused on finding and exploiting energy projects in oil and gas. 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 in oil and gas. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI. View source version on businesswire.com: https://www.businesswire.com/news/home/20260514347387/en/ Contacts For further information, contact: Wolf E. Regener, President and Chief Executive Officer +1 (805) 484-3613 Email: [email protected] Website: www.kolibrienergy.com