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].

Kolibri Global Energy Inc. Conference Summary Company Overview - **Company Name**: Kolibri Global Energy Inc. (Ticker: KGEI) - **Industry**: Oil and Gas Production - **Location**: Oklahoma, specifically the Tishomingo Shale Oil Field - **Market Capitalization**: Approximately $193 million based on a share price of around $40 with 35.5 million shares outstanding [4] Core Business and Financials - **Production Method**: Drilling horizontal wells, with recent advancements extending drilling lengths from 1.5 miles to 2 miles [2] - **Reserves**: - Proved reserves: Approximately 40 million barrels - Proved probable reserves: Approximately 53 million barrels - 22% of reserves are in the proved developed producing category, while 78% are undeveloped [3][4] - **Debt**: Approximately $27 million as of the end of the third quarter, with a $65 million line of credit from Bank of Oklahoma [5] - **Cash Flow**: Strong cash flow growth, fully funded for the 2025 drilling program using existing cash flow and credit [3] Production and Operations - **Production Mix**: Transitioned from a natural gas producer to approximately 70% oil production, with only 16% being natural gas [8] - **Recent Drilling Success**: The Lobina wells produced about 82% oil, significantly higher than the company’s average [9] - **Future Drilling Plans**: Plans to complete two additional wells and continue drilling in the fourth quarter [10][34] Financial Performance - **Adjusted EBITDA**: Showing consistent growth since the resumption of drilling activities [9] - **Net Operating Income**: Increasing, despite fluctuations in oil and gas prices [11] - **Operating Costs**: Competitive operating expenses per barrel, leading to high netbacks [19][20] Market Position and Strategy - **Valuation Discrepancy**: Noted disconnect between current market valuation and the estimated value of reserves, which is based on higher oil price projections [5] - **M&A Activity**: Actively looking for accretive acquisitions but has not found suitable opportunities yet [24][42] - **Share Buyback Program**: Authorized a share buyback program, having repurchased over 500,000 shares [10] Risk Management and Future Outlook - **Oil Price Sensitivity**: Acknowledgment of potential lower oil prices in 2026, with plans to adjust drilling and completion programs accordingly [25][26] - **Operational Flexibility**: Ability to quickly adjust drilling plans based on market conditions, which is a strategic advantage of being a smaller company [32][42] - **Future Catalysts**: Anticipation of further increases in approved reserves and production from new wells [24] Management and Team - **Experienced Leadership**: The management team has extensive experience in oil and gas operations, finance, and engineering [20][22] - **Board Composition**: Includes members with significant experience in capital markets and oil and gas operations, enhancing strategic decision-making [23] Conclusion - Kolibri Global Energy Inc. is positioned for growth with a strong operational focus, low debt levels, and a commitment to shareholder returns through share buybacks and potential acquisitions. The company is actively managing risks associated with fluctuating oil prices while continuing to expand its drilling activities and improve production efficiency [24][60]

Corporate Update - Kolibri Global Energy Inc. is providing updates on upcoming investor conferences and its Normal Course Issuer Bid [1] - The company has repurchased 267,637 common shares at an average price of US$6.38 per share in 2025 [4] Investor Conferences - Mr. Regener will present at the Sidoti September Virtual Investor Conference on September 18, 2025, at 3:15 PM Eastern Time [2] - Mr. Regener is also scheduled to present at the Lytham Partners Investor Conference on September 30, 2025, at 12:30 PM ET [3] Operations Update - The initial thirty-day average production rates for the Lovina wells in Oklahoma are as follows: Lovina 9-16-1H at 565 BOEPD, Lovina 9-16-2H at 629 BOEPD, and Lovina 9-16-3H at 510 BOEPD [8] - Average production for the second quarter of 2025 was 3,220 BOEPD, a 3% increase from 3,128 BOEPD in the second quarter of 2024 [9]

Core Viewpoint - Kolibri Global Energy Inc. is facing a shareholder requisition to set a maximum authorized share count at 37,367,894, reflecting investor concerns over potential dilution from new share issuances [1][2]. Group 1: Shareholder Requisition - The requisition was filed under section 167 of the British Columbia Business Corporations Act by CDS & Co. on behalf of TFG Asset Management UK LLP, the beneficial owner of the stock [2]. - Kolibri currently has 35.38 million shares outstanding on an undiluted basis and 36.86 million on a fully diluted basis [2]. Group 2: Special General Meeting - In response to the requisition, the company has scheduled a special general meeting of shareholders for November 25, 2025, with details on the record date and meeting logistics filed on SEDAR+ [3]. Group 3: Governance and Capital Discipline - Kolibri, as a North American oil and gas exploration and production company, is navigating this shareholder push as part of broader governance oversight, which is common in the energy sector [4]. - The outcome of the meeting could influence Kolibri's flexibility in raising capital through equity issuance, a common financing tool for junior and mid-cap energy companies [5]. - This move reflects growing investor attention to capital discipline and shareholder protection in the upstream oil and gas sector [5].

Core Viewpoint - Kolibri Global Energy Inc. has received a requisition from CDS & Co. on behalf of certain participants holding common shares, which indicates potential shareholder actions or changes in governance [1] Group 1 - The requisition was made pursuant to section 167 of the Business Corporations Act (British Columbia), highlighting the legal framework under which the request was submitted [1] - The participants involved are acting as custodians for TFG Asset Management UK LLP, indicating institutional interest in the company's governance [1]