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THOUSAND OAKS, Calif. — Kolibri Global Energy Inc. (the “Company” or “KGEI”) (TSX: KEI, NASDAQ: KGEI) is providing the results of its December 31, 2025, independent reserves evaluation. All amounts are in US$ unless otherwise stated.
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Wolf Regener, President and CEO, commented: “We are very pleased that our proved developed producing reserves increased by 30 percent due to our successful 2025 drilling program. Proved developed producing reserves valuation (NPV discounted at 10%) increased by 10% to $189 million, despite the much lower oil prices used in this reserve report. The 2026 oil price used in the reserve report is $58 a barrel which is 24% below the previous year’s report of $76 a barrel. This is in stark contrast to current oil prices, which are in excess of $90 per barrel.
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“Total proved reserves increased 1% in 2025, even though we drilled almost all of our wells in Proved locations and produced approximately 1.5 million barrels of oil equivalent (BOE) of proved reserves. And, with our percentage of PDP versus Total Proved reserves at 29%, we still have a significant amount of proved undeveloped reserves to be able to convert into future production.
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“Over the last three years, we have achieved a fantastic 35% compound annual production growth rate. We look forward to continuing our success with our drilling program this year, which we are planning to begin in June. We are preparing multiple pad locations to quickly give us the ability to increase our drilling activity if oil prices remain elevated through 2026.”
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2025 Gross Reserves Summary
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- Total Proved Reserves of 40.8 million BOEs
- an increase of 1% from the December 31, 2024, estimate
- Proved plus Probable Reserves of 57.6 million BOEs
- an increase of 7% from the December 31, 2024, estimate
- Proved plus Probable plus Possible Reserves of 71.9 million BOEs
- an increase of 0.5% from the December 31, 2024, estimate
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Net Present Value of Reserves discounted at 10%
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- Total Proved Reserves before tax of US$440.7 million
- a decrease of 18% from the December 31, 2024, estimate
- Proved plus Probable Reserves before tax of US$583.9 million
- a decrease of 16% from the December 31, 2024, estimate
- Proved plus Probable plus Possible Reserves before tax of US$726.5 million
- a decrease of 20% from the December 31, 2024, estimate
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The evaluation of the Company’s reserves in the Caney formation of the Tishomingo Field in the SCOOP area of Oklahoma was conducted by Netherland, Sewell & Associates, Inc. (“NSAI“) in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.
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The above total Proved reserves are attributed to the 45 Caney wells, four Woodford wells (4.9% working interest for the Company) and one Sycamore well (0.7% working interest for the Company), and the drilling of 34.85 net additional wells over the next four years. The Probable reserves are attributed to the drilling of 10.92 net additional wells over the next five years. The wells in NSAI’s 2025 report are planned at 107 to 213 acre spacing (6 wells per section) on approximately 17,696 net acres.
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Summary of Oil & Gas Reserves | ||||||||||||||||
Tight Oil | Shale Gas | Natural Gas Liquids | MBOEs | |||||||||||||
Reserve Category | KGEI Gross (Mbbl) | Net (Mbbl) | KGEI Gross (MMcf) | Net (MMcf) | KGEI (Mbbl) | Net (Mbbl) | KGEI (Mbbl) | Net (Mbbl) | ||||||||
Proved | ||||||||||||||||
Developed Producing | 7,937 | 6,215 | 9,976 | 7,796 | 2,134 | 1,668 | 11,732 | 9,181 | ||||||||
Undeveloped | 18,232 | 14,443 | 28,409 | 22,480 | 6,071 | 4,804 | 29,038 | 22,994 | ||||||||
Total Proved | 26,169 | 20,658 | 38,385 | 30,277 | 8,205 | 6,472 | 40,770 | 32,175 | ||||||||
Probable | 10,342 | 8,226 | 17,021 | 13,547 | 3,638 | 2,895 | 16,816 | 13,379 | ||||||||
Total Proved Plus Probable | 36,511 | 28,884 | 55,406 | 43,823 | 11,843 | 9,368 | 57,586 | 45,554 | ||||||||
Possible | 10,336 | 8,268 | 10,324 | 8,224 | 2,207 | 1,758 | 14,262 | 11,396 | ||||||||
Total Proved Plus Probable Plus Possible | 46,846 | 37,152 | 65,730 | 52,048 | 14,050 | 11,126 | 71,848 | 56,950 | ||||||||
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Net Present Value of Future Net Revenue | ||||||||||||||||||||
As of December 31, 2025 | ||||||||||||||||||||
Forecast Prices & Costs | ||||||||||||||||||||
Net Present Value of Future Net Revenue ($ millions) | ||||||||||||||||||||
Before Income Tax | After Income Tax | |||||||||||||||||||
Reserve Category | % | 5 | % | 10 | % | 15 | % | 20 | % | % | 5 | % | 10 | % | 15 | % | 20 | % | ||
United States | ||||||||||||||||||||
Proved | ||||||||||||||||||||
Developed Producing | 334.6 | 241.0 | 188.9 | 156.6 | 134.9 | 334.5 | 241.0 | 188.9 | 156.6 | 134.9 | ||||||||||
Undeveloped | 662.1 | 388.6 | 251.7 | 172.9 | 122.7 | 431.2 | 268.5 | 173.6 | 115.3 | 77.5 | ||||||||||
Total Proved | 996.7 | 629.5 | 440.7 | 329.5 | 257.5 | 765.7 | 509.5 | 362.5 | 271.9 | 212.4 | ||||||||||
Probable | 490.6 | 242.9 | 143.2 | 93.8 | 65.7 | 363.3 | 193.7 | 115.0 | 74.8 | 52.3 | ||||||||||
Total Proved Plus Probable | 1,487.3 | 872.4 | 583.9 | 423.3 | 323.2 | 1,129.0 | 703.2 | 477.5 | 346.7 | 264.7 | ||||||||||
Possible | 575.2 | 252.4 | 142.6 | 92.7 | 65.3 | 426.0 | 200.0 | 109.0 | 67.7 | 46.4 | ||||||||||
Total Proved Plus Probable plus Possible | 2,062.5 | 1,124.8 | 726.5 | 516.0 | 388.6 | 1,555.0 | 903.2 | 586.5 | 414.4 | 311.1 | ||||||||||
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Note: All dollar values are expressed in U.S. dollars and may not add due to rounding.
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The Company’s reserves are derived from non-conventional oil and gas activities. The Company’s reserves are contained in a shale oil reservoir from which light/medium oil is produced and gas and natural gas liquids are produced as by-products. In previous statements, the light/medium oil was referred to as “tight oil”.
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These after-income tax net present values reflect the tax burden on the Company’s Tishomingo Field interests on a standalone basis, do not consider the business-entity-level tax situation or tax planning, and do not provide an estimate of the value at the level of the business entity, which may be significantly different. The financial statements and the management’s discussion and analysis (MD&A) of the Company should be consulted for information at the level of the business entity.
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Readers are referred to the Company’s Form 51-101F1 Statement of Reserves Data and Other Oil & Gas Information for the year ended December 31, 2025, which can be accessed electronically from the SEDAR+ website at www.sedarplus.ca, for additional information.
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Year End Earnings Release and Earnings Call
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The Company expects to release financial and operating results for 2025 before the market opens on March 19, 2026.
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In connection with the earnings release, management will host a conference call for investors and analysts on March 19, 2026, at 9:00 a.m. Pacific time to discuss the Company’s results and to host a Q&A session. Interested parties are invited to participate by calling:
English (US)