THOUSAND OAKS, Calif.--(BUSINESS WIRE)--August 13, 2026--
All amounts are in U.S. Dollars unless otherwise indicated:
SECOND QUARTER HIGHLIGHTS
-- Revenue, net of royalties was $22.5 million in the second quarter of
2026 compared to $10.8 million for the second quarter of 2025, an
increase of 109% due to a 46% increase in production and a 41% increase
in average prices
-- Average production for the second quarter of 2026 was 4,690 BOEPD, an
increase of 46% compared to the second quarter of 2025 average production
of 3,220 BOEPD. The increase was primarily due to production from the
wells that were drilled and completed in the last half of 2025
-- Net income in the second quarter of 2026 was $8.5 million and basic EPS
was $0.24/share, compared to $2.9 million and basic EPS of $0.08/share in
the second quarter of 2025. The 197% increase was due to higher revenues,
partially offset by higher operating expense and depletion expense due to
the higher production and realized losses on commodity contracts in 2026
-- Adjusted EBITDA(1) was $16.4 million in the second quarter of 2026
compared to $7.7 million in the second quarter of 2025, an increase of
114% due to higher revenues partially offset by higher operating expenses
and realized losses on commodity contracts in 2026
-- Average netback from operations(2) for the second quarter of 2026 was
$43.92/BOE, an increase of 48% from the prior year second quarter of
$29.66/BOE due to higher average prices partially offset by higher
operating costs per BOE
-- Production and operating expense per barrel averaged $8.90 per BOE in
the second quarter of 2026 compared to $7.15 per BOE in the second
quarter of 2025, an increase of 24%. The increase was primarily due to
workover costs on a non-operated well which was $0.59 per BOE in the
second quarter of 2026. The increases were also due to temporary higher
water hauling volumes from wells offsetting the wells that were fracked
at the end of 2025 and thus resulted in higher water hauling costs
compared to the prior year period
-- At June 30, 2026, the Company had $30.5 million of available borrowing
capacity on its credit agreement. In May 2026, the credit facility was
redetermined and the borrowing capacity was increased from $65 million to
$75 million
(1) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section
entitled "Non-GAAP Measures" of this earnings release.
(2) Netback from operations is considered a non-GAAP ratio. Refer to the
section entitled "Non-GAAP Measures" of this earnings release.
Management will host an earnings conference call for investors this morning at 9:00 a.m. Pacific time to discuss the Company's results and host a Q&A session. Interested parties are invited to participate by calling: 1-833-890-5570 or for international callers: 1-412-502-9708. Please request to be joined to the Kolibri Global Energy Inc. call.
Kolibri's President and Chief Executive Officer, Wolf Regener commented:
"We are excited to announce another Company record for highest quarterly revenue of $22.5 million which was an increase of 109% compared to the prior year quarter. Continuing to execute the Company's strategy of growing production by converting our reserves into producing wells resulted in a 46% production increase. We also benefited from an increase in average prices of 41% in the second quarter of 2026 compared to the prior year quarter. We generated Adjusted EBITDA(1) of $16.4 million which was a 114% increase from the prior year quarter.
"The Company has just completed drilling the last of the three Clifton Mack wells and expects to begin fracture stimulation operations this month with production expected during the end of the third quarter. As we previously disclosed, the geologic conditions in this area required additional casing strings, which increased the cost of these wells compared to our standard Caney well design. We believe the pressures we encountered are supportive of potential high production rates from these wells. The geologic conditions that were encountered in this southwest corner of our acreage position appear to be isolated to this area, and we anticipate using our normal Caney well design on future Caney wells.
"As we recently announced, we revised our strategy to target additional benches in our field while we continue to develop the lower Caney as we have in the past. We are excited to begin drilling the Lovina 8-5-1HF well, which will test the False Caney bench and will also be our first 2 mile lateral well. Successful results in these additional benches will have the potential to add many future drilling locations which would increase our reserves and thus value for our shareholders."
Second Quarter First Six Months
2026 2025 % 2026 2025 %
--------- ------- ---------- ------- --------- -------
Net Income $ 8,470 $ 2,853 197% $12,497 $ 8,618 45%
Net income per
basic common
share $ 0.24 $ 0.08 200% $ 0.35 $ 0.24 46%
Net Income per
diluted
common share $ 0.23 $ 0.08 188% $ 0.35 $ 0.24 46%
Capital
Expenditures $ 21,670 $16,898 28% $23,542 $ 26,851 (12)%
Adjusted
EBITDA $ 16,434 $ 7,681 114% $31,252 $ 20,501 52%
Average
Production
(Boepd) 4,690 3,220 46% 4,688 3,646 29%
Average Price
per Barrel $ 66.50 $ 47.06 41% $ 62.51 $ 52.75 19%
Average
Netback from
operations(2)
per Barrel $ 43.92 $ 29.66 48% $ 41.18 $ 34.05 21%
Average
Netback
including
commodity
contracts(2)
per Barrel $ 41.21 $ 29.79 38% $ 39.48 $ 34.11 16%
June 30, March December
2026 31, 2026 31, 2025
--------- ---------- ---------
Cash and Cash
Equivalents 1,635 2,692 2,797
Working
Capital (14,082) (5,082) (12,573)
Borrowing
Capacity 30,542 16,542 15,542
(1) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section
entitled "Non-GAAP Measures" of this earnings release.
(2) Netback from operations and netback including commodity contracts are
considered non-GAAP ratios. Refer to the section entitled "Non-GAAP
Measures" of this earnings release.
Second Quarter 2026 versus Second Quarter 2025
Oil and gas gross revenues totaled $28.4 million in the quarter versus $13.8 million in the second quarter of 2025, an increase of 106%. Oil revenues increased $14.0 million or 117% as average oil prices increased by 53% and oil production increased by 42%. Natural gas revenues decreased $0.8 million or 99%. In the second quarter of 2026, the Company's gas purchaser reassessed prior period production quantities from natural gas to NGL production, which reduced natural gas production by 368 MCFPD and reduced natural gas gross revenue by $0.3 million. Natural gas liquids (NGLs) revenues increased $1.4 million or 139% as NGL production increased 96%. In the second quarter of 2026, the Company's gas purchaser reassessed prior period production quantities from natural gas to NGL production which increased NGL production by 355 BOEPD and increased NGL gross revenue by $0.7 million.
Average production for the second quarter of 2026 was 4,690 BOEPD, an increase of 46% compared to the second quarter of 2025 average production of 3,220 BOEPD due primarily to production from the wells that were drilled in 2025. Second quarter production also increased by 294 BOEPD from reassessed prior period volume adjustments made by the Company's gas purchaser which increased NGL production by 355 BOEPD and decreased natural gas production by 61 BOEPD for the second quarter of 2026. Second quarter production was reduced due to the temporary shut-in of the three Alicia Renee wells for approximately 30 days during the quarter. The shut-ins were implemented as a precautionary measure due to the close proximity of the Clifton Mack drilling. Prior to being shut in, the three wells were producing at a combined average rate of approximately 860 BOEPD. The Alicia Renee wells are currently expected to resume production once completion operations on the Clifton Mack wells are complete.
Oil made up 64% of the production mix in the second quarter of 2026 compared to 66% for the same period in 2025. The 64% oil mix in the second quarter was due to the reassessed prior period production quantities, which increased NGL production and reduced natural gas production, that was recorded in April 2026. In May and June 2026, the oil mix was 70%.
Production and operating expenses for the second quarter of 2026 were $3.4 million compared to $1.7 million in the prior year comparable period. The increase was due to higher production compared to the prior year quarter and also due to workover costs on a non-operated well, which totaled $0.3 million in the second quarter of 2026. The increases were also due to temporary higher water hauling volumes from wells offsetting the wells that were fracked at the end of 2025 resulting in higher water hauling costs compared to the prior year period.
General and administrative expenses for the second quarter of 2026 were $1.6 million compared to $1.4 million for the second quarter of 2025, an increase of 12%. The increase was due to higher consulting and legal costs in 2026 compared to the prior year quarter.
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