Kolibri Global Energy provides an operations update on its latest wells in its Tishomingo field in Oklahoma.

The initial thirty-day average production rate for the Lovina 9-16-1H well is 565 barrels of oil equivalent per day (“BOEPD“) with 463 barrels of oil per day (“BOPD“), the Lovina 9-16-2H is 629 BOEPD with 510 BOPD, the Lovina 9-16-3H well is 510 BOEPD with 413 BOPD, and the Lovina 9-16-4H is 428 BOEPD with 355 BOPD. The combined thirty-day production rates from the four wells is higher than our previously disclosed early initial production rates, with the 3H production rate increasing 22% and the 4H rate increasing 33% from those initial rates. The Lovina wells are continuing to produce much higher percentages of oil than many of our previously drilled wells, as they are only producing about 7% natural gas. The higher oil percentage and longer well lengths, combined with our controlled and conservative flowback, should lead to lower decline rates for these wells.

FORGUSON WELL

The Forguson 17-20-3H well is continuing to flow back the fracture stimulation fluid and is currently making about 160 BOEPD with 115 BOPD. As expected, the flowback is taking longer than our other wells in the field since this well is shallower. Only about 2.6% of the fracture stimulation fluid has been recovered, and the well has continued to improve as more fracture stimulation fluid is being recovered. As a comparison, the four Lovina wells have recovered between 7% and 10% of their fracture stimulation fluid. Kolibri is operator and has a 46% working interest in this well, which is testing the economics of our 3,000 acres that is located on the eastern side of our acreage.

BARNES 6-31-2H AND 6-31-3H WELLS

Casing is currently being run in the Barnes 6-31-2H after which the rig will move over to drill the Barnes 6-31-3H well. These wells are both planned to be 1.5-mile laterals with Kolibri having a 100% working interest in both wells. Once the drilling of these wells is complete, completion operations are planned to be at the same time as with the previously drilled Velin wells.

Wolf Regener, President and CEO, commented, 
“Operations on all fronts are proceeding well. The high oil percentage from the Lovina wells is expected to lead to higher netbacks for the Company and slower decline rates. For the Forguson well, we will continue monitoring the flowback and look forward to seeing the ultimate productivity of this well on our east side acreage.

“The east side acreage, where the Forguson well is located and Kolibri has approximately 3,000 net acres, is not included in the December 31, 2024, reserve report. The Caney target for the Forguson well has very similar characteristics and thickness as in the main part of the field in Kolibri’s proved acreage, except that it is shallower. If the Forguson well proves to be economic, in addition to adding cash flow, it could lead to additional development locations for the Company.

“We are looking forward to the additional production and cash flow from all of these wells, which we expect will significantly increase the Company’s cash flow and add incremental value to our shareholders.”

KeyFacts Energy Industry Directory: Kolibri Global Energy