THOUSAND OAKS, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the "Company†or "Kolibri†) (TSX: KEI, NASDAQ: KGEI) announces the results of the special general meeting of shareholders of the Company held in Westlake Village, California on November 25, 2025. At the meeting, which was requisitioned by TFG Asset Management UK LLP, a shareholder of the Company, a majority of the Company's shareholders in attendance in person or by proxy approved a resolution to alter the Notice of Articles of. ...

Kolibri Global Energy (KGEI) Conference Summary Company Overview - **Company Name**: Kolibri Global Energy - **Ticker Symbols**: KEI (Toronto Stock Exchange), KGEI (NASDAQ) - **Industry**: Oil and Gas Production - **Location**: Oklahoma, specifically the Tishomingo Shale Oil Field - **Market Capitalization**: Approximately $145 million USD with 35.4 million shares outstanding [4][4] - **Debt**: Net debt at the end of the last quarter was $42 million, with a debt to adjusted EBITDA ratio around 1 [4][4] Key Financial Metrics - **Proved Reserves**: Over 40 million barrels of oil equivalent, with a 24% increase in 2024 due to drilling activities [3][3] - **Production Mix**: Oil production increased to 66% of total production, with September's mix reaching 71% [7][7] - **Average Production Guidance for 2025**: Expected to be between 4,000-4,400 BOE per day, representing a 15%-27% increase year-over-year [10][10] - **Adjusted EBITDA**: Expected to grow by 4%-14% despite lower oil prices [10][10] - **Capital Expenditures (CapEx)**: Estimated at $55 million-$58 million for the year [10][10] Operational Highlights - **Drilling Efficiency**: Transitioned from one-mile laterals to mile-and-a-half and two-mile laterals, improving access to reservoirs and potentially increasing production rates [12][12][17][17] - **Production Growth**: Continuous drilling program with new wells expected to come online in December, contributing to production growth [9][9][10][10] - **Operating Expenses**: Positioned at the lower end compared to peers, contributing to better netbacks [19][19][20][20] Strategic Insights - **Hedging Strategy**: Utilizes costless collars and puts to protect cash flow against price declines [35][35] - **Debt Management**: Plans to reduce debt by $8 million-$10 million in the first quarter of 2026, while maintaining flexibility in drilling programs based on oil prices [36][36][38][38] - **Share Buybacks**: Approximately 570,000 shares repurchased, with plans to continue buybacks when advantageous [44][44] Market Outlook - **Oil Price Predictions**: Anticipates oil prices to recover to the high $60s to low $70s in the near future, despite current volatility [40][40] - **Production Sustainability**: Future production growth will depend on the number of wells drilled and performance of existing wells [25][25][27][27] Management and Governance - **Management Team**: Experienced leadership with extensive backgrounds in oil and gas operations, finance, and engineering [20][20][21][21] - **Board of Directors**: Composed of individuals with significant experience in the oil and gas sector, enhancing strategic decision-making [21][21][22][22] Additional Considerations - **Contingent Resources**: Exploration of additional formations such as the Sycamore and T Zone, which are not yet included in the reserve report [12][12][14][14] - **Regulatory Environment**: Company is navigating shareholder concerns regarding recent filings and maintaining compliance with regulatory requirements [41][41][42][42] This summary encapsulates the key points from the Kolibri Global Energy conference, highlighting the company's financial health, operational strategies, and market outlook.

Financial Data and Key Metrics Changes - Average production increased by 40% to 4,254 barrels of oil equivalent (BOE) per day compared to 3,032 BOE per day in the prior year quarter [6][7] - Revenue rose by 15% to $15 million in Q3 2025, driven by higher production, despite an 18% decline in prices [6][7] - Adjusted EBITDA reached $11.1 million, a 9% increase from the prior quarter [7] - Net income decreased to $3.6 million, with basic EPS of $0.10 per share, down from $5.1 million or $0.14 per share in the prior year quarter [7][9] - Operating expenses were $7.37 per BOE, an 11% increase from the prior year, primarily due to reassessed production tax adjustments [8][10] Business Line Data and Key Metrics Changes - The company is in the process of fracture stimulating four new wells expected to come online in early December, which will further increase production [5][11] - The average production for the nine months ended September 30th was up 22% to 3,851 BOE per day compared to 3,154 BOE per day in the prior year [9] Market Data and Key Metrics Changes - Net back for the quarter decreased by 23% to $30.84 per BOE compared to $40.01 per BOE in the prior year quarter, primarily due to lower prices [8] - Year-to-date revenue was up 2% to $42.1 million, despite a 16% decrease in prices [9] Company Strategy and Development Direction - The company plans to continue returning capital to shareholders through share buybacks, having repurchased approximately 568,000 shares since the program began [10][12] - Future drilling programs will depend on oil prices, with a focus on maintaining flat production levels if prices remain low [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record high production by the end of the year, despite lower oil prices [12] - The company is monitoring the Forgeson well's production and will not pursue further drilling in that area unless prices improve [20][21] - Management indicated that the current hedging strategy reflects the volatile market conditions, aiming to protect against downside risks while allowing for potential upside [24] Other Important Information - The company reaffirmed its line of credit at $65 million, with net debt at $42.8 million and $18.5 million of available borrowing capacity [10] - The one-time production tax adjustment was clarified as a non-recurring event, which impacted operating expenses [25][26] Q&A Session Summary Question: Timing of the four new wells - Management confirmed that production from the new wells is expected to commence in early December [15] Question: Changes to guidance and leverage expectations - Management indicated that they remain comfortable with expectations of around one-times net leverage by year-end [18] Question: Update on the Forgeson well and future drilling plans - Production from the Forgeson well has been flat, and further drilling in that area is unlikely unless oil prices improve [20] Question: October hedging strategy - The shift in hedging strategy was due to unfavorable forward pricing, with a focus on protecting against downside risks while allowing for potential upside [24] Question: Explanation of higher operating expenses - The increase in operating expenses was attributed to a one-time true-up of production taxes, which is not expected to recur [25][26]

Core Insights - Kolibri Global Energy Inc. reported a 40% increase in production and a 15% increase in net revenues for Q3 2025 compared to Q3 2024 [1][3][5] - The company achieved an average production of 4,254 BOEPD in Q3 2025, up from 3,032 BOEPD in Q3 2024 [3][6] - Adjusted EBITDA for Q3 2025 was $11.1 million, reflecting a 9% increase from $10.1 million in Q3 2024 [3][19] Financial Performance - Revenue net of royalties for Q3 2025 was $15.0 million, compared to $13.0 million in Q3 2024, marking a 15% increase [3][20] - Net income for Q3 2025 was $3.6 million, down from $5.1 million in Q3 2024, with Basic EPS decreasing from $0.14 to $0.10 [3][20] - Average price per BOE in Q3 2025 was $48.38, an 18% decrease from $59.09 in Q3 2024 [3][19] Production and Operating Costs - Production and operating expenses increased to $2.5 million in Q3 2025, a 64% rise due to higher production levels [7][20] - Operating expense per barrel averaged $7.37 in Q3 2025, up 11% from $6.63 in Q3 2024 [3][7] - Average netback from operations was $30.84 per BOE, a 23% decrease from the prior year [3][19] Capital Expenditures and Investments - Capital expenditures for Q3 2025 were $17.4 million, a significant increase of 77% from $9.8 million in Q3 2024 [3][19] - The company expects to exit 2025 with production at an all-time high, driven by the completion of four additional wells [4][5] Natural Gas and NGL Performance - Natural gas revenues increased by $0.7 million or 345% in Q3 2025, attributed to a 124% rise in natural gas prices and a 98% increase in production [5][11] - NGL revenues rose by $0.6 million or 67% in Q3 2025, with production increasing by 74% [5][11] First Nine Months Performance - For the first nine months of 2025, oil and gas gross revenues totaled $53.7 million, a 3% increase from $52.4 million in the same period of 2024 [11][14] - Average production per day for the first nine months of 2025 was 3,851 BOEPD, a 22% increase from 3,154 BOEPD in the prior year [12][14] - Adjusted EBITDA for the first nine months of 2025 was $31.6 million, up 3% from $30.5 million in the same period of 2024 [11][14]

Core Viewpoint - Kolibri Global Energy Inc. faces opposition from two leading independent proxy advisory firms, ISS and Glass Lewis, regarding a proposed resolution to limit the number of common shares authorized for issuance to 37,367,894 [1] Group 1 - Institutional Shareholder Services Inc. (ISS) has recommended that shareholders vote against the resolution [1] - Glass Lewis & Co. LLC (Glass Lewis) has also advised shareholders to vote against the resolution [1]

Core Viewpoint - Kolibri Global Energy Inc. is urging shareholders to vote against a proposed resolution that seeks to cap the number of common shares authorized for issuance at 37,367,894, arguing that it would negatively impact shareholder value and the company's growth opportunities [4][5]. Summary by Sections Proposed Resolution - The proposed resolution aims to limit the number of common shares the company can issue, which the board believes would be detrimental to shareholders and not in the company's best interests [4]. - The board unanimously recommends shareholders vote against the proposed resolution, citing potential negative impacts on the company's competitive position and flexibility for future share issuances [4][5]. Board and Management Position - All officers and directors of the company oppose the proposed resolution, collectively controlling approximately 17.35% of the outstanding shares, although this number has been reduced to 1.32% due to one director's undecided voting stance [2][3]. - The board's concerns include the limitation on their ability to fulfill fiduciary duties and the potential for increased costs and delays in future share capital increases [4][5]. Shareholder Voting Information - Shareholders are encouraged to read the management information circular in full and vote against the proposed resolution by the deadline of 9:00 a.m. (Pacific time) on November 21, 2025 [6][7]. - Due to labor action affecting postal services, shareholders are advised to vote electronically or by telephone [8]. Company Overview - Kolibri Global Energy Inc. is focused on energy projects in oil and gas, operating properties in the United States and trading on the TSX and NASDAQ [10].

Core Viewpoint - Kolibri Global Energy Inc. urges shareholders to vote against a proposed resolution that seeks to limit the number of common shares the company can issue, arguing it would negatively impact shareholder value and the company's growth potential [2][4][11]. Company Overview - Kolibri Global Energy Inc. is a North American energy company focused on oil and gas projects, operating various subsidiaries in the United States [9]. Shareholder Meeting Details - A special meeting of shareholders is scheduled for November 25, 2025, to vote on the proposed resolution to cap the number of authorized common shares at 37,367,894 [1]. - The proxy voting deadline is set for November 21, 2025, at 9:00 a.m. Pacific Time [3][6]. Board's Recommendation - The Board of Directors unanimously recommends that shareholders vote against the proposed resolution, stating it would be detrimental to shareholders and not in the company's best interests [2][3][4]. Implications of the Proposed Resolution - The proposed share limit would restrict the Board's ability to issue shares as needed, potentially hindering strategic growth opportunities and negatively affecting the company's competitive position [4][11]. - Any future increase in authorized share capital would require a shareholder meeting, leading to unnecessary costs and delays [11]. Voting Instructions - Shareholders are encouraged to vote online or by telephone due to ongoing postal service disruptions in Canada [7][12]. - Assistance for voting can be obtained by contacting Barbara Fox at the provided contact details [8].

Core Viewpoint - Kolibri Global Energy Inc. has revised its 2025 operational guidance downward due to lower oil prices and delays in well production, but still anticipates significant growth in production, revenue, and Adjusted EBITDA compared to 2024 [2][3][6] Guidance Update - The average production, revenue, and Adjusted EBITDA guidance for 2025 has been adjusted lower from previous forecasts due to lower than expected oil prices, which averaged less than $70 per barrel [2] - The company expects annual capital expenditures to be between $55 million and $58 million, higher than originally forecasted due to redrilling and cost increases [3] - Net debt is projected to be between $46 million and $48 million, also higher than previously estimated, primarily due to the timing of well production [3] - Cash flow from production, including from the new wells, is expected to facilitate debt paydowns of $8 million to $10 million in the first quarter of 2026 [3] Operations Update - The Barnes 6-31-2H well was successfully drilled under budget, and completion operations will commence once the redrill of the Barnes 6-31-3H well is completed [4] - The four Lovina wells completed earlier this year are producing at a higher oil rate of 80% and are declining at lower rates compared to other wells [4][7] - The Forguson 17-20-3H well is showing a 21% increase in production since the last update, currently averaging about 195 barrels of oil equivalent per day [5] Management Commentary - The President and CEO expressed disappointment over the drilling program's delay due to a single component failure but noted that it will not affect the ultimate productivity of the wells [6] - The company anticipates that the new wells will begin production in December, significantly impacting production in the first quarter of 2026 [6] - The Lovina wells are expected to yield higher netbacks due to their higher oil rates [7]

Summary of Kolibri Global Energy (KGEI) Conference Call Company Overview - **Company Name**: Kolibri Global Energy Inc. - **Ticker Symbols**: KGEI (Nasdaq), KEI (Toronto Exchange) [5][28] - **Industry**: Oil and Gas Production - **Location**: Oklahoma, operating primarily in the Tishomingo Shale Oil Field [2][28] Key Financial Highlights - **Market Capitalization**: Approximately $193 million [5] - **Net Debt**: Approximately $30 million [5] - **Enterprise Value**: About $200 million [5] - **Line of Credit**: $65 million with about $30 million drawn [3] - **Cash Flow Growth**: Anticipated continued growth in cash flow [3] - **Approved Reserves**: 40 million barrels of oil equivalent, with a value of $535 million [6] - **Production Guidance for 2025**: Expected growth of 29% to 47% over 2024 [10] Operational Insights - **Drilling Depth**: Vertical depth between 8,500 to 11,000 feet, with horizontal drilling lengths increasing from one mile to one and a half to two miles [2][10] - **Production Composition**: Approximately 70% oil, with liquids production around 85% [10] - **Recent Drilling Success**: Four mile and a half lateral Caney wells (Lovina wells) producing 82% oil [11] - **Future Drilling Plans**: Two additional mile and a half lateral Caney wells (Barnes wells) planned for completion in October [12] Financial Performance - **Adjusted EBITDA**: Forecasted between $58 million to $71 million for the current year, up from $44 million in 2024 [12] - **Capital Expenditure**: Estimated between $48 million to $53 million [12] - **Share Buyback Program**: Renewed program with over half a million shares repurchased at approximately $5.20 each [13] Market Position and Valuation - **Debt to EBITDA Ratio**: 0.64, indicating low leverage [5] - **Operating Netbacks**: Positioned in the upper end of profitability per barrel of oil equivalent [24] - **Per Share Value**: Estimated at $15 to $19 based on reserves, compared to trading around $5.40 to $5.50 [25] Strategic Outlook - **Future Growth**: Focus on internal growth and potential external acquisitions that are accretive to shareholders [28] - **Infrastructure**: Proximity to gathering systems and established infrastructure supports operational efficiency [16][19] - **Management Experience**: Strong management team with extensive experience in oil and gas operations [26][27] Additional Considerations - **Market Recognition**: Company believes it has not yet fully realized its market value despite recent drilling successes [7] - **Potential Upside**: Additional 3,000 acres on the east side and other intervals not yet included in reserve reports present future opportunities [18][19] - **Operational Efficiency**: Improved drilling times and reduced costs, with recent wells drilled in an average of 10.5 days [21] This summary encapsulates the key points from the Kolibri Global Energy conference call, highlighting the company's operational performance, financial health, and strategic direction.

Core Viewpoint - Kolibri Global Energy Inc. has announced its intention to initiate a normal course issuer bid to repurchase up to 1,768,841 common shares, representing approximately 5% of its total outstanding shares as of September 10, 2025 [1]. Group 1 - The Toronto Stock Exchange has accepted the notice filed by Kolibri Global Energy Inc. regarding the issuer bid [1]. - The total number of common shares issued and outstanding is 35,376,833 [1]. - The repurchase will be conducted through the facilities of the Toronto Stock Exchange [1].