Kolibri Global Energy Inc. Issues 2022 Update

Source: www.gulfoilandgas.com 7/20/2022, Location: North America

Kolibri Global Energy Inc. is pleased to provide an update on its board of directors and its operations located in the Company’s Tishomingo field in Oklahoma.

Election of Evan Templeton
Evan Templeton was elected as a new director at the annual general meeting held on July 19, 2022. Mr. Templeton brings over 25 years of financial experience to the Company. His financial career has focused primarily on the High Yield and Leveraged Loan markets as a Senior Credit Analyst covering the Exploration & Production, Midstream, Oilfield Services and Refining sectors. He is the Founder and principal of WestOak Advisors, LLC which provides capital markets services to middle-market public and private companies. He is also a Managing Director at Odinbrook Global Advisors, LLC, which provides advisory services to companies in transition or financial distress. Prior to his current roles, Mr. Templeton was a Managing Director in the Leveraged Credit Trading group at Jefferies, where he led the Strategy Group. Prior to Jefferies, he held similar roles at RBC Capital Markets and FleetBoston Robertson Stephens. Mr. Templeton played key roles in the diligence, structuring and marketing of over $20 billion of left-lead high yield and leveraged loan transactions.

Wolf Regener, President, and CEO commented, “We are very pleased to have someone with Evan’s wealth of experience and expertise join our team. We believe that Evan will bring a tremendous benefit to our Company and its shareholders. We welcome Evan to our Board of Directors.”

OPERATIONS
The Company has completed the location work for the subsequent two wells in its 2022 drilling program. The drilling rig for the Glenn 16-3H and Brock 9-3H wells is expected to arrive on location around the first week of August. The wells will be drilled back to back, and the completion operations for both wells have been scheduled for mid-September. The fifth well in the 2022 drilling program is anticipated to be drilled shortly after the Glenn 16-3H and Brock 9-3H wells.

Wolf Regener, President, and CEO commented, “I am excited that we will be continuing our 2022 drilling program shortly and that the Barnes 7-3H and Barnes 8-4H wells are performing as anticipated. The new wells have significantly increased our second quarter cash flow and adjusted funds flow. We are currently on target to meet or exceed our previously announced financial guidance. This guidance has the Company exiting the year with production rates that are about three times higher than the beginning of the year, with an annual adjusted funds flow that is about four times higher than what we achieved in 2021, and a total debt to EBITDA ratio at year-end of less than 1.0.”


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