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Kolibri Global Energy Inc. Announces Successful False Caney Well

KGEI
  • Kolibri Global Energy Inc. reported early production results from its Tishomingo field in Oklahoma.
  • The Lovina 5-8-1HF well, the company's first False Caney well, is averaging 636 BOEPD with approximately 545 barrels of oil per day.
  • Management anticipates the False Caney formation will add many future drilling locations to increase reserves & shareholder value.
  • Three Clifton Mack wells have been installed with tubing & are currently on controlled flowback & production.
  • A new fracture stimulation design on the Clifton Mack wells resulted in higher recovery of stimulation fluid compared to previous Caney wells.
  • The Clifton Mack wells are producing at a combined rate of approximately 1,911 BOEPD including about 720 barrels of oil per day.
  • Acreage for the Clifton Mack wells was classified as probable reserves & is expected to add proved reserves in the next report.
  • CEO Wolf Regener stated future False Caney wells will likely utilize 2-mile laterals to achieve higher production rates.
  • Future development plans include continuing Caney development while exploring other benches not currently in the reserve report.
  • The company's shares trade on the Toronto Stock Exchange under symbol KEI & on NASDAQ under symbol KGEI.