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Here are a couple of analogies for Kolibri Global Energy (KGEI):

• Think of it as a smaller, Oklahoma-focused shale oil producer, similar to how Continental Resources operates in its key basins.
• It's an independent oil and gas exploration and production company, like a smaller-scale ConocoPhillips, but with its assets concentrated in Oklahoma's Ardmore Basin shale oil region.

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• Crude Oil: A naturally occurring, unrefined petroleum product, extracted from the earth and refined into various fuels and products.
• Natural Gas: A fossil energy source, extracted from underground, used as fuel for heating, electricity generation, and industrial processes.
• Natural Gas Liquids (NGLs): Hydrocarbons that are separated from natural gas and can be used as fuel or as raw materials for petrochemicals.

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Kolibri Global Energy Inc. (KGEI) operates in the upstream oil and gas sector, focusing on the exploration, development, and production of crude oil, natural gas, and natural gas liquids. As such, the company sells its commodities primarily to other businesses involved in the processing, transportation, and consumption of these resources, rather than directly to individual consumers.

Based on the nature of its business, Kolibri Global Energy's major customers would typically fall into the following categories, though specific customer names are not publicly disclosed by the company:

• Midstream Operators and Commodity Purchasers: These companies specialize in the gathering, processing, and transportation of crude oil, natural gas, and natural gas liquids through pipeline networks and other infrastructure. They purchase commodities from producers like KGEI at the wellhead or nearby facilities for further movement to market, processing, or resale.
• Oil Refiners: These companies purchase crude oil to process into a variety of refined petroleum products, such as gasoline, diesel, jet fuel, and petrochemical feedstocks.
• Natural Gas Utilities and Power Generators: These entities purchase natural gas for distribution to residential, commercial, and industrial consumers, or for use in natural gas-fired power plants to generate electricity.

The company typically sells its products under short-term, cancellable contracts tied to market prices and does not generally rely on a single purchaser, which is common for companies operating in the commodity market.

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Wolf E. Regener, President & CEO, Director

Mr. Regener brings over 33 years of management and conventional and unconventional E&P experience to Kolibri Global Energy Inc.. He was instrumental in the formation of BNK Petroleum Inc. and its subsequent spin-off while serving as Executive Vice President of Bankers Petroleum Ltd. and President of its wholly-owned U.S. subsidiary. His career also includes key senior executive positions with Tartan Energy, Alanmar Energy, and R&R Resources. With an extensive operations and finance background, Mr. Regener has led BNK Petroleum's acquisition of unconventional gas projects internationally and the development of the company's Tishomingo Field interests. He holds a Business of Economics degree with an emphasis on Computer Science from the University of California, Santa Barbara.

Gary W. Johnson, Chief Financial Officer & Vice President

Mr. Johnson is a CPA with over 25 years of accounting and finance experience, including 17 years in the oil and gas industry. Before joining BNK Petroleum, his career included roles such as Director of Technical Accounting at Occidental Petroleum Corporation, where he was responsible for public filings and worldwide accounting compliance. He also served as Assistant Controller at Ascent Media Corporation, overseeing corporate accounting, financial reporting, and consolidations, and as Manager of Financial Reporting and Analysis at Western Atlas. Mr. Johnson holds a Bachelor of Science in Accounting from Loyola Marymount University and an MBA from Auburn University.

Dan Simpson, Director of Engineering

Mr. Simpson brings 30 years of experience in petroleum engineering to Kolibri Global Energy Inc., covering operations, management, reserve and economic evaluations, acquisitions and divestitures, and reservoir simulation. He has held Vice President or Head of Engineering roles for 20 years. Prior to Kolibri, he worked as an engineer with firms such as Schlumberger's Reservoir Technologies Division, MHA Petroleum Consultants, and various private oil and gas companies. His North American experience includes conventional and unconventional production, EOR, gas storage, and coal bed methane projects in the Rockies, West Texas, the Mid-Continent, and California. He also has international experience in Mexico, Germany, West Africa, the Middle East, Australia, Belize, and the North Sea.

Allan Hemmy, Senior Geologist

Mr. Hemmy has over 10 years of experience in oil and gas exploration and development, with extensive experience in the evaluation of source rock reservoirs and other tight reservoirs. His expertise encompasses total petroleum system evaluation, basin analysis, sequence stratigraphic interpretation, and petrophysical evaluation of log and core data. Mr. Hemmy holds Bachelor degrees in Geology and Biology from the University of Kansas.

Steve Raunsbak, Controller

Mr. Raunsbak has over 22 years of accounting experience, with 17 years specifically in oil and gas accounting. Before joining the company, he served as the Assistant Controller for Venoco, Inc.. Mr. Raunsbak earned a Business of Economics degree with an emphasis on accounting from the University of California, Santa Barbara.

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1. Commodity Price Volatility: Kolibri Global Energy's profitability and valuation are highly vulnerable to fluctuations in crude oil and natural gas prices. Sustained low oil prices can significantly threaten the company's financial performance, as lower market prices directly impact its netback per barrel. Geopolitical uncertainty and macroeconomic instability, which influence oil prices, have already led to increased sensitivity of KGEI's shares to these price movements.
2. Execution and Operational Risks: The company faces risks related to the on-time delivery and performance of new wells, as well as maintaining cost discipline in a higher spending environment. Operational setbacks, such as drill pipe failures that delay well completions, can lead to postponed fracture stimulations, increased capital expenditures, and a rise in net debt.

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The accelerating global transition towards renewable energy sources and electric vehicles, driven by technological advancements and increasing decarbonization efforts, poses an emerging threat by potentially reducing long-term demand for fossil fuels and diminishing the value of oil and gas assets.

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Addressable Markets for Kolibri Global Energy's Products:

Natural Gas

Crude Oil

Natural Gas Liquids (NGL)

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Kolibri Global Energy Inc. (KGEI) is anticipated to drive future revenue growth over the next two to three years through several key strategies centered on increasing production and operational efficiency within its core asset base.

One significant driver is the **increased production volumes from new wells**, particularly the longer lateral wells being drilled in its Tishomingo field in Oklahoma. Kolibri Global Energy reported a 24% increase in production in 2024, which directly contributed to a 16% rise in net revenues. The company has provided a 2025 production forecast of 4,500 to 5,100 barrels of oil equivalent per day (BOEPD), representing a substantial increase of 29% to 47% compared to 2024 actual production. This growth is expected from bringing new oil wells online, with plans to drill and complete additional 1.5-mile and 2-mile lateral wells in 2025. Delayed wells from 2025 are projected to significantly boost production in early 2026, leading to a record production exit rate for the year.

Another crucial driver for revenue growth is **favorable commodity prices**, specifically for crude oil and natural gas liquids (NGLs). While 2024 revenues were partially offset by lower prices, the company’s 2025 guidance was initially based on a West Texas Intermediate (WTI) oil price assumption of US$70 per barrel and NGL pricing of US$28 per BOE. Revisions to subsequent guidance explicitly cited lower-than-expected oil prices as a factor, indicating that a recovery or sustained stability in oil and NGL prices at advantageous levels would positively impact revenue.

**Enhanced operational efficiency and cost management** are also expected to contribute to future revenue growth. Kolibri Global Energy achieved cost efficiencies in its field operations, with capital expenditures in 2024 coming in below the low end of its guidance. The company has demonstrated its ability to drill longer lateral wells (1.5-mile laterals) quickly and under budget, adding 50% more reservoir with only a 15% increase in drilling time. This improved efficiency reduces per-barrel fixed costs with increased production, thereby enhancing the profitability of new projects and supporting overall revenue expansion.

Finally, the **development of Kolibri's deep inventory of proved undeveloped (PUD) reserves** in the Tishomingo field presents a clear path for sustained production growth. The company possesses a significant inventory of 104 booked drilling locations, with a large portion comprising PUD reserves. This provides numerous low-risk drilling opportunities to convert existing resources into production. The 2025 capital expenditure budget, which is fully funded by operating cash flow and the existing credit facility, is allocated to support the drilling and completion of these additional wells in Tishomingo, underpinning long-term revenue growth.

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