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Kolibri Global Energy Inc. reported a net income of $0.6 million for Q3 2021, compared to a loss of $0.6 million in Q3 2020. Adjusted funds flow decreased to $1.7 million, impacted by a 15% decline in production, although offset by a 58% increase in average oil prices. Revenue rose 58% to $3.9 million, driven by higher average prices despite reduced production. Operating expenses increased by 10% due to rising production taxes. The company continues to focus on reducing General & Administrative costs, achieving a 7% reduction in G&A expenses year-over-year.
Kolibri Global Energy Inc. (KGEIF) announced an extension of the maturity date on its credit facility with BOK Financial to June 2023. Following this, BNK Petroleum (US) will reduce its outstanding principal from US$16.0 million to US$14.45 million by April 1, 2022, resulting in projected interest expense savings. CEO Wolf Regener expressed satisfaction with the credit extension and noted that nearly 50% of the credit facility will be repaid from its peak of US$30 million. The company focuses on energy projects in oil, gas, and clean energy.
Kolibri Global Energy reported its second quarter 2021 results with a net revenue of $3.5 million, representing a significant 131% increase from the previous year. Adjusted funds flow was $1.5 million, slightly down from $1.6 million in Q2 2020. Average production declined by 15% to 994 BOEPD. Notably, the company achieved a 260% increase in average netback from operations to $30.30/boe. Interest expenses decreased by 29%, and the company recorded a $0.3 million forgiveness of its PPP loan, attributed to the SBA.
Kolibri Global Energy Inc. held its Annual General Meeting on July 28, 2021, in Vancouver, British Columbia, where shareholders approved all proposed resolutions.
The board of directors was fixed at four members, and the following were elected for a one-year term: Wolf Regener, Eric Brown, Leslie O'Connor, and David Neuhauser. The voting results showed strong support for the nominees, with each receiving over 94% approval. KPMG LLP was reappointed as the auditor.
Further details will be included in a forthcoming Report of Voting Results on SEDAR.
Kolibri Global Energy Inc. reported its Q1 2021 results, highlighting an average production drop of 17% to 1,020 BOEPD from 1,225 BOEPD in the prior year. Despite this decline, average netback increased by 36% to $28.32 due to higher oil prices. Revenue rose 6% to $3.3 million, driven by a 29% increase in average oil prices. Adjusted funds flow decreased to $1.5 million from $2.0 million, primarily from lower production and commodity contract losses. The company reported a net loss of $0.6 million, significantly improved from a loss of $66.5 million a year earlier.
Kolibri Global Energy reported a net loss of $70.4 million for 2020, significantly higher than the previous year's loss of $0.2 million. Average production decreased by 17% to 1,151 BOEPD, attributed to the natural decline of existing wells. Revenues fell 45% to $9.6 million, largely due to lower prices and production. However, general and administrative expenses were reduced by 26% to $2.9 million, and operating expenses per barrel also decreased by 12%. The company's total proved reserves remained stable at 33.1 million BOE, although the NPV10 value dropped by 36% to $192.9 million.
Kolibri Global Energy Inc. reported its December 31, 2020 independent reserves evaluation, showing a 1% decrease in proved reserves to 33.1 million BOE. The net present value (NPV) of proved reserves fell 36% to $192.9 million due to lower future pricing. The company maintained its estimated ultimate recovery (EUR) while optimizing operating costs, demonstrating low decline rates in production. The evaluation, conducted by NSAI, highlights the company's continued focus on conserving cash and managing debt.