Kolibri completes first three lateral wells in Oklahoma ahead of schedule

Kolibri Global Energy Inc. has successfully completed drilling its first three lateral wells in the Tishomingo field, Oklahoma, ahead of schedule and under budget. The wells, named Alicia Renee 2-11-3H, 2-11-4H, and 2-11-5H, were drilled to a depth of 1.5 miles. Completion work is set to commence in early October, with flowback expected in early November, allowing for simultaneous completion of all three wells. Wolf Regener, the President and CEO, expressed pride in the team's efficiency and safety during the drilling process. The company holds a 100% working interest in these wells, which are anticipated to enhance cash flow and evaluate the economic benefits of longer lateral wells. The successful drilling is expected to have a significant impact on the field's economics. In addition to the drilling achievements, Regener and CFO Gary Johnson are participating in several upcoming conferences, including the Sidoti Small-Cap Virtual Conference and Remark’s Virtual Non-Deal Roadshow. These events provide an opportunity for the company to engage with investors and discuss its strategic direction and recent accomplishments. The company remains optimistic about the future, as the completion of these wells is expected to contribute positively to its financial performance in the fourth quarter. However, they acknowledge the inherent risks in the oil and gas industry, including potential delays and fluctuations in commodity prices, which could affect their operations and financial outcomes.