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THOUSAND OAKS - Kolibri Global Energy Inc. (TSX:KEI, NASDAQ: KGEI), a profitable energy company with a "GOOD" financial health rating according to InvestingPro, announced Thursday that its four recently completed Lovina wells in Oklahoma’s Tishomingo field are showing promising initial production rates with high oil percentages.
The four Lovina wells, in which the company holds 100% working interest, have been successfully fracture stimulated and are in various stages of recovery. According to the company, the wells are currently producing between 322 and 643 barrels of oil equivalent per day (BOEPD), with oil comprising approximately 80-85% of the output. This production contributes to the company’s impressive gross profit margin of 27% and EBITDA of $458 million.
Kolibri also reported that its Forguson 17-20-3H well, where it holds a 46% working interest, has been fracture stimulated and is expected to begin flowback operations soon. This well is testing potential development opportunities in approximately 3,000 acres on the eastern side of the company’s acreage.
Additionally, Kolibri plans to begin drilling two new wells, the Barnes 6-31-2H and Barnes 6-31-3H, on August 11. For investors seeking deeper insights into Kolibri’s growth potential, InvestingPro offers exclusive analysis and 8 additional ProTips, including detailed financial health metrics and valuation insights. These are planned as 1.5-mile lateral wells with Kolibri holding a 99.9% working interest.
"We are thrilled about the high oil percentage of the Lovina wells, which we believe generally leads to higher netbacks for the Company and will lead to slower decline rates," said Wolf Regener, President and CEO, in the press release statement.
The company noted that production tubing strings will be installed in the Lovina wells starting next week, which previously led to increased production rates in offset wells.
Kolibri Global Energy focuses on finding and exploiting energy projects in oil and gas through various subsidiaries that own and operate energy properties in the United States.
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