• Net revenues for 2024 were $58.5 million, an increase of 16% compared to 2023, and within guidance. This increase was primarily due to a 24% increase in production partially offset by a 7% decrease in average prices in 2024 compared to 2023.
• Average production for 2024 was 3,478 BOEPD, an increase of 24% compared to 2023 production of 2,796 BOEPD, and within guidance. The increase is due to production from the wells that were drilled and completed in 2024
• Adjusted EBITDA(1) was $44.0 million in 2024 compared to $39.1 million in 2023, an increase of 13%, and within guidance. This increase was due to the increase in revenue partially offset by higher operating and G&A expense
• The Company’s Total Proved Reserves for 2024 increased by 24% to 40.2 million barrels of oil equivalent, from 2023 with an NPV10 of $534.7 million, according to the Company’s December 31, 2024, independent reserves evaluation
• Net income in 2024 was $18.1 million ($0.51 per basic share) compared to $19.3 million ($0.54 per basic share) in 2023. Net income decreased by 6% in 2024 due to a lower unrealized gain in commodity contracts in 2024 as higher revenue was offset by higher operating expenses and increased income taxes, as well as higher G&A expense, mainly from listing on the NASDAQ, and interest expense
• Capital expenditures were $31.3 million in 2024 compared to $53.2 million in 2023, a decrease of 41%, and about $2 million less than the lowest end of our forecasted guidance
• Netback from operations(2) decreased to $38.54 per BOE compared to $42.97 per BOE in 2023, a decrease of 10% primarily due to lower average prices of 7%
• Production and operating expense per barrel averaged $7.44 per BOE in 2024 compared to $6.61 per BOE in 2023, an increase of 13%. The increase was primarily due to true-ups of prior year gathering and processing costs, which increased expenses by $0.63 per BOE
• The net debt of the Company at December 31, 2024 was $28.9 million, which was slightly better than our guidance. As of December 31, 2024, the Company has $16.5 million of available borrowing capacity on the credit facility

(1) Adjusted EBITDA is considered a non-GAAP measure. 
(2) Netback from operations is considered a non-GAAP ratio. 

Kolibri’s President and Chief Executive Officer, Wolf Regener commented:
“We are pleased with the continued production and cash flow growth of the Company in 2024. We were able to meet our forecasted guidance in revenue and adjusted EBITDA(1) even though actual prices were lower than the price used in our forecast. The Company increased production by 24%, which was in line with our forecast, while only spending $31.3 million on capital expenditures, which was less than we had forecasted and a 41% decrease from the prior year. The cost efficiencies that our field operations team has achieved have allowed us to continue to grow production and revenue and drill 50 percent longer laterals while spending 12 percent less per well than we had forecast to spend in our 2023 drilling program.

“The Company is expecting to continue this growth with its 2025 drilling program. We are currently drilling the second of the four previously announced Lovina wells (100% working interest) with completion operations on all four expected to begin in May. The Forguson well (46% working interest), which is located on the east side of the field in an area that currently has no reserves associated with it, is scheduled to be drilled immediately after the drilling rig is finished on the Lovina wells.

“Our previously announced 2025 production forecast of 4,500 to 5,100 boepd represents an increase of 29% to 47% from our 2024 actual production. The 2025 forecasted revenue of $75 million to $89 million is a 28% to 52% increase from 2024 actual revenue, and our 2025 forecasted adjusted EBITDA(1) of $58 million to $71 million is a 32% to 61% increase from 2024 actuals.”

(1) Adjusted EBITDA is considered a non-GAAP measure.

YEAR ENDED 2024

For 2024, oil and gas gross revenues increased $10.2 million or 16% to $74.6 million. Oil revenues before royalties increased by 14% to $68.3 million due to an 18% increase in production partially offset by a 3% decrease in prices. Natural gas revenues before royalties were flat at $1.7 million in both 2024 and 2023 as the 51% increase in natural gas production was offset by the average gas price decrease of 34%. NGL revenue before royalties increased by 57% to $4.5 million due to a 44% increase in production and a 9% increase in average prices.

Average production for 2024 was 3,478 BOEPD, an increase of 24% compared to 2023 average production of 2,796 BOEPD due to the wells drilled during 2024.

Production and operating expenses increased by $2.3 million due to an increase in production for 2024. Production and operating expense per barrel averaged $7.44 per BOE in 2024 compared to $6.61 per BOE in 2023, an increase of 13%. The increase was primarily due to true-ups of prior year gathering and processing costs, which increased expenses by $0.63 per BOE.

Depletion and depreciation expense increased $0.9 million, or 6%, in 2024 due to increased production and a higher PP&E balance.

G&A expenses increased $1.4 million or 33% in 2024 primarily due to higher accounting fees and public company costs that resulted from listing on the NASDAQ stock market at the end of 2023, which increased by $0.7 million in 2024. The increases were also due to higher payroll and director costs, mainly related to additional personnel and higher investor relations and marketing costs in 2024.

Finance income decreased by $1.5 million due to lower unrealized gains on financial commodity contracts recorded in 2024.

Finance expense increased by $0.3 million due to higher interest expense in 2024 partially offset by lower realized losses on commodity contracts in 2024 compared to 2023.

FOURTH QUARTER HIGHLIGHTS:

• Average production for the fourth quarter of 2024 was 4,440 BOEPD, an increase of 56% compared to fourth quarter 2023 production of 2,842 BOEPD. The increase is due to production from the new wells drilled in 2024.
• Adjusted EBITDA(1) was $13.5 million in the fourth quarter of 2024 compared to $10.5 million in 2023, an increase of 28%. This increase was due to a 56% increase in production, partially offset by a 17% decrease in average prices
• Net revenues for the fourth quarter of 2024 were $17.4 million, an increase of 29% compared to the fourth quarter of 2023. This increase was primarily due to an increase in production partially offset by a decrease in average prices
• Net income in the fourth quarter of 2024 was $5.6 million ($0.16 per basic share), compared to net income of $4.8 million ($0.14 per basic share) in the fourth quarter of 2023. The increase was due to higher average production and lower income tax expense in 2024, partially offset by lower average prices and an unrealized gain on commodity contracts in 2023
• Netback from operations(2) decreased to $35.94 per BOE in the fourth quarter of 2024 compared to $44.40 per BOE in the fourth quarter of 2023, a decrease of 19%. Netback, including commodity contracts(2) for the fourth quarter of 2024 was $35.90 per BOE compared to $43.43 in the fourth quarter of 2023, a decrease of 17% from the prior year quarter. The 2024 decreases compared to the prior year were due to the 17% decrease in average prices
• Production and operating expense per barrel averaged $6.59 per BOE in the fourth quarter of 2024 compared to $7.02 per BOE in the fourth quarter of 2023, a decrease of 6%. The decrease was due to increased production which reduced the per barrel fixed costs.

(1) Adjusted EBITDA is considered a non-GAAP measure. 
(2) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. 

FOURTH QUARTER 2024

Gross oil and gas revenues totaled $22.2 million in the fourth quarter of 2024 versus $17.2 million in the fourth quarter of 2023, an increase of 29%. Oil revenues before royalties were $19.7 million in the fourth quarter of 2024 versus $16.2 million in the fourth quarter of 2023, an increase of 21%, due to increased average production partially offset by lower prices. Natural gas revenues before royalties increased 207% to $0.9 million in the fourth quarter of 2024 due to higher production and higher average prices. NGL revenue before royalties increased 136% to $1.6 million due to higher production and higher average prices.

Operating expenses were $2.4 million in the fourth quarter of 2024 compared to $1.6 million in 2023 due to higher production.

G&A expenses increased by 35% in the fourth quarter of 2024 compared to the prior year fourth quarter due to higher accounting fees and public company costs, higher payroll and director costs and higher investor relations and marketing costs in 2024.

Finance income in the fourth quarter of 2024 decreased by $2.2 million from the fourth quarter of 2023 due to an unrealized gain on commodity contracts in the fourth quarter of 2023.

Finance expense in the fourth quarter of 2024 increased by $0.3 million from the fourth quarter of 2023 due to an unrealized loss on commodity contracts in the fourth quarter of 2024.

KeyFacts Energy Industry Directory: Kolibri Global Energy