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Kolibri Global Energy Inc. - KGEI STOCK NEWS

Welcome to our dedicated page for Kolibri Global Energy news (Ticker: KGEI), a resource for investors and traders seeking the latest updates and insights on Kolibri Global Energy stock.

Kolibri Global Energy Inc. (KGEI) is a prominent North American energy company that specializes in identifying and developing energy projects across the oil, gas, and clean energy sectors. The company is heavily involved in the acquisition, exploration, and production of oil and gas reserves, primarily focusing on shale oil and gas properties within the United States. This strategic focus has enabled Kolibri Global Energy to derive the majority of its revenue from its U.S. operations.

The company's business segments include the United States, Canada, and Others, allowing Kolibri Global Energy to maintain a diversified portfolio that mitigates risk while optimizing opportunities for growth. The company actively pursues partnerships and collaborations to enhance its exploration and production capabilities, ensuring sustainable and efficient operations.

Recent achievements highlight Kolibri Global Energy's commitment to innovation and sustainability. The company has made significant strides in incorporating clean and sustainable energy solutions into its portfolio, diversifying its revenue streams, and enhancing its environmental stewardship.

Kolibri Global Energy Inc. is dedicated to creating long-term value for its shareholders by continuing to exploit high-potential oil and gas reserves, while also exploring opportunities in renewable energy. For investors looking to stay updated, the latest news and developments offer valuable insights into the company's performance and strategic direction.

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Kolibri Global Energy Inc. (TSX: KEI, NASDAQ: KGEI) has successfully completed drilling its first three 1.5-mile lateral wells in the Tishomingo field, Oklahoma. The Alicia Renee 2-11-3H, 2-11-4H, and 2-11-5H wells were drilled safely and under budget, averaging less than 14 days each compared to the budgeted 20 days. Completion work is expected to begin in early October, with flowback anticipated in early November. Kolibri holds a 100% working interest in all three wells.

CEO Wolf Regener expressed pride in the team's performance and anticipates increased cash flow and improved field economics from these longer lateral wells. The company will participate in upcoming investor conferences, including the Sidoti Small-Cap Virtual Conference and Remark's Virtual Non-Deal Roadshow for Dallas.

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Kolibri Global Energy Inc. (TSX: KEI, NASDAQ: KGEI) has received TSX approval for a normal course issuer bid to repurchase up to 1,786,798 common shares, representing 5% of its outstanding shares. The buyback will occur over one year, from September 23, 2024, to September 22, 2025, through TSX, Nasdaq, and other Canadian trading platforms. The company will pay prevailing market prices, with daily purchase limits of 2,889 shares on TSX and 25% of average daily volume on Nasdaq. Kolibri's board believes the share price may not reflect the company's underlying value, making the buyback an appropriate use of funds. Purchases will be financed from working capital, subject to cash distribution restrictions from its subsidiary under an existing credit facility.

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Kolibri Global Energy reported a strong second quarter for 2024, with a 30% increase in production and a 38% rise in revenue compared to the same period in 2023. Average production reached 3,128 BOEPD, driven by new wells. Adjusted EBITDA rose by 31% to $10.0 million due to higher production and prices. Net income stood at $4.1 million with EPS of $0.11, slightly lower than the previous year due to higher taxes and operating costs.

Oil revenues surged by 39% to $17.7 million, despite a 37% drop in natural gas revenues. Operating expenses rose to $2.1 million, influenced by higher processing and water hauling costs. General and administrative costs increased by 50% due to higher fees and public company costs. Finance expenses rose due to higher interest rates and loan balances.

For the first half of 2024, average production saw a 15% increase, with revenues up by 15%. However, net income for the half-year dropped by 39% to $7.4 million, impacted by higher income taxes and a decline in commodity contract gains.

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Kolibri Global Energy Inc. (KEI) has announced its Second Quarter 2024 earnings release date and provided an operational update. The company will release its financial results on August 13, 2024, after market close, followed by a conference call on August 14, 2024, at 9:00 a.m. PDT. KEI has also begun drilling operations on the Alicia Renee 2-11-3H well, with plans to drill two additional wells (2-11-4H and 2-11-5H) subsequently. These wells will have 1.5-mile laterals with KEI holding a 97.9% working interest in each. The company aims to improve efficiency and rates of return with these longer lateral wells, expecting them to come online in early Q4 and contribute to increased cash flow.

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Kolibri Global Energy Inc. (NASDAQ: KGEI) (TSX: KEI) has launched a shareholder loyalty campaign in partnership with TiiCKER and B2i Digital. This initiative aims to reward retail shareholders with exclusive perks, enhancing investor engagement and loyalty. The campaign offers retail shareholders access to rewards including an $11 Amazon gift card and a Kolibri branded hat.

TiiCKER, known as the world's first and largest shareholder loyalty and engagement platform, will facilitate the distribution of these perks. B2i Digital, a digital marketing specialist in retail investor communication, will support the campaign's outreach efforts. This strategic partnership is designed to strengthen Kolibri's relationship with its retail investor base and potentially attract new shareholders.

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Kolibri Global Energy Inc. (TSX: KEI, NASDAQ: KGEI) provided updates on their operations and 2024 financial forecast. The Nickel Hill 35-1H and 35-2H wells yielded 495 and 511 BOEPD respectively, converting possible reserves into proved reserves. The upcoming Alicia Renee wells will have 1.5-mile laterals with a 97.8% company interest. A new field development study suggests longer lateral lengths for better economics. Adjusted guidance for 2024 includes average production of 3,200-3,700 BOEPD, revenue of $57-$62M, and EBITDA of $43-$48M. Kolibri is also considering a share buyback program in late 2024.

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Kolibri Global Energy Inc. (TSX: KEI, NASDAQ: KGEI) has announced the successful drilling and completion of the Nickel Hill 35-1H and 35-2H wells in the Caney Formation, Tishomingo field, Oklahoma.

The Nickel Hill 35-1H well has averaged 472 BOEPD, including 369 BOPD, while Nickel Hill 35-2H well averaged 478 BOEPD, including 379 BOPD over seven days. Currently, the wells are producing about 510 BOEPD and 529 BOEPD respectively.

Kolibri owns a 62.9% working interest in these wells. Additionally, Kolibri announced its preliminary inclusion in the Russell Microcap Index, effective after the market close on June 28, 2024. This inclusion is anticipated to enhance the company's visibility among investors.

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Kolibri Global Energy announced the results of its Annual General Meeting held on May 15, 2024, in Marina del Rey, California. Key resolutions were approved, including the election of five directors to the board. The elected directors are Wolf Regener, Douglas C. Urch, Leslie O'Connor, David Neuhauser, and Evan S. Templeton. The vote percentages ranged from 91.21% to 98.46% in favor. Eric Brown did not stand for re-election, and the company expressed gratitude for his contributions. Marcum LLP was appointed as the auditor.

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Kolibri Global Energy announced a 25% increase in the borrowing base of its subsidiary BNK Petroleum's revolving line of credit with BOK Financial, bringing it from $40 million to $50 million.

This provides additional flexibility for the company, which currently has $32 million drawn on the credit facility. The increase supports ongoing development and cash flow growth initiatives for Kolibri's Tishomingo project.

Other terms of the credit facility remain unchanged.

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Kolibri Global Energy reported a net income of $3.3 million for Q1 2024, a 58% decline from Q1 2023. Adjusted EBITDA was $10.4 million, a 9% decrease year-over-year. Revenue net of royalties was $14.2 million, similar to the previous year despite a 3% increase in production to 3,305 BOEPD due to lower average prices. Operating expenses increased significantly to $8.36 per BOE, up from $6.04, attributed to prior year processing costs reassessed in 2024. Netback from operations fell by 11% to $38.94 per BOE. The company also faced a $0.9 million unrealized loss on commodity contracts compared to a $1.4 million gain in Q1 2023. Kolibri reworked several wells to mitigate production impacts from offset fracture stimulations, expecting further production increases from new wells by end of May 2024.

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FAQ

What is the current stock price of Kolibri Global Energy (KGEI)?

The current stock price of Kolibri Global Energy (KGEI) is $3.4 as of October 9, 2024.

What is the market cap of Kolibri Global Energy (KGEI)?

The market cap of Kolibri Global Energy (KGEI) is approximately 121.5M.

What is Kolibri Global Energy Inc.?

Kolibri Global Energy Inc. is a North American energy company involved in the acquisition, exploration, and production of oil, gas, and clean energy projects.

Where does Kolibri Global Energy Inc. operate?

The company operates in the United States, Canada, and other regions, with a primary focus on shale oil and gas properties in the U.S.

What are the main business segments of Kolibri Global Energy Inc.?

The main business segments are the United States, Canada, and Others.

How does Kolibri Global Energy Inc. generate most of its revenue?

The company derives the majority of its revenue from its operations in the United States.

Is Kolibri Global Energy Inc. involved in sustainable energy?

Yes, Kolibri Global Energy Inc. is incorporating clean and sustainable energy solutions into its portfolio.

What recent achievements has Kolibri Global Energy Inc. made?

The company has made significant advancements in clean energy solutions and continues to grow its oil and gas production capabilities.

What is the stock symbol for Kolibri Global Energy Inc.?

The stock symbol for Kolibri Global Energy Inc. is KGEI.

Does Kolibri Global Energy Inc. focus on any specific type of oil and gas reserves?

Yes, the company focuses on shale oil and gas reserves, primarily in the United States.

How can I stay updated on Kolibri Global Energy Inc.'s latest news?

You can stay updated by following the latest news releases from Kolibri Global Energy Inc. and monitoring their performance and strategic developments.

What is Kolibri Global Energy Inc.'s approach to environmental stewardship?

The company aims to balance its oil and gas operations with sustainable energy practices, enhancing its environmental stewardship.

Kolibri Global Energy Inc.

Nasdaq:KGEI

KGEI Rankings

KGEI Stock Data

121.50M
35.74M
1.1%
54.12%
0.03%
Oil & Gas E&P
Energy
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United States of America
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