Kolibri Global Energy (NasdaqCM:KGEI) Conference Summary Company Overview - **Company**: Kolibri Global Energy - **Ticker**: KGEI (also trades in Canada) - **Industry**: Oil and Gas Production - **Location**: Tishomingo Shale Oil Field, Oklahoma Key Points and Arguments Production and Reserves - Kolibri is an oil and gas producer with significant operations in Oklahoma, specifically in the Tishomingo Shale Oil Field [2][3] - The company drilled nine new wells in 2025, leading to a 24% increase in approved reserves in 2024 [3][4] - Current approved reserves include 40 million barrels of oil and 53 million barrels of approved probable reserves, as reported by Netherland Sewell [4][5] - The company’s production mix has shifted to 75% oil as of November, up from 66% in the third quarter [8][10] Financial Performance - Kolibri reported an enterprise value of over $170 million, with a market cap of approximately $130 million [5][10] - The company has maintained a strong cash flow, with Adjusted EBITDA growing from $6.5 million in 2021 to $44 million in 2024, despite lower oil prices [10][12] - The company aims to keep its debt around $35 million, with current debt reported at $42 million [4][10] Operational Efficiency - The company has improved drilling efficiency, reducing the time to drill a one-mile lateral from 30 days in 2016 to about 12 days by the end of 2024 [19][20] - Operating expenses are approximately $7.50 per barrel of oil equivalent, positioning Kolibri among the lower end of its peers [22][23] Strategic Plans - Kolibri plans to focus on drilling more McKinney wells in 2026 and is currently permitting multiple pads for efficient drilling [11][12] - The company is also exploring the Sycamore formation for potential additional reserves [14][15] - Share buybacks and debt reduction are prioritized, with plans to use excess cash flow for these purposes [27][28] Market Position and Valuation - The company believes it is undervalued, with a significant discrepancy between its trading price and the value of its approved reserves [5][39] - The stock price has experienced volatility due to fluctuations in oil prices and market conditions, particularly around the time of its inclusion in the Russell 2000 [39][40] Additional Important Insights - The company emphasizes the non-homogeneous nature of shale, which can lead to variability in well performance [41] - Kolibri's management team has extensive experience in the oil and gas sector, contributing to its operational and financial strategies [24][25] - The company is proactive in its approach to drilling and capital expenditure, allowing for flexibility in response to market conditions [29][30] This summary encapsulates the key points discussed during the Kolibri Global Energy conference, highlighting the company's operational strategies, financial performance, and market positioning within the oil and gas industry.

Company Overview - Gulfport Energy's Utica and Marcellus shale holdings include approximately 249,000 net reservoir acres with year-end 2024 proved reserves of 30 Tcfe and 3Q25 net production of approximately 917 MMcfe/day[7] - The company's SCOOP holdings include approximately 73,000 net reservoir acres with year-end 2024 proved reserves of 10 Tcfe and 3Q25 net production of approximately 203 MMcfe/day[7] - Gulfport Energy has a market capitalization of $35 billion and an enterprise value of $42 billion, with an EV/2026 EBITDA multiple of 42x[9] - The company's liquidity is approximately $903 million and leverage is approximately 081x[9] - Gulfport Energy estimates its 2025 total base capital to be approximately $390 million and total net equivalent production to be approximately 1,040 MMcfe/day[9] Financial Performance and Strategy - Gulfport Energy's equity repurchase program authorizes purchases up to $15 billion, with approximately $785 million repurchased as of September 30, 2025, retiring approximately 67 million shares[18] - The company expects to repurchase approximately $325 million of its outstanding equity during 2025, inclusive of approximately $125 million planned for 4Q2025[18] - Gulfport Energy estimates $28 billion to $36 billion in cumulative adjusted free cash flow from 2026E to 2030E under different NYMEX price scenarios[21] - The company plans to invest $75 million to $100 million on discretionary acreage acquisitions by the end of 1Q2026, expanding net inventory by approximately 2 years[31, 55] Operational Highlights - Gulfport Energy's gross undeveloped inventory has increased by more than 40% since year-end 2022, driven by targeted discretionary acreage acquisitions, Marcellus delineation, and U-development initiatives[31] - The company estimates approximately 700 gross locations and roughly 15 years of net inventory with break-evens below $250 per MMBtu[31] - Gulfport Energy expanded undeveloped Marcellus inventory by approximately 125 gross locations, an increase of 200% in Ohio Marcellus inventory[48]

Company Overview - Kimbell Royalty Partners offers a unique 101% annualized cash distribution yield[7] - Kimbell has completed over $20 billion in M&A transactions since its IPO in 2017, growing run-rate average daily production by ~8x and returning 66% of $1800/unit IPO price via quarterly cash distributions[15] - Kimbell's net royalty acre position is approximately 158,350 acres[17] Financial Highlights - Kimbell generated $688 million in oil, natural gas, and NGL revenues in Q4 2024[19] - Q4 2024 consolidated Adjusted EBITDA was $598 million[19] - Kimbell's Net Debt to TTM Consolidated Adjusted EBITDA is 08x as of 12/31/2024[17] Asset Base and Operations - Kimbell has interests in over 130,000 gross wells across over 17 million gross acres in the US[15] - Approximately 97% of all onshore rigs in the Lower 48 are in counties where Kimbell holds mineral interest positions[15] - Kimbell has identified 11,510 gross / 7771 net total upside locations on major properties alone as of December 31, 2024[48] Future Outlook - Kimbell estimates that approximately 100% of the distribution to be paid on March 25, 2025, is estimated to constitute non-taxable reductions to the tax basis of each distribution recipient's ownership interest in Kimbell[11] - The minerals industry presents a significant consolidation opportunity with approximately $742 billion in market size[17] - Kimbell estimates that only 65 net wells are needed per year to maintain production, reflecting over 14 years of drilling inventory including the major and minor locations[48]