KEI Announces Barnes 8-4H Well Currently Producing about 600 BOEPD

Source: www.gulfoilandgas.com 4/25/2022, Location: North America

Kolibri Global Energy Inc. (“KEI”) (KGEIF) is providing an update on the Barnes 8-4H well (98.07% working interest), in its Tishomingo field in Oklahoma.

The Barnes 8-4H well has averaged about 600 Barrels of oil equivalent per day “BOEPD” (515 Barrels of oil per day “BOPD”) for the last few days as the well has been cleaning up from the stimulation.

Wolf Regener, President and CEO, commented. “We are very pleased about the early performance of the Barnes 8-4H well. These early results are while the well is still flowing up casing as tubing is scheduled to be installed later this week. Since the production from the Barnes 8-4H is not hedged, the Company is generating netbacks of over $50 per BOE from the production assuming a $95/barrel oil price. To put the well performance in perspective, the 30 day proved forecast curve case initial production rate (IP30) utilized by our third-party engineering firm for our reserve report is 388 BOEPD, while the initial 30 day type curve utilized by the Company’s management assumes a 472 BOEPD IP30 rate.

“Since we are only in the very beginning of the 30 day initial production time period, there can be no assurance as to what the Barnes 8-4H well’s 30-day initial rate or ultimate productivity will be. Based on the current performance of the well and the expectation that it will perform similar to our previous core area wells, we anticipate that the well will end up with an IP30 rate that is much higher than the reserve report proved forecast case and above the type curve utilized by the Company’s management.”


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