Kolibri Global Energy Announces a 40% Increase in Production and a 15% Increase in Net Revenues for the Third Quarter of 2025
THIRD QUARTER 2025 HIGHLIGHTS
-
Average production for the third quarter of 2025 was 4,254 BOEPD, an increase of
40% from the third quarter of 2024 average production of 3,032 BOEPD. The increase was due to production from the wells that were drilled and completed in the first nine months of 2025 -
Revenue, net of royalties was
$15.0 million $13.0 million 15% due to a40% increase in production partially offset by a decrease in average prices of18% -
Net income in the third quarter of 2025 was
$3.6 million $0.10 $5.1 million $0.14 $0.5 million $1.3 million -
Adjusted EBITDA(1) was
$11.1 million $10.1 million 9% . The increase was primarily due to an increase in revenues, partially offset by an increase in operating expenses due to the increase in production -
Production and operating expense per barrel averaged
$7.37 $6.63 11% . The increase was due to reassessed production tax adjustments related to prior periods that were recorded in September 2025 totaling$0.3 million $0.80 $6.57 1% decrease from the prior year -
Average netback from operations(2) for the third quarter of 2025 was
$30.84 23% from the prior year third quarter due to lower prices in 2025. Average netback including commodity contracts(2) for the third quarter of 2025 was$30.89 23% from the prior year third quarter -
In October 2025, the credit facility was redetermined with the same
$65 million $18.5 million
(1) |
Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
(2) |
Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
KEI’s President and Chief Executive Officer, Wolf Regener commented:
“We are pleased that the Company continues to increase production, revenue and adjusted EBITDA as we execute our 2025 drilling program. Our production increased by
“The Forguson 17-20-3H well (
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Third Quarter |
|
First Nine Months |
|
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2025 |
2024 |
% |
2025 |
2024 |
% |
|
|
|
|
|
|
|
|
Net Income: |
|
|
|
|
|
|
$ Thousands |
|
|
(29)% |
|
|
(2)% |
$ per basic common share |
|
|
(29)% |
|
|
(3)% |
$ per diluted shares |
|
|
(29)% |
|
|
(3)% |
|
|
|
|
|
|
|
Capital Expenditures |
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Production (Boepd) |
4,254 |
3,032 |
|
3,851 |
3,154 |
|
Average Price per BOE |
|
|
(18)% |
|
|
(16)% |
Average Netback from operations(2) per Barrel |
|
|
(23)% |
|
|
(17)% |
Average Netback including commodity contracts(2) per Barrel |
|
|
(23)% |
|
|
(16)% |
|
September
|
|
June
|
|
December
|
|
|||
|
|
|
|
|
|
|
|||
Cash and Cash Equivalents |
$ |
2,953 |
|
$ |
3,132 |
|
$ |
4,314 |
|
Working Capital |
$ |
(6,126) |
|
$ |
(12,911) |
|
$ |
(657) |
|
Borrowing capacity |
$ |
18,542 |
|
$ |
34,542 |
|
$ |
16,542 |
|
| (1) | Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
(2) |
Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
Third Quarter 2025 versus Third Quarter 2024
Oil and gas gross revenues totaled
Average third quarter 2025 production per day increased 1,222 BOEPD or
Production and operating expenses increased to
General and administrative expenses increased by
Finance income decreased by
Finance expense increased by
FIRST NINE MONTHS 2025 HIGHLIGHTS
-
Average production for the nine months ended September 30, 2025 was 3,851 BOEPD, an increase of
22% from the average production of 3,154 BOEPD in the same period of 2024. The increase is due to production from the wells that were drilled and completed in the first nine months of 2025 -
Revenue, net of royalties was
$42.1 million $41.2 million 2% , as production increased by22% partially offset by a decrease in average prices of16% -
Net income for the first nine months of 2025 was
$12.2 million $0.34 $12.5 million $0.38 -
Adjusted EBITDA(1) was
$31.6 million $30.5 million 3% . The increase was due to an increase in revenue partially offset by higher operating expenses due to the increase in production -
Production and operating expense per barrel averaged
$7.20 $7.84 8% -
Average netback from operations(2) for the first nine months of 2025 was
$32.86 17% from the prior year period due to lower prices. Netback including commodity contracts(2) for the first nine months of 2025 was$32.91 16% lower than the comparable prior year period
(1) |
Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
(2) |
Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
First Nine Months of 2025 versus First Nine Months of 2024
Oil and gas gross revenues totaled
Average production per day for the first nine months of 2025 increased
Production and operating expenses increased to
General and administrative expenses were
Finance income decreased by
Finance expense decreased by
KOLIBRI GLOBAL ENERGY INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited, Expressed in Thousands of United States Dollars) |
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September 30 |
|
December 31 |
|
|
2025 |
|
2024 |
|
|
||||
Current Assets |
|
|||
Cash and cash equivalents |
$ |
2,953 |
$ |
4,314 |
Accounts receivable and other receivables |
|
9,841 |
|
9,733 |
Deposits and prepaid expenses |
|
941 |
|
718 |
Fair value of commodity contracts |
|
277 |
|
254 |
|
|
14,012 |
|
15,019 |
|
|
|||
Non-current assets |
||||
Property, plant and equipment |
|
266,533 |
|
232,962 |
Right of use assets |
|
1,542 |
|
748 |
Fair value of commodity contracts |
|
- |
|
30 |
|
|
268,075 |
|
233,740 |
|
|
|||
Total Assets |
$ |
282,087 |
$ |
248,759 |
|
|
|||
Current Liabilities |
||||
Accounts payable and other payables |
$ |
18,878 |
$ |
15,090 |
Lease liabilities |
|
1,260 |
|
586 |
|
|
20,138 |
|
15,676 |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Loans and borrowings |
|
45,732 |
|
33,240 |
Asset retirement obligations |
|
2,531 |
|
2,168 |
Lease liabilities |
|
325 |
|
167 |
Deferred income taxes |
|
12,162 |
|
8,701 |
Fair value of commodity contracts |
|
3 |
|
- |
|
|
60,753 |
|
44,276 |
|
|
|
|
|
Equity |
|
|
||
Shareholders’ capital |
|
294,195 |
|
295,309 |
Treasury stock |
|
(41) |
|
- |
Contributed surplus |
|
26,708 |
|
25,380 |
Accumulated deficit |
|
(119,666) |
|
(131,882) |
Total Equity |
|
201,196 |
|
188,807 |
|
|
|||
Total Equity and Liabilities |
$ |
282,087 |
$ |
248,759 |
KOLIBRI GLOBAL ENERGY INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME |
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(Unaudited, expressed in Thousands of |
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( |
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||||
|
|
Third Quarter |
|
First Nine Months |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
|
Oil and natural gas revenue, net |
$ |
14,956 |
$ |
13,009 |
$ |
42,116 |
$ |
41,150 |
Other income |
|
238 |
|
- |
|
564 |
|
60 |
|
|
15,194 |
|
13,009 |
|
42,680 |
|
41,210 |
|
|
|
|
|
|
|
|
|
Production and operating expenses |
|
2,500 |
|
1,524 |
|
6,465 |
|
5,879 |
Depletion and depreciation expense |
|
4,555 |
|
3,611 |
|
12,134 |
|
11,205 |
General and administrative expenses |
|
1,410 |
|
1,333 |
|
4,144 |
|
4,126 |
Stock based compensation |
|
512 |
|
268 |
|
1,237 |
|
807 |
|
|
8,977 |
|
6,736 |
|
23,980 |
|
22,017 |
|
|
|
|
|
|
|
|
|
Finance income |
|
28 |
|
1,341 |
|
84 |
|
871 |
Finance expense |
|
(1,419) |
|
(902) |
|
(2,423) |
|
(3,304) |
Income tax expense |
|
(1,228) |
|
(1,646) |
|
(4,145) |
|
(4,288) |
Net income |
|
3,598 |
|
5,066 |
|
12,216 |
|
12,472 |
|
|
|
|
|
|
|
|
|
Basic net income per share |
$ |
0.10 |
$ |
0.14 |
$ |
0.34 |
$ |
0.35 |
Diluted net income per share |
$ |
0.10 |
$ |
0.14 |
$ |
0.34 |
$ |
0.35 |
KOLIBRI GLOBAL ENERGY INC. |
|||||
THIRD QUARTER 2025 |
|||||
(Unaudited, expressed in Thousands of |
|||||
|
|
|
|
|
|
Third Quarter |
|
First Nine Months |
|||
|
2025 |
2024 |
|
2025 |
2024 |
Oil gross revenue |
|
|
|
|
|
Gas gross revenue |
962 |
216 |
|
3,089 |
808 |
NGL gross revenue |
1,454 |
871 |
|
4,109 |
2,952 |
Oil and Gas gross revenue |
18,934 |
16,485 |
|
53,744 |
52,407 |
|
|
|
|
|
|
Adjusted EBITDA(1) |
11,064 |
10,136 |
|
31,565 |
30,546 |
Capital expenditures |
17,369 |
9,798 |
|
44,220 |
21,545 |
|
|
|
|
|
|
Average oil production (Bopd) |
2,809 |
2,247 |
|
2,589 |
2,326 |
Average natural gas production (mcf/d) |
3,861 |
1,948 |
|
3,515 |
2,078 |
Average NGL production (Boepd) |
801 |
460 |
|
676 |
482 |
Average production (Boepd) |
4,254 |
3,032 |
|
3,851 |
3,154 |
Average oil price ($/bbl) |
|
|
|
|
|
Average natural gas price ($/mcf) |
|
|
|
|
|
Average NGL price ($/bbl) |
|
|
|
|
|
|
|
|
|
|
|
Average price (Boe) |
|
|
|
|
|
Royalties (Boe) |
10.17 |
12.45 |
|
11.06 |
13.02 |
Operating expenses (Boe) |
7.37 |
6.63 |
|
7.20 |
7.84 |
Netback from operations(2) (Boe) |
|
|
|
|
|
Price impact from commodity contracts(3) (Boe) |
0.05 |
(0.06) |
|
0.05 |
(0.69) |
Netback including commodity contracts(2) (Boe) |
|
|
|
|
|
(1) |
Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
(2) |
Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” of this earnings release. |
(3) |
Price impact from commodity contracts includes the positive or negative adjustment to the average price per barrel that the Company realized from its commodity contracts. |
The information outlined above is extracted from and should be read in conjunction with the Company's unaudited financial statements for the three and nine months ended September 30, 2025 and the related management's discussion and analysis thereof, copies of which are available under the Company's profile 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:
(US |
Three months ended
|
Nine months ended
|
|||
2025 |
2024 |
|
2025 |
2024 |
|
Net income |
3,598 |
5,066 |
12,216 |
12,472 |
|
Adjustments: |
|||||
Income tax expense |
1.228 |
1,646 |
|
4,145 |
4,288 |
Finance income |
(28) |
(1,341) |
(84) |
(871) |
|
Finance expense |
1,419 |
902 |
2,423 |
3,304 |
|
Share based compensation |
512 |
268 |
1,237 |
807 |
|
General and administrative expenses |
1,410 |
1,333 |
4,144 |
4,126 |
|
Depletion, depreciation and amortization |
4,555 |
3,611 |
12,134 |
11,205 |
|
Other income |
(238) |
- |
(564) |
(60) |
|
Operating netback |
12,456 |
11,485 |
35,651 |
35,271 |
|
Netback from operations per BOE |
30.84 |
40.01 |
32.86 |
42.48 |
|
Adjusted EBITDA is calculated as net income before interest, taxes, depletion and depreciation and other non-cash and non-operating gains and losses. The Company considers this a key measure as it demonstrates its ability to generate cash from operations necessary for future growth excluding non-cash items, gains and losses that are not part of the normal operations of the Company and financing costs. The following is the reconciliation of the non-GAAP measure adjusted EBITDA:
(US |
Three months ended
|
Nine months ended
|
|||
2025 |
2024 |
2025 |
2024 |
||
Net income |
3,598 |
5,066 |
|
12,216 |
12,472 |
Income tax expense |
1,228 |
1,646 |
|
4,145 |
4,288 |
Depletion and depreciation expense |
4,555 |
3,611 |
|
12,134 |
11,205 |
Accretion expense |
64 |
46 |
|
188 |
135 |
Interest expense |
890 |
839 |
|
2,226 |
2,567 |
Unrealized (gain) loss on commodity contracts |
464 |
(1,341) |
|
9 |
(871) |
Stock based compensation |
512 |
268 |
|
1,237 |
807 |
Interest income |
(10) |
|
|
(26) |
|
Other income |
(238) |
- |
(564) |
(60) |
|
Foreign currency (gain) loss |
1 |
1 |
- |
3 |
|
Adjusted EBITDA |
11,064 |
10,136 |
31,565 |
30,546 |
|
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:
(a) |
The Company's natural gas production is reported in thousands of cubic feet ("Mcfs"). The Company also uses references to barrels ("Bbls") and barrels of oil equivalent ("Boes") to reflect natural gas liquids and oil production and sales. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. |
(b) |
Discounted and undiscounted net present value of future net revenues attributable to reserves do not represent fair market value. |
(c) |
Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a |
(d) |
The Company discloses peak and 30-day initial production rates and other short-term production rates. Readers are cautioned that such production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery. |
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
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 and 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, 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: 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, 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 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.
With respect to estimated reserves, the evaluation of the Company’s reserves is based on a limited number of wells with limited production history and includes a number of assumptions relating to factors such as availability of capital to fund required infrastructure, commodity prices, production performance of the wells drilled, successful drilling of infill wells, the assumed effects of regulation by government agencies and future capital and operating costs. All of these estimates will vary from actual results. Estimates of the recoverable oil and natural gas reserves attributable to any particular group of properties, classifications of such reserves based on risk of recovery and estimates of future net revenues expected therefrom, may vary. The Company's actual production, revenues, taxes, development and operating expenditures with respect to its reserves will vary from such estimates, and such variances could be material. In addition to the foregoing, other significant factors or uncertainties that may affect either the Company’s reserves or the future net revenue associated with such reserves include material changes to existing taxation or royalty rates and/or regulations, and changes to environmental laws and regulations.
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20251112556723/en/
For further information, contact:
Wolf E. Regener, President and Chief Executive Officer +1 (805) 484-3613
Email: investorrelations@kolibrienergy.com
Website: www.kolibrienergy.com
Source: Kolibri Global Energy Inc.
