May. 14 at 4:45 PM
Kolibri Global Energy Inc. (Nasdaq:
$KGEI, TSX:
$KEI) reported a 72% increase in first quarter 2025 net income, driven by higher production and improved drilling efficiency. Net income rose to
$5.8 million, or
$0.16 per basic share, while adjusted EBITDA increased 24% to
$12.8 million. Average daily production reached 4,077 BOEPD, a 23% increase over the same period last year.
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Additional highlights from the quarter:
- Net revenue was
$16.4 million, up 15% year-over-year
- Operating expense per barrel fell to
$7.07, down from
$8.36
- The company exited the quarter with
$22.5 million in available credit capacity.
- Four 1.5-mile Lovina wells were drilled 25% faster than last year’s laterals; completion operations are expected to begin in late May, with production anticipated in Q3.
- The Forguson 17-20-3H well, targeting east side acreage, was drilled even faster and is also expected online in Q3.
Wolf Regener, President & CEO, commented, “We are very happy with the first quarter performance of the Company as our net income increased by 72% to
$5.8 million (
$0.16 per basic share) in the first quarter of 2025. We generated adjusted EBITDA(1) of
$12.8 million in the first quarter of 2025, which was a 24% increase from the prior year first quarter. Production in the first quarter of 2025 continued to grow, increasing 23% to 4,077 BOEPD due to the wells we drilled in 2024. Our field operations team are drilling the longer lateral wells very quickly, reducing our costs per well, which further improves our internal rates of return. We are now drilling 1.5-mile lateral wells in less time than we were drilling 1-mile lateral wells last year.”
See the full press release at this link: https://kolibrienergy.com/kolibri-global-energy-inc-announces-72-increase-in-first-quarter-2025-net-income/
Kolibri is led by Wolf Regener, President and CEO, alongside a seasoned technical team including CFO Gary Johnson, CPA, MBA, Director of Engineering Dan Simpson, Senior Geologist Allan Hemmy, and Landman Dalia Isaac. The company is focused on developing its oil-rich Caney acreage in Oklahoma.
For additional details, please visit Kolibri’s website at: https://kolibrienergy.com
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