Kolibri Global Energy Inc. Announces Proved Reserves With Net Present Value of US$483 Million
“Our Proved Reserves value of
“We look forward to continuing our success with the next two wells, where drilling is scheduled to start in the first week of April. In these next two wells, the Company will have a 62.9% working interest, with a large integrated oil company participating with their ownership interest. We expect our 2024 drilling program, which currently includes drilling and completing six to seven wells, to continue to significantly increase the Company’s cash flow and add incremental value to our shareholders.“
Net Present Value of Reserves discounted at 10%
-
Total Proved Reserves before tax of
U.S. $482.6 million -
a decrease of 6% from the
December 31, 2022 , estimate
-
a decrease of 6% from the
-
Proved plus Probable Reserves before tax of
U.S. $719.2 million -
a decrease of 1% from the
December 31, 2022 , estimate
-
a decrease of 1% from the
-
Proved plus Probable plus Possible Reserves before tax of
U.S. $981 million -
an increase of 4% from the
December 31, 2022 , estimate
-
an increase of 4% from the
The evaluation of the Company’s reserves in the
2023 Gross Reserves Summary
-
Total Proved Reserves 32.4 million Barrels of oil equivalent (BOE)
-
a decrease of 3% from the
December 31, 2022 , estimate
-
a decrease of 3% from the
-
Proved plus Probable Reserves 54.1 million BOEs
-
no change from the
December 31, 2022 , estimate
-
no change from the
-
Proved plus Probable plus Possible Reserves 79.4 million BOEs
-
an increase of 3% from the
December 31, 2022 , estimate
-
an increase of 3% from the
The above total Proved reserves are attributed to the 31 Caney wells, four
|
Summary of Oil & Gas Reserves |
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|
Tight Oil |
|
Natural Gas Liquids |
MBOE's |
||||
Reserve Category |
KEI
|
Net
|
KEI
|
Net
|
KEI
|
Net
|
KEI
|
Net
|
Proved |
|
|
|
|
|
|
|
|
Developed Producing |
5,607 |
4,376 |
5,671 |
4,418 |
1,311 |
1,021 |
7,862 |
6,133 |
Undeveloped |
17,842 |
14,091 |
16,752 |
13,150 |
3,859 |
3,029 |
24,493 |
19,311 |
Total Proved |
23,449 |
18,466 |
22,422 |
17,568 |
5,170 |
4,051 |
32,355 |
25,444 |
Probable |
15,757 |
12,518 |
15,133 |
12,008 |
3,487 |
2,767 |
21,765 |
17,286 |
Total Proved Plus Probable |
39,205 |
30,984 |
37,555 |
29,576 |
8,656 |
6,817 |
54,120 |
42,731 |
Possible |
19,821 |
15,890 |
13,813 |
11,041 |
3,182 |
2,544 |
25,305 |
20,274 |
Total Proved Plus Probable Plus Possible |
59,026 |
46,875 |
51,368 |
40,617 |
11,838 |
9,361 |
79,425 |
63,005 |
Net Present Value of Future Net Revenue |
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As of |
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Forecast Prices & Costs |
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|
Net Present Value of Future Net Revenue ($ millions) |
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|
Before Income Tax |
After Income Tax |
||||||||
Reserve Category |
0% |
5% |
10% |
15% |
20% |
0% |
5% |
10% |
15% |
20% |
|
|
|
|
|
|
|
|
|
|
|
Proved |
|
|
|
|
|
|
|
|
|
|
Developed Producing |
292.1 |
209.3 |
164.6 |
137.1 |
118.7 |
292.1 |
209.3 |
164.6 |
137.1 |
118.7 |
Undeveloped |
756.5 |
466.6 |
318.0 |
230.9 |
174.7 |
513.4 |
338.5 |
234.9 |
170.7 |
128.6 |
Total Proved |
1,048.5 |
675.9 |
482.6 |
368.0 |
293.4 |
805.5 |
547.8 |
399.5 |
307.8 |
247.3 |
Probable |
805.7 |
404.6 |
236.7 |
151.6 |
102.7 |
592.7 |
320.2 |
189.2 |
120.3 |
81.1 |
Total Proved Plus Probable |
1,854.3 |
1,080.5 |
719.2 |
519.6 |
396.1 |
1,398.2 |
868.0 |
588.7 |
428.1 |
328.4 |
Possible |
1,199.9 |
503.5 |
261.8 |
153.5 |
96.5 |
882.8 |
405.7 |
207.5 |
116.4 |
70.2 |
Total Proved Plus Probable plus Possible |
3,054.2 |
1,584.0 |
981.0 |
673.1 |
492.6 |
2,281.0 |
1,273.7 |
796.2 |
544.5 |
398.6 |
Note: All dollar values are expressed in |
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 gas and natural gas liquids are produced as by-products. "Tight oil" means crude oil (a) contained in dense organic-rich rocks, including low-permeability shales, siltstones, and carbonates, in which the crude oil is primarily contained in microscopic pore spaces that are poorly connected to one another, and (b) that typically requires the use of hydraulic fracturing to achieve economic production rates. "Shale gas" means natural gas (a) contained in dense organic-rich rocks, including low-permeability shales, siltstones, and carbonates, in which the natural gas is primarily adsorbed on the kerogen or clay minerals, and (b) that usually requires the use of hydraulic fracturing to achieve economic production rates.
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.
Readers are referred to the Company’s Form 51-101F1 Statement of Reserves Data and Other Oil & Gas Information for the year ended
“BOEs” refers to barrels of oil equivalent. BOEs/boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of provided plus probable plus possible reserves. The present value of estimated future net revenues referred to herein does not represent fair market value and should not be construed as the current market value of estimated crude oil and natural gas reserves attributable to the Company’s properties. Readers should be aware that references to initial production rates and other short-term production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery.
About
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws, including statements regarding estimates of reserves and future net revenue and cash flow, expectations regarding additional reserves and statements regarding
Information on other important economic factors or significant uncertainties that may affect components of the reserves data and the other forward looking statements in this release are contained in the Company’s Form 51-101F1 Statement of Reserves Data and Other Oil & Gas Information for the year ended
View source version on businesswire.com: https://www.businesswire.com/news/home/20240321644202/en/
Email: wregener@kolibrienergy.com
Website: www.kolibrienergy.com
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