Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Share Name	Share Symbol	Market	Type
Kolibri Global Energy Inc	NASDAQ:KGEI	NASDAQ	Common Stock

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.12	1.63%	7.47	7.48	8.22	7.49	7.129	7.42	109,361	23:16:20

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

UNDER the Securities Exchange Act of 1934

For the month of May 2024

Commission File No.: 001-41824

Kolibri Global Energy Inc.

(Translation of registrant’s name into English)

925 Broadbeck Drive, Suite 220

Thousand Oaks, CA 91320

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F ☐ Form 40-F ☒

EXHIBIT INDEX

Exhibit		Description
99.1		Condensed Consolidated Unaudited Interim Financial Statements for the three months ended March 31, 2024 and 2023
99.2		Management’s Discussion and Analysis for the three months ended March 31, 2024
99.3		Certification of Interim Filings (Form 52-109F2) – Chief Executive Officer
99.4		Certification of Interim Filings (Form 52-109F2) – Chief Financial Officer
99.5		Press Release dated May 13, 2024

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Kolibri Global Energy Inc.

Date: May 13, 2024	By:	/s/ Gary Johnson
	Name:	Gary Johnson
	Title:	Chief Financial Officer

Exhibit 99.1

UNAUDITED CONDENSED

CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

MARCH 31, 2024 AND 2023

KOLIBRI GLOBAL ENERGY INC.

CONDENSED CONSOLIDATED

STATEMENTS OF FINANCIAL POSITION

(expressed in Thousands of United States Dollars)

	March 31, 2024			December 31, 2023
	(unaudited)			(audited)
Current assets
Cash and cash equivalents	$	1,801		$	598
Accounts receivable and other receivables (Note 3)		7,525			5,492
Deposits and prepaid expenses		835			838
		10,161			6,928

Non-current assets
Property, plant and equipment, net (Note 4)		217,926			216,161
Right-of-use assets (Note 5)		1,104			1,190
Fair value of commodity contracts (Note 2)		-			78
		219,030			217,429

Total Assets	$	229,191		$	224,357

Current liabilities
Accounts payable and other payables (Note 3)	$	14,881		$	17,648
Lease liabilities (Note 5)		965			1,068
Fair value of commodity contracts (Note 2)		879			128
		16,725			18,844

Non-current liabilities
Loans and borrowings (Note 7)		31,667			29,612
Asset retirement obligations, net		2,048			1,966
Lease liabilities (Note 5)		180			162
Deferred income taxes		4,550			3,359
Fair value of commodity contracts (Note 2)		111			-
		38,556			35,099

Equity
Shareholders’ capital		296,232			296,232
Contributed surplus		24,330			24,179
Accumulated deficit		(146,652	)		(149,997	)
		173,910			170,414
Total equity and liabilities	$	229,191		$	224,357

See accompanying notes to unaudited condensed consolidated interim financial statements.

KOLIBRI GLOBAL ENERGY INC.

CONDENSED CONSOLIDATED

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

THREE MONTHS ENDED MARCH 31

(Unaudited, expressed in Thousands of United States Dollars)

	2024		2023
Revenue
Oil and natural gas revenue, net of royalties (Note 9)	$	14,226	$	14,293
Other income		59		1
		14,285		14,294
Expenses
Production and operating expenses		2,246		1,553
Depletion, depreciation and amortization (Note 4,5)		3,894		4,338
General and administrative expenses		1,265		930
Stock based compensation (Note 8)		128		18
		7,533		6,839

Finance income
Unrealized gain on financial commodity contracts (Note 2)		-		1,390
		-		1,390

Finance expense
Realized loss on financial commodity contracts (Note 2)		341		414
Unrealized loss on financial commodity contracts (Note 2)		915		-
Interest on loans and borrowings (Note 7)		915		485
Foreign exchange loss		-		5
Interest on lease liability		23		28
Accretion expense		22		17
		2,216		949

Net income before income taxes		4,536		7,896
Income tax expense		1,191		-

Net income and comprehensive income	$	3,345	$	7,896

Basic and diluted net income per share (Note 6)	$	0.09	$	0.22

See accompanying notes to unaudited condensed consolidated interim financial statements.

KOLIBRI GLOBAL ENERGY INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited, expressed in Thousands of United States dollars)

	Number of common shares		Share capital		Contributed surplus			Accumulated Deficit			Total equity

Balance at January 1, 2023		35,615,921	$	296,221	$	23,254		$	(169,277	)	$	150,198
Share based compensation (Note 8)		-		-		20			-			20
Stock options exercised (Note 8)		5,000		6		(2	)		-			4
Net income for the period		-		-		-			7,896			7,896
Balance at March 31, 2023		35,620,921	$	296,227	$	23,272		$	(161,381	)	$	158,118

Balance at January 1, 2024		35,625,587	$	296,232	$	24,179		$	(149,997	)	$	170,414
Share based compensation (Note 8)		-		-		151			-			151
Net income for the period		-		-		-			3,345			3,345
Balance at March 31, 2024		35,625,587	$	296,232	$	24,330		$	(146,652	)	$	173,910

See accompanying notes to unaudited condensed consolidated interim financial statements.

KOLIBRI GLOBAL ENERGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED MARCH 31

(Unaudited, expressed in Thousands of United States Dollars)

	2024			2023

Cash flows from operating activities
Net income	$	3,345		$	7,896
Adjustments for:
Depletion, depreciation and amortization		3,894			4,338
Accretion		45			45
Unrealized (gain) loss on financial commodity contracts (Note 2)		915			(1,390	)
Stock based compensation (Note 8)		128			18
Deferred income tax		1,191			-
Amortization of loan acquisition costs		55			25
Gain on sales of assets		(8	)		-
Change in non-cash working capital (Note 3)		130			2,097
Net cash from operating activities		9,695			13,029

Cash flows from investing activities
Additions to property, plant and equipment (Note 4,5)		(5,320	)		(4,188	)
Proceeds from sale of assets		8			-
Change in non-cash working capital (Note 3)		(4,902	)		(5,918	)
Net cash used in investing activities		(10,214	)		(10,106	)

Cash flows from financing activities
Repayment of loans and borrowings (Note 7)		(5,500	)		(3,000	)
Proceeds from loans and borrowings (Note 7)		7,500			2,995
Lease payments		(278	)		(190	)
Proceeds from stock option exercises		-			6
Net cash from/used in financing activities		1,722			(189	)

Change in cash and cash equivalents		1,203			2,734
Cash and cash equivalents, beginning of period		598			1,037
Cash and cash equivalents, end of period	$	1,801		$	3,771

Supplementary information
Interest paid	$	661		$	424
Income taxes paid	$	-		$	-

See accompanying notes to unaudited condensed consolidated interim financial statements.

Notes to the Unaudited

Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited, expressed in Thousands of United States dollars except per share information)

1.	NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Kolibri Global Energy Inc. (the “Company” or “KEI”), was incorporated under the Business Corporations Act (British Columbia) on May 6, 2008. KEI is a North American energy company focused on finding and exploiting energy projects in oil and gas. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects in oil, gas and clean and sustainable energy. The Company’s shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI.

The unaudited condensed consolidated interim financial statements were approved by the Company’s Board of Directors on May 13, 2024.

2.	BASIS OF PRESENTATION

These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting” following the same accounting policies, except as described below, and methods of computation as the annual consolidated financial statements of the Company for the year ended December 31, 2023. The disclosures provided below are incremental to those included with the annual consolidated financial statements and certain disclosures, which are normally required to be included in the notes to the annual consolidated financial statements, have been condensed or omitted. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto in the Company’s annual filings for the year ended December 31, 2023.

New Standards and Interpretations adopted

The following future IFRS standards have been adopted by the Company:

Amendment to IFRS 16 – Leases on sale and leaseback. This amendment specifies how an entity accounts for a sale and leaseback after the date of the transaction. The Company adopted this standard on January 1, 2024 and it did not have a significant impact on the Company.

Amendment to IFRS 1 – Non-current liabilities with covenants. This amendment specifies how an entity must comply within twelve months after the reporting period affecting the classification of a liability. The Company adopted this standard on January 1, 2024 and it did not have a significant impact on the Company.

Amendment to IAS 7 and IFRS 7 – Supplier finance. This amendment requires disclosures of supplier finance arrangements and their impact to a company’s liquidity risk. The Company adopted this standard on January 1, 2024 and it did not have a significant impact on the Company.

Notes to the Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited, expressed in Thousands of United States dollars except per share information)

3.	COMMODITY CONTRACTS

At March 31, 2024 the following financial commodity contracts were outstanding and recorded at estimated fair value:

		Total Volume Hedged		Price
Commodity	Period	(BBLS)		($/BBL)
Oil – WTI Swap	April 1, 2024 to May 31, 2024		8,000		$62.77
Oil – WTI Costless Collars	April 1, 2024 to June 30, 2024		3,000		$65.00 - $79.50
Oil – WTI Costless Collars	April 1, 2024 to June 30, 2024		12,000		$65.00 - $86.00
Oil – WTI Costless Collars	April 1, 2024 to December 31, 2024		60,000		$65.00 - $89.50
Oil – WTI Put	April 1, 2024 to June 30, 2024		1,650		$60.00
Oil – WTI Costless Collars	April 1, 2024 to June 30, 2024		1,950		$65.00 - $94.55
Oil – WTI Costless Collars	June 1, 2024 to June 30, 2024		8,000		$60.00 - $78.15
Oil – WTI Costless Collars	July 1, 2024 to September 30, 2024		21,000		$60.00 - $86.65
Oil – WTI Costless Collars	July 1, 2024 to September 30, 2024		18,000		$60.00 - $78.00
Oil – WTI Costless Collars	July 1, 2024 to September 30, 2024		3,600		$65.00 - $90.65
Oil – WTI Costless Collars	October 1, 2024 to December 31, 2024		39,000		$60.00 - $82.50
Oil – WTI Costless Collars	January 1, 2025 to March 31, 2025		36,000		$60.00 - $77.00
Oil – WTI Costless Collars	April 1, 2025 to June 30, 2025		20,400		$60.00 - $75.40
Oil – WTI Costless Collars	April 1, 2025 to June 30, 2025		1,350		$65.00 - $82.54
Oil – WTI Costless Collars	July 1, 2025 to September 30, 2025		21,000		$65.00 - $82.00
Oil – WTI Costless Collars	July 1, 2025 to September 30, 2025		750		$65.00 - $80.50
Oil – WTI Costless Collars	April 1, 2024 to June 30, 2024		15,000		$65.45 - $86.00
Oil – WTI Swap	May 1, 2024 to June 30, 2024		9,600		$85.67
Oil – WTI Costless Collars	July 1, 2024 to September 30, 2024		15,000		$63.80 - $84.50
Oil – WTI Costless Collars	July 1, 2024 to September 30, 2024		13,800		$67.75 - $89.85
Oil – WTI Costless Collars	October 1, 2024 to December 31, 2024		15,000		$62.35 - $82.70
Oil – WTI Costless Collars	October 1, 2024 to December 31, 2024		13,800		$65.75 - $87.10
Oil – WTI Costless Collars	October 1, 2024 to December 31, 2024		1,200		$61.00 - $81.46
Oil – WTI Costless Collars	October 1, 2024 to December 31, 2024		2,400		$60.00 - $78.23
Oil – WTI Costless Collars	January 1, 2025 to March 31, 2025		15,000		$64.25 - $84.60
Oil – WTI Costless Collars	January 1, 2025 to March 31, 2025		14,400		$66.25 - $87.75
Oil – WTI Costless Collars	April 1, 2025 to June 30, 2025		3,000		$59.50 - $79.00
Oil – WTI Costless Collars	April 1, 2025 to June 30, 2025		5,700		$60.80 - $74.07
Oil – WTI Costless Collars	April 1, 2025 to June 30, 2025		13,200		$64.50 - $85.70
Oil – WTI Costless Collars	July 1, 2025 to September 30, 2025		21,900		$63.25 - $83.65

The estimated fair value results in a $1.0 million liability as of March 31, 2024 (December 31, 2023: $0.1 million liability) for the financial oil and gas contracts which has been determined based on the prospective amounts that the Company would receive or pay to terminate the contracts, consisting of a current liability of $0.9 million and a long term liability of $0.1 million (December 31, 2023: current liability of $0.2 million and a long term asset of $0.1 million).

Notes to the Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited, expressed in Thousands of United States dollars except per share information)

In April 2024, the Company entered into the following additional financial commodity contracts:

		Total Volume Hedged		Price
Commodity	Period	(BBLS)		($/BBL)
Oil – WTI Swap	May 1, 2024 to June 30, 2024		9,600		$85.67
Oil – WTI Costless Collars	May 1, 2024 to June 30, 2024		15,600		$71.50 - $96.25
Oil – WTI Costless Collars	July 1, 2024 to September 30, 2024		13,800		$67.75 - $89.85
Oil – WTI Costless Collars	July 1, 2024 to September 30, 2024		24,000		$69.50 - $93.25
Oil – WTI Costless Collars	October 1, 2024 to December 31, 2024		13,800		$65.75 - $87.10
Oil – WTI Costless Collars	October 1, 2024 to December 31, 2024		24,000		$67.50 - $89.50
Oil – WTI Costless Collars	January 1, 2025 to March 31, 2025		15,000		$64.25 - $84.60
Oil – WTI Costless Collars	January 1, 2025 to March 31, 2025		14,400		$66.25 - $87.75
Oil – WTI Costless Collars	January 1, 2025 to March 31, 2025		16,200		$65.50 - $86.25
Oil – WTI Costless Collars	April 1, 2025 to June 30, 2025		13,200		$64.50 - $85.70
Oil – WTI Costless Collars	April 1, 2025 to June 30, 2025		10,800		$64.00 - $84.00
Oil – WTI Costless Collars	July 1, 2025 to September 30, 2025		21,900		$63.25 - $83.65
Oil – WTI Costless Collars	July 1, 2025 to September 30, 2025		10,800		$62.75 - $82.00

The realized and unrealized gains/losses from the financial commodity contracts are as follows:

	Three months ended March 31,
($000s)		2024		2023

Realized loss on financial commodity contracts	$	(341	)	(414	)

Unrealized gain (loss) on financial commodity contracts	$	(915	)	1,390

3.	SUPPLEMENTAL CASH FLOW INFORMATION

Changes in non-cash flow working capital is comprised of:

	Three months ended March 31,
	2024			2023

Accounts receivables and other receivables	$	(2,033	)	$	237
Deposits and prepaid expenses		3			(104	)
Accounts payable and other payables		(2,742	)		(3,954	)
	$	(4,772	)	$	(3,821	)

Related to operating activities	$	130		$	2,097

Related to investing activities	$	(4,902	)	$	(5,918	)

Notes to the Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited, expressed in Thousands of United States dollars except per share information)

4.	PROPERTY, PLANT AND EQUIPMENT, NET

	Oil and Natural Gas Interests		Processing and Other Equipment		Total
Cost
Balance at January 1, 2023	$	234,126	$	1,378	$	235,504
Additions		53,713		60		53,774
Balance at December 31, 2023	$	287,839	$	1,438	$	289,277
Additions		5,402		1		5,403
Balance at March 31, 2024	$	293,241	$	1,439	$	294,680
Accumulated depletion and depreciation
Balance at January 1, 2022	$	57,610	$	1,340	$	58,950
Depletion and depreciation for the period		14,137		29		14,166
Balance at December 31, 2022	$	71,747	$	1,369	$	73,116
Depletion and depreciation for the period		3,633		5		3,638
Balance at March 31, 2023	$	75,380	$	1,374	$	76,754

Net carrying amounts
At December 31, 2023	$	216,092	$	69	$	216,161
At March 31, 2024	$	217,861	$	65	$	217,926

5.	LEASES AND RIGHT OF USE ASSETS

	Right of Use Assets
Balance at January 1, 2023	$	48
Additions		1,984
Depreciation		(842	)
Balance at December 31, 2023	$	1,190
Additions		170
Depreciation		(256	)
Balance at March 31, 2024	$	1,104

Notes to the Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited, expressed in Thousands of United States dollars except per share information)

6.	EARNINGS PER SHARE

	Three months ended March 31,
	2024		2023
Basic earnings per share

Net income	$	3,345	$	7,896

Weighted average number of common shares (basic)		35,626		35,620

Net income per share – basic	$	0.09	$	0.22

Diluted earnings per share

Net income	$	3,345	$	7,896

Effect of outstanding options and future service		806		582

Weighted average number of common shares - diluted		36,432		36,202

Net income per share – diluted	$	0.09	$	0.22

7.	LOANS AND BORROWINGS

In May 2022, the Company’s US subsidiary amended the credit facility from BOK Financial, which is secured by the US subsidiary’s interests in the Tishomingo Field. The credit facility expires in June 2026 and is intended to fund the drilling of the Caney wells in the Tishomingo Field.

The credit facility has a borrowing base of $40.0 million and the Company has an available borrowing capacity of $8.0 million at March 31, 2024. The credit facility is subject to a semi-annual review and redetermination of the borrowing base. The next redetermination will be later in the second quarter of 2024. Future commitment amounts will be subject to new reserve evaluations and there is no guarantee that the size and terms of the credit facility will remain the same after the borrowing base redetermination. Any redetermination of the borrowing base is effective immediately and if the borrowing base is reduced, the Company has six months to repay any shortfall.

The credit facility has two primary debt covenants. One covenant requires the US subsidiary to maintain a positive working capital balance which includes any unused excess borrowing capacity and excludes the fair value of commodity contracts, the current portion of long-term debt (the “Current Ratio”). The second covenant ensures the ratio of outstanding debt and long-term liabilities to a trailing twelve month adjusted EBITDA amount (the “Maximum Leverage Ratio”) be no greater than 3 to 1 at any quarter end. Adjusted EBITDA is defined as net income excluding interest expense, depreciation, depletion and amortization expense, and other non-cash and non-recurring charges including severance, share based compensation expense and unrealized gains or losses on commodity contracts.

At March 31, 2024, loans and borrowings of $32.0 million (December 31, 2023: $30.0 million) are presented net of loan acquisition costs of $0.3 million (December 31, 2023: $0.3 million).

Notes to the Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited, expressed in Thousands of United States dollars except per share information)

8.	SHARE BASED PAYMENTS

The number and weighted average exercise prices of share options are as follows:

	Three months ended March 31, 2024					Three months ended March 31, 2023
	Number of options			Weighted average exercise price		Number of options			Weighted average exercise price

Outstanding at January 1		939,634		$	2.36		776,000		$	1.67
Granted		15,050			4.88		-			-
Expired/cancelled		(78,900	)		2.89		(11,500	)		4.90
Exercised		-			-		(5,000	)		0.80
Outstanding at March 31		875,784		$	2.35		759,500		$	1.63

Exercisable at March 31		666,818		$	1.52		523,001		$	1.90

The range of exercise prices for the outstanding options is as follows:

	Number of outstanding stock options		Weighted average exercise price		Weighted average contractual life (years)

$4.90 to $6.00		260,900	$	5.46		4.1
$1.80 to $4.90		90,050	$	2.39		3.5
$0.80 to $1.80		524,834	$	0.80		2.8
		875,784	$	2.35		3.2

The fair value of the stock options granted was estimated using the Black Scholes model with the following weighted average inputs:

	Three Months Ended March 31, 2024

Fair value at grant date (per option)	$	4.03

Volatility (%)		80.08
Forfeiture rate (%)		5	%
Option life (years)		10
Risk-free interest rate (%)		3.33

The number and weighted average fair value of RSUs are as follows:

	Three months ended March 31, 2024					Three months ended March 31, 2023
	Number of RSUs			Weighted average fair value		Number of RSUs		Weighted average fair value

Outstanding at January 1		119,140		$	5.28		-	$	-
Granted		12,430			4.88		-		-
Cancelled		(13,000	)		5.38		-		-
Outstanding at March 31		118,570		$	5.23		-	$	-

Notes to the Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2024 and 2023

(Unaudited, expressed in Thousands of United States dollars except per share information)

The fair value at grant date for the RSUs was $4.88 per RSU which was the closing share price on the date of grant.

Share based compensation was recorded as follows:

	Three months ended March 31,
	2024		2023

Expensed	$	128	$	18

Capitalized	$	23	$	2

9.	REVENUES

Revenue is recognized when the performance obligations are satisfied and revenue can be reliably measured. Revenue is measured at the consideration specified in the contracts and represents amounts receivable for goods or services provided in the normal course of business, net of discounts, customs duties and sales taxes. All revenue is based on variable prices. Performance obligations associated with the sale of crude oil, natural gas, and natural gas liquids are satisfied at the point in time when the products are delivered to and title passes to the customer. Performance obligations associated with processing services, transportation, and marketing services are satisfied at the point in time when the services are provided.

Oil, natural gas liquids and natural gas are mostly sold under contracts of varying price and volume terms. Revenues for oil are typically collected on the 20th day of the month following production, while natural gas and NGL revenues are collected by the 45th day of the month following production.

The following table presents the Company’s gross oil and gas revenue disaggregated by revenue source:

	Three months ended March 31,
	2024			2023

Oil revenue	$	16,548		$	16,278
Natural gas revenue		445			815
NGL revenue		1,251			981
	$	18,244		$	18,074
Royalties		(4,018	)		(3,781	)
		14,226			14,293

10.

SUBSEQUENT EVENTS

There were no subsequent events as of the date of issuance.

Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS

MARCH 31, 2024

Kolibri Global Energy Inc. | 1 | First Quarter 2024

MANAGEMENT’S DISCUSSION AND ANALYSIS

The following is management’s discussion and analysis (“MD&A”) of Kolibri Global Energy Inc.’s (“KEI” or the “Company”) operating and financial results for the three months ended March 31, 2024, compared to the corresponding period in the prior year, as well as information and expectations concerning the Company’s outlook based on currently available information. The MD&A should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2024 and the audited consolidated financial statements and MD&A for the year ended December 31, 2023. The condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting”. The reporting and measurement currency is the United States dollar. Additional information relating to KEI including its Annual Information Form is filed on SEDAR at www.sedarplus.ca and on the Company’s website at www.kolibrienergy.com.

Netback from operations, netback including commodity contracts, net operating income and adjusted EBITDA (collectively, the “Company’s Non-GAAP Measures”) are not measures or ratios recognized under IFRS and do not have any standardized meanings prescribed by IFRS. Management of the Company believes that such measures and ratios are relevant for evaluating returns on each of the Company’s projects as well as the performance of the enterprise as a whole. The Company’s Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures and ratios as reported by such organizations. The Company’s Non-GAAP Measures should not be construed as alternatives to net income, cash flows from operating activities, working capital or other financial measures and ratios determined in accordance with IFRS, as an indicator of the Company’s performance.

Please read carefully the important cautionary notes regarding technical information, forward-looking statements and other matters set out in this report.

Description of Business

KEI is a North American energy company focused on finding and exploiting energy projects in oil and gas. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects in oil, gas and clean and sustainable energy. The common shares of the Company trade on the Toronto Stock Exchange (“TSX”) under the symbol “KEI” and on the NASDAQ under the symbol “KGEI”.

Operating Summary

The Company’s results of operations are dependent on production volumes of natural gas, crude oil and natural gas liquids and the prices received for the production. Prices for these commodities have shown significant volatility during recent years and are determined by supply and demand factors, including weather and general economic conditions.

Kolibri Global Energy Inc. | 2 | First Quarter 2024

OVERVIEW

Results at a Glance

	Three Months ended March 31,
	2024		2023
Financial (US $000 except per share)
Oil and gas gross revenues		18,244		18,074
Oil and gas revenues, net of royalties		14,226		14,293
Net operating income⁽¹⁾		11,980		12,740
Net income		3,345		7,896
Basic net income per share		0.09		0.22
Cash flows from operating activities		9,695		13,029
Adjusted EBITDA⁽²⁾		10,374		11,396
Additions to property, plant and equipment		5,320		4,188

Operating
Average production (BOEPD)		3,305		3,194
Average price ($/BOE)		60.66		62.87
Netback from operations ($/BOE)⁽³⁾		38.94		43.67
Netback including commodity contracts ($/BOE)⁽³⁾		37.81		42.23

	March 31,			December 31,
	2024			2023
Balance Sheet
Cash and cash equivalents		1,801			598
Total assets		229,191			224,357
Working capital (deficiency)		(6,564	)		(11,916	)
Available borrowing capacity		8,042			10,042
Total non-current liabilities		38,556			35,099

(1) Net operating income is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

(2) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

(3) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

Highlights

Gross revenues for the first quarter of 2024 increased by 1% compared to the first quarter of 2023. The increase was due to the increase in production of 3% partially offset by a 4% decrease in average prices.

Kolibri Global Energy Inc. | 3 | First Quarter 2024

Production and operating expense per barrel averaged $8.36 per BOE in the first quarter of 2024 compared to $6.04 per BOE in the first quarter of 2023. The increase was due to natural gas and NGL processing costs of $0.6 million, or $1.93 per BOE, related to prior years as the purchaser reassessed prior year gathering and processing costs in 2024. Without these fees, operating expense per barrel would be $6.43 per BOE for the first quarter of 2024, an increase of 6%.

Adjusted EBITDA⁽¹⁾ was $10.4 million for the first quarter of 2024 compared to $11.4 million for 2023, a decrease of 9%. The decrease was due to a decrease in average prices and higher production and operating expenses due to the prior period gathering and processing fees, partially offset by an increase in production.

Net income in the first quarter of 2024 was $3.3 million, compared to net income of $7.9 million in the same period of 2023. The decrease was due to lower average prices, higher income tax expense and higher operating expenses due to the prior period gathering and processing fees, partially offset by higher production. In addition, the Company had a $0.9 million unrealized loss on commodity contracts in the first quarter of 2024 compared to a $1.4 million unrealized gain in the first quarter of 2023.

Netback from operations⁽²⁾ decreased to $38.94 per BOE in the first quarter of 2024 compared to $43.67 per BOE in the same period of 2023, a decrease of 11%. Netback including commodity contracts⁽²⁾ for the first quarter of 2024 was $37.81 per BOE compared to $42.23 in 2023, a decrease of 10% from the prior year period. The decreases were due to lower average prices and increased operating expenses due to the prior period gathering and processing fees as noted above. Netback from operations for the first quarter of 2024 without the prior period gathering and processing fees would have been $40.87 per BOE.

At March 31, 2024, the Company had $8.0 million of available borrowing capacity on the credit facility and was in compliance with both of its debt covenants.

(1) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

(2) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

OPERATIONS UPDATE

Tishomingo Field, Ardmore Basin, Oklahoma

The average production for the first quarter of 2024 was 3,305 BOEPD, an increase of 3% compared to first quarter 2023 production of 3,194 BOEPD. The increase is due to production from the wells that were drilled and completed in 2023. During the first quarter of 2024, the Company reworked three wells that were impacted by offset fracture stimulations. Wells that were impacted by the offset fracture stimulations reduced production by about 275 BOEPD in the first quarter of 2024 and the wells had not fully recovered by the end of the quarter. Even with this reduction, production is above the year end forecast from our third-party reservoir engineering firm

In April 2024, the Company finished drilling the Nickel Hill 35-1H and Nickel Hill 35-2H wells (both 62.9% working interest). The Company is currently performing fracture stimulation operations on these wells and expects production to begin in June of 2024.

Production and Revenue

	Three months ended March 31
	2024		2023		%
Average oil production (BOPD)		2,423		2,431		-
Average natural gas production (mcf/d)		2,371		2,138		11
Average NGL production (BOEPD)		487		407		20
Average production (BOEPD)		3,305		3,194		3
Average oil price ($/bbl)		75.03		74.40		1
Average natural gas price ($/mcf)		2.06		4.24		(51	)
Average NGL price ($/bbl)		28.25		26.77		6
Average price ($/BOE)		60.66		62.87		(4	)
Oil revenue ($000)		16,548		16,278		2
Natural gas revenue ($000)		445		815		(45	)
NGL revenue ($000)		1,251		981		28

Kolibri Global Energy Inc. | 4 | First Quarter 2024

DISCUSSION OF OPERATING RESULTS

Oil production for the first quarter of 2024 was flat with 2,423 BOPD compared to 2,431 BOPD for the same period of 2023. Oil revenue increased by 2% in the first quarter of 2024 versus the same period of 2023 due to an increase in oil prices of 1%.

For the first quarter of 2024, average natural gas production was 2,371 MCFPD compared to 2,138 MCFPD for the same period of 2023, an increase of 11%. The increase in the first quarter of 2024 is due to the additional production from the wells drilled in 2023. Natural gas revenue decreased by 45% in the first quarter of 2024 versus the same period in 2023 due to a decrease in natural gas prices of 51%, partially offset by the increase in production.

Natural gas liquids (NGL) production in the first quarter of 2024 increased to 487 BOEPD from 407 BOEPD in the comparable period of 2023, an increase of 20%. NGL revenue increased by 28% in the first quarter of 2024 compared to the same period in 2023 due to the production increase and an increase in NGL prices of 6%.

Average production on a per BOE basis was 3,305 BOEPD in the first quarter of 2024 compared to 3,194 BOEPD in the same period of 2023, an increase of 3%. The increase is due to the factors discussed above. Gross revenue for the first quarter of 2024 increased by 1% compared to the first quarter of 2023 due to an increase in production partially offset by a decrease in average prices.

Royalties, Operating Expenses and Netback

	Three months ended March 31,
($/BOE)	2024			2023			%
Average price		60.66			62.87			(4	)
Less: Royalties		13.36			13.16			2
Less: Operating expenses⁽³⁾		8.36	⁽⁴⁾		6.04			38
Netback from operations⁽¹⁾		38.94			43.67			(11	)
Price adjustment from commodity contracts⁽²⁾		(1.13	)		(1.44	)		(22	)
Netback including commodity contracts⁽¹⁾		37.81			42.23			(10	)

(1) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

(2) Price adjustment from commodity contracts includes the positive or negative adjustment to the average price per barrel that the Company realized from its commodity contracts. See the listing of commodity contracts below.

(3) Operating expenses include compressor costs of $271,000 in the first quarter of 2024 and $183,000 in the first quarter of 2023 that are accounted for as a lease under IFRS 16.

(4) Includes natural gas and NGL processing costs of $0.6 million, or $1.93 per BOE, related to prior years as the purchaser reassessed prior year gathering and processing costs in 2024.

Kolibri Global Energy Inc. | 5 | First Quarter 2024

Average prices decreased by 4% in the first quarter of 2024, compared to the same period in the prior year, due to a 51% price decrease in natural gas partially offset by small price increases in oil and NGLs discussed above. Oil made up 73% of the production mix in the first quarter of 2024 compared to 76% for the same period in 2023.

Royalties on Tishomingo production averaged approximately 22.0% for the first quarter of 2024 versus 20.9% in the first quarter of 2023. The percentages differences are due to different royalty burdens on the wells produced by the Company.

Major production and operating expenses are related to the gathering and processing of natural gas and NGLs as well as periodic well repairs and maintenance. Operating expenses averaged $8.36 per BOE for the first quarter of 2024 compared to $6.04 per BOE for the same period in 2023. The increase was due to natural gas and NGL processing costs of $0.6 million, or $1.93 per BOE, related to prior years as the purchaser reassessed prior year gathering and processing costs in 2024. Without these fees, operating expense per barrel would be $6.43 per BOE for the first quarter of 2024, an increase of 6%.

Realized and Unrealized Gains and Losses from Risk Management Contracts

The Company has entered into financial commodity contracts which are summarized in the table below. Total Volume Hedged in the table is the annual volumes and Price is the fixed price specified in the financial commodity contracts.

At March 31, 2024 the following financial commodity contracts were outstanding and recorded at estimated fair value:

Commodity	Period	Total Volume Hedged (BBLS)		Price ($/BBL)
Oil – WTI Swap	April 1, 2024 to May 31, 2024		8,000	$62.77
Oil – WTI Costless Collars	April 1, 2024 to June 30, 2024		3,000	$65.00 - $79.50
Oil – WTI Costless Collars	April 1, 2024 to June 30, 2024		12,000	$65.00 - $86.00
Oil – WTI Costless Collars	April 1, 2024 to December 31, 2024		60,000	$65.00 - $89.50
Oil – WTI Put	April 1, 2024 to June 30, 2024		1,650	$60.00
Oil – WTI Costless Collars	April 1, 2024 to June 30, 2024		1,950	$65.00 - $94.55
Oil – WTI Costless Collars	June 1, 2024 to June 30, 2024		8,000	$60.00 - $78.15
Oil – WTI Costless Collars	July 1, 2024 to September 30, 2024		21,000	$60.00 - $86.65
Oil – WTI Costless Collars	July 1, 2024 to September 30, 2024		18,000	$60.00 - $78.00
Oil – WTI Costless Collars	July 1, 2024 to September 30, 2024		3,600	$65.00 - $90.65
Oil – WTI Costless Collars	October 1, 2024 to December 31, 2024		39,000	$60.00 - $82.50
Oil – WTI Costless Collars	January 1, 2025 to March 31, 2025		36,000	$60.00 - $77.00
Oil – WTI Costless Collars	April 1, 2025 to June 30, 2025		20,400	$60.00 - $75.40
Oil – WTI Costless Collars	April 1, 2025 to June 30, 2025		1,350	$65.00 - $82.54
Oil – WTI Costless Collars	July 1, 2025 to September 30, 2025		21,000	$65.00 - $82.00
Oil – WTI Costless Collars	July 1, 2025 to September 30, 2025		750	$65.00 - $80.50
Oil – WTI Costless Collars	April 1, 2024 to June 30, 2024		15,000	$65.45 - $86.00
Oil – WTI Swap	May 1, 2024 to June 30, 2024		9,600	$85.67
Oil – WTI Costless Collars	July 1, 2024 to September 30, 2024		15,000	$63.80 - $84.50
Oil – WTI Costless Collars	July 1, 2024 to September 30, 2024		13,800	$67.75 - $89.85
Oil – WTI Costless Collars	October 1, 2024 to December 31, 2024		15,000	$62.35 - $82.70
Oil – WTI Costless Collars	October 1, 2024 to December 31, 2024		13,800	$65.75 - $87.10
Oil – WTI Costless Collars	October 1, 2024 to December 31, 2024		1,200	$61.00 - $81.46
Oil – WTI Costless Collars	October 1, 2024 to December 31, 2024		2,400	$60.00 - $78.23
Oil – WTI Costless Collars	January 1, 2025 to March 31, 2025		15,000	$64.25 - $84.60
Oil – WTI Costless Collars	January 1, 2025 to March 31, 2025		14,400	$66.25 - $87.75
Oil – WTI Costless Collars	April 1, 2025 to June 30, 2025		3,000	$59.50 - $79.00
Oil – WTI Costless Collars	April 1, 2025 to June 30, 2025		5,700	$60.80 - $74.07
Oil – WTI Costless Collars	April 1, 2025 to June 30, 2025		13,200	$64.50 - $85.70
Oil – WTI Costless Collars	July 1, 2025 to September 30, 2025		21,900	$63.25 - $83.65

Kolibri Global Energy Inc. | 6 | First Quarter 2024

For the first quarter of 2024, approximately 14% of oil production was hedged at $62.77/bbl and 32% of oil production was hedged with costless collars with a price range of $65/bbl to $89.50/bbl.

Subsequent to quarter-end, the Company entered into the following additional financial commodity contracts:

Commodity	Period	Total Volume Hedged (BBLS)		Price ($/BBL)
Oil – WTI Swap	May 1, 2024 to June 30, 2024		9,600	$85.67
Oil – WTI Costless Collars	May 1, 2024 to June 30, 2024		15,600	$71.50 - $96.25
Oil – WTI Costless Collars	July 1, 2024 to September 30, 2024		13,800	$67.75 - $89.85
Oil – WTI Costless Collars	July 1, 2024 to September 30, 2024		24,000	$69.50 - $93.25
Oil – WTI Costless Collars	October 1, 2024 to December 31, 2024		13,800	$65.75 - $87.10
Oil – WTI Costless Collars	October 1, 2024 to December 31, 2024		24,000	$67.50 - $89.50
Oil – WTI Costless Collars	January 1, 2025 to March 31, 2025		15,000	$64.25 - $84.60
Oil – WTI Costless Collars	January 1, 2025 to March 31, 2025		14,400	$66.25 - $87.75
Oil – WTI Costless Collars	January 1, 2025 to March 31, 2025		16,200	$65.50 - $86.25
Oil – WTI Costless Collars	April 1, 2025 to June 30, 2025		13,200	$64.50 - $85.70
Oil – WTI Costless Collars	April 1, 2025 to June 30, 2025		10,800	$64.00 - $84.00
Oil – WTI Costless Collars	July 1, 2025 to September 30, 2025		21,900	$63.25 - $83.65
Oil – WTI Costless Collars	July 1, 2025 to September 30, 2025		10,800	$62.75 - $82.00

The realized and unrealized gains/losses from the financial commodity contracts are as follows:

($000s)	Three months ended March 31,
	2024			2023
Realized loss on financial commodity contracts	$	(341	)		(414	)

Unrealized gain (loss) on financial commodity contracts	$	(915	)		1,390

Kolibri Global Energy Inc. | 7 | First Quarter 2024

Production and Operating Expenses

Production and operating expenses for the first quarter of 2024 was $2.2 million compared to $1.6 million for the same period of 2023, an increase of 38%. The increase was due to natural gas and NGL processing costs of $0.6 million related to prior years as the purchaser reassessed prior year gathering and processing costs in 2024.

General and Administrative Expenses

G&A expense for the first quarter of 2024 was $1.3 million compared to $0.9 million for the same period of 2023, an increase of 36%. The increase was due to higher accounting fees and public company costs, higher payroll and director fees and higher investor relations costs.

Depletion and Depreciation

Depletion and depreciation expense for the first quarter of 2024 was $3.9 million compared to $4.3 million in the same period of 2023. Depletion and depreciation expense on a per barrel basis was $12.94 for the first quarter of 2024 compared to $15.09 for the first quarter of 2023.

Interest on loans and borrowings

Interest on loans and borrowings increased from $0.5 million in the first quarter of 2023 to $0.9 million for the same period of 2024. The increase is due to an increase in interest rates and an increase in the outstanding loan balance in the first quarter of 2024 compared to the first quarter of 2023.

Net income for the period

The Company had net income of $3.3 million ($0.09 per basic share) in the first quarter of 2024 compared to net income of $7.9 million ($0.22 per share) for the same period of 2023. The change in net income in 2024 compared to the same period in 2023 is due to realized and unrealized losses in financial commodity contracts in the first quarter of 2024 totaling $1.3 million versus a gain of $1.0 million in the same period of 2023, an increase in income tax expense of $1.2 million, an increase in operating expenses of $0.7 million, an increase in interest on long term debt of $0.4 million an increase in G&A expense of $0.3 million and an increase in stock based compensation of $0.1 million, partially offset by a decrease in depletion, depreciation and accretion of $0.4 million.

Cash from operating activities

Cash flows from operating activities for the first quarter of 2024 was $9.7 million compared to cash flows from continuing operating activities of $13.1 million in the same period of 2023.

CAPITAL EXPENDITURES

Capital expenditures were for the wells drilled and completed in the Tishomingo field located in Oklahoma.

($000)
	2024		2023

Additions to oil and gas properties	$	5,320	$	4,188
	$	5,320	$	4,188

Kolibri Global Energy Inc. | 8 | First Quarter 2024

LIQUIDITY AND CAPITAL RESOURCES

(000s; other than number of shares and per share amounts)	At March 31, 2024			At December 31, 2023

Working Capital (Deficiency) (US$)⁽¹⁾	$	(6,564	)	$	(11,916	)

Loans and Borrowings (US$)	$	31,958		$	29,958

Shares Outstanding, end of period		35,625,587			35,625,587

Market Price per share (in Canadian $)	$	4.22		$	5.09
Market Value of Shares (in Canadian $)	$	150,340		$	181,334

The credit facility has two primary debt covenants. One covenant requires the US subsidiary to maintain a positive working capital balance which includes any unused excess borrowing capacity and excludes the fair value of commodity contracts and the current portion of long-term debt (the “Current Ratio”). The second covenant ensures the ratio of outstanding debt and long-term liabilities to a trailing twelve month adjusted EBITDA amount (the “Maximum Leverage Ratio”) be no greater than 3 to 1 at any quarter end. Adjusted EBITDA is defined as net income excluding interest expense, depreciation, depletion and amortization expense, and other non-cash and non-recurring charges including severance, share based compensation expense and unrealized gains or losses on commodity contracts.

The Company was in compliance with both covenants for the quarter ended March 31, 2024. At March 31, 2024, the Current Ratio of the US Subsidiary was 1.16 to 1.0 and the Maximum Leverage Ratio was 0.90 to 1.0 for the three months ended March 31, 2024. Based on the Company’s 2024 forecast, it expects to be in compliance with this covenant for the next twelve months.

At March 31, 2024, loans and borrowings of $32.0 million (December 31, 2023: $30.0 million) are presented net of loan acquisition costs of $0.3 million (December 31, 2023: $0.3 million).

At March 31, 2024, the Company had working capital deficit of $6.6 million compared to a working capital deficit of $11.9 million at December 31, 2023. The Company had available borrowing capacity of $8.0 million at March 31, 2024. The Company closely monitors its working capital and borrowing capacity to ensure adequate funds are available to finance its administrative and operating requirements. Planned drilling activity can be adjusted if adequate funds are not available and the Company has available borrowing capacity to manage its working capital requirements.

Kolibri Global Energy Inc. | 9 | First Quarter 2024

The Company has entered into financial commodity contracts as part of its risk management strategy to manage its cash flows for future activity and to offset commodity price fluctuations. Other potential sources of cash flows include proceeds from additional debt or equity offerings but there is no guarantee that additional financing will be available when needed.

CONTRACTUAL OBLIGATIONS

The following are the contractual maturities of financial liabilities, excluding estimated interest payments at March 31, 2024:

	Carrying amount		2024		2025		2026

Fair value of commodity contracts	$	990	$	733	$	265		-
Lease payable	$	1,145	$	835	$	280	$	30
Loans and borrowings*	$	31,667		-		-	$	31,667
Accounts payable and other payables	$	14,881	$	14,881		-		-
	$	48,683	$	16,449	$	545	$	31,697

* The Credit Facility provides for interest only payments until the September 2026 maturity date. The Company is required to repay amounts owing under the Credit Facility in full on the September 2026 maturity date. See “Liquidity and Capital Resources” and “Principal Business Risks” for discussion of events that would require early repayment of the Credit Facility.

Kolibri Global Energy Inc. | 10 | First Quarter 2024

QUARTERLY SUMMARY

Below is a summary of the Company’s performance over the last eight quarters:

	2024		2023								2022
($000, except as noted)	Q1		Q4		Q3		Q2		Q1		Q4		Q3		Q2

Daily Production
Oil (BOPD)		2,423		2,245		2,083		1,821		2,431		1,551		1,252		1,439
Natural gas (MCFPD)		2,371		1,428		1,565		1,397		2,138		969		1,083		1,271
NGLs (BOEPD)		487		359		393		361		407		155		269		277

Average production (BOEPD)		3,305		2,842		2,737		2,415		3,194		1,868		1,702		1,928

	2024		2023								2022
($000, except as noted)	Q1		Q4		Q3		Q2		Q1		Q4		Q3		Q2

Average Price
Oil ($/bbl)		75.03		78.51		79.70		72.33		74.40		80.42		93.52		109.74

Natural gas ($/mcf)		2.06		2.32		2.71		1.83		4.24		6.71		10.24		6.48

NGL ($/bbl)		28.25		20.41		19.84		15.97		26.77		26.66		35.33		40.82

Average price ($/bbl)		60.66		65.76		65.04		58.00		62.87		72.47		80.89		92.02

	2024			2023												2022
($000, except as noted)	Q1			Q4			Q3			Q2			Q1			Q4			Q3			Q2

*Netback⁽¹⁾*
Average price ($/BOE)		60.66			65.76			65.04			58.00			62.87			72.47			80.89			92.02

Royalties		13.36			14.34			14.42			11.98			13.16			15.83			17.96			21.19

Operating expenses ^(4,5)		8.36			7.02			7.34			6.05			6.04			8.25			7.77			7.77

Netback from operations⁽¹⁾		38.94			44.40			43.28			39.97			43.67			48.39			55.16			63.06

Price adjustment from commodity contracts		(1.13	)		(1.63	)		(1.37	)		(1.44	)		(2.34	)		(5.47	)		(9.40	)		(12.03	)

Netback including commodity contracts⁽¹⁾		37.81			41.65			38.60			42.23			46.05			49.69			53.66			36.88

Kolibri Global Energy Inc. | 11 | First Quarter 2024

	2024		2023								2022
($000, except as noted)	Q1		Q4		Q3		Q2		Q1		Q4		Q3		Q2

*Net operating income⁽²⁾*
Oil and gas revenue		18,244		17,192		16,378		12,746		18,074		12,455		12,666		16,114

Royalties		4,018		3,748		3,632		2,632		3,781		2,721		2,813		3,717

Operating expenses		2,246		1,567		1,628		1,147		1,553		1,417		1,216		1,364

		11,980		11,877		11,118		8,967		12,740		8,317		8,637		11,033

	2024		2023								2022
($000, except as noted)	Q1		Q4		Q3		Q2		Q1		Q4		Q3		Q2

Net income (loss)		3,345		2,319		4,268		7,896		2,793		9,299		7,007		(2,456	)

Basic income (loss) ($/share)		0.09		0.14		0.07		0.12		0.22		0.08		0.26		0.20

*Adjusted EBITDA⁽³⁾*		10,374		10,502		9,536		7,646		11,396		6,854		6,874		8,572

Cash flows from operating activities		9,695		9,974		9,631		6,013		13,030		6,098		6,387		8,314

Bank debt		31,667		29,612		23,809		17,819		17,819		17,799		15,855		15,907

Total assets		229,191		224,439		211,745		196,655		188,023		184,082		172,634		169,193

(1) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

(2) Net operating income is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

(3) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

(4) Operating expenses include compressor costs of $271,000 in the first quarter of 2024 and $183,000 in the first quarter of 2023 that are accounted for as a lease under IFRS 16.

(5) Operating expenses for the first quarter of 2024 includes natural gas and NGL processing costs of $0.6 million, or $1.93 per BOE, related to prior years as the purchaser reassessed prior year gathering and processing costs in 2024.

Kolibri Global Energy Inc. | 12 | First Quarter 2024

Quarterly Variability

Fluctuations in quarterly results are due to a number of factors, some of which are not within the Company’s control such as:

●

Oil, gas and NGL price changes due to volatile market conditions related to the current conflict between Russia and Ukraine

●

Changes in production resulting from fluctuations in drilling and completions and shut-in of wells

●

Production increases from new wells that begin producing

CRITICAL ACCOUNTING ESTIMATES

The preparation of the consolidated financial statements requires management to make estimates and use judgment regarding the reported amounts of assets and liabilities, the disclosures of contingencies at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. By their nature, estimates are subject to measurement uncertainty and changes in such estimates in future years could require a material change in the financial statements. Accordingly, actual results may differ from the estimated amounts. Significant estimates and judgments made by management in the preparation of the consolidated financial statements are as follows:

Oil and gas assets

Development and production assets are assessed for recoverability at cash generating unit (“CGU”) level. The determination of CGUs is subject to management judgments. Recoverability is assessed by comparing the carrying value of the asset to its estimated recoverable amount, which is based on the higher of fair value of the assets less the cost to sell (“FVLCS”) or value in use (“VIU”). The significant estimates used in the determination of the estimated recoverable amount include the following:

●

Proved and probable oil and gas reserves – Significant assumptions that are valid at the time of oil and gas reserve estimation may change significantly when additional information becomes available. Estimates of economically recoverable proved and probable oil and gas reserves are based upon a number of significant assumptions, such as forecasted production, forecasted oil and gas commodity prices, forecasted operating costs, forecasted royalty costs, and forecasted future development costs. Changes in forecasted oil and gas commodity price assumptions, costs or recovery rates may change the economic status of proved and probable oil and gas reserves and may ultimately result in a restatement of proved and probable oil and gas reserves. Independent third-party reserve evaluators are engaged at least annually to estimate proved and probable oil and gas reserves

●	Discount rate – The discount rate used to calculate the net present value of cash flows is based on estimates of an industry peer group weighted average cost of capital. Changes in the economic environment could result in significant changes to this estimate.

Depletion of oil and gas assets

Depletion of development and production assets is determined based on proved and probable oil and gas reserves and includes forecasted future development costs as estimated by the Company’s independent third-party reserve evaluators. By their nature, the estimates of proved and probable oil and gas reserves are subject to measurement uncertainty. Accordingly, the impact to the consolidated financial statements in future periods could be material.

Kolibri Global Energy Inc. | 13 | First Quarter 2024

Asset retirement obligations

The provisions for site restoration and abandonment is based on current legal requirements, technology, price levels and expected plans and are based on significant assumptions such as inflation rate and discount rate. Actual costs and cash outflows can differ from estimates because of changes in laws or regulations, market conditions and changes in technology.

Derivative instruments

The estimated fair value of derivative financial instruments resulting in financial assets and liabilities, by their very nature is subject to estimation, due to the use of future oil and natural gas prices and the volatility in these prices.

Compensation costs

Compensation costs recognized for share based compensation plans are subject to the estimation of what the ultimate payout will be using pricing models such as Black-Scholes model which is based on assumptions such as volatility, forfeiture rate, interest rate and expected term.

Income taxes

Tax interpretations, regulations and legislation in the various jurisdictions in which the Company operates are subject to change. As such income taxes are subject to measurement uncertainty. Deferred income tax assets are assessed by management at the end of the reporting period to determine the likelihood that they will be realized from future taxable earnings.

Liquidity

The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.

Typically the Company ensures that it has sufficient cash on demand and cash flows from operating activities to meet expected operational expenses for a one-year period, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. To achieve this objective, the Company prepares annual capital expenditure budgets, which are regularly monitored and updated as considered necessary. Further, the Company utilizes authorizations for expenditures on both operated and non-operated projects to further manage capital expenditure. The Company also attempts to match its payment cycle with collection of oil revenue on the 20th of each month.

The Company monitors its expected cash inflows from trade and other receivables and its expected cash outflows on trade and other payables and principal debt payments. The current volatile economic climate may lead to adverse changes in cash flows and working capital levels which may also have a direct impact on the Company’s results and financial position and which may adversely affect the Company’s liquidity.

Kolibri Global Energy Inc. | 14 | First Quarter 2024

OUTSTANDING SHARE DATA

There were 35,625,587, 35,625,587 and 35,625,587 common shares outstanding as of May 13, 2024, March 31, 2024 and December 31, 2023, respectively. The Company had 875,784, 875,784 and 939,634 stock options outstanding as of May 13, 2024, March 31, 2024 and December 31, 2023, respectively. The Company had 118,570, 118,570, and 119,140 restricted share units (RSUs) granted as of May 13, 2024, March 31, 2024 and December 31, 2023 respectively.

PRINCIPAL BUSINESS RISKS

KEI’s business and results of operations are subject to a number of risks and uncertainties, including but not limited to the following:

	●	the uncertainty of finding oil and gas in commercial quantities
	●	securing markets for existing and future production
	●	commodity price fluctuations due to market forces
	●	volatile market conditions related to the current conflict between Russia and Ukraine
	●	financial risk due to foreign exchange rates and interest rate exposure
	●	changes to government regulations in the United States, including regulations relating to prices, taxes, royalties and environmental protection
	●	changing government policies and regulations, social instability and other political, economic or diplomatic developments in the countries in which the Company operates
	●	the ability to fund wells drilled in non-operated sections of the Tishomingo field
	●	the uncertainty of pipeline repairs leading to temporary shutting-in of wells
	●	availability of equity or debt financing is affected by many factors many of which are beyond the control of the Company
	●	uncertainties inherent in estimating quantities of oil and natural gas reserves and cash flows to be derived therefrom
	●	the oil and gas industry is intensely competitive and the Company competes with a large number of companies with greater resources
	●	risks related to evolving emissions, carbon and other regulations impacting climate change and the advancement of alternative sources of renewable energy
	●	risks related to the Credit Facility, including the risk that the Company could be required under the terms of the Credit Facility to prepay the outstanding principal amount and other amounts owing under the Credit Facility in certain circumstances, some of which are out of the Company’s control, including failure to comply with financial ratio tests, borrowing base redeterminations, Mr. Wolf Regener ceasing to be the President of Kolibri Global Energy Inc., certain changes to the board of directors of the Company and the acquisition by any person or persons acting jointly or in concert of 25% or more of the Company’s shares. There can be no assurance that the Company will be able to obtain sufficient capital to repay the Credit Facility. A failure by the Company to perform its obligations under the Credit Facility could result in, among other adverse effects, the loss of the Company’s Tishomingo Field assets. A copy of the Amended and Restated Credit Agreement was filed on SEDAR on May 26, 2023. See “Liquidity and Capital Resources” and “Contractual Obligations” above and the “Risk Factors” section in the Company’s most recent Annual Information Form.
	●	the other risks identified in the Company’s most recent Annual Information Form under the “Risk Factors” section and the Company’s other public disclosure, available under the Company’s profile on SEDAR at www.sedarplus.ca.

The Company seeks to mitigate these risks by:

	●	maintaining product mix to manage exposure to commodity price risk
	●	monitoring production trends to maximize the potential of its capital spending program
	●	from time to time, entering into financial commodity contracts to hedge against commodity price risk
	●	ensuring strong third-party operators for non-operated properties
	●	transacting with creditworthy counterparties
	●	monitoring commodity prices and capital programs to manage cash flows
	●	reviewing proposed changes in applicable government regulations and laws to assess the impact on the Company’s operations

Kolibri Global Energy Inc. | 15 | First Quarter 2024

DISCLOSURE CONTROLS AND PROCEDURES

The Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”) have designed, or caused to be designed under their supervision, disclosure controls and procedures (“DC&P”) and internal controls over financial reporting (“ICOFR”) as defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings in order to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements in accordance with IFRS.

The DC&P have been designed to provide reasonable assurance that material information relating to KEI is made known to the CEO and CFO by others and that information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted by KEI under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation. The Company’s CEO and CFO have concluded, based on their evaluation that the Company’s DC&P and ICOFR are effective at March 31, 2024 to provide reasonable assurance that material information related to the Company is made known to them by others within the Company.

The CEO and CFO are required to cause the Company to disclose any change in the Company’s ICOFR and DC&P that occurred during the most recent interim period that has materially affected, or is reasonably likely to materially affect, the Company’s ICOFR. No changes in ICOFR and DC&P were identified during such period that have materially affected, or are reasonably likely to materially affect, the Company’s ICOFR during the quarter ended March 31, 2024.

It should be noted that a control system, including the Company’s DC&P and ICOFR, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objective of the control system will be met and it should not be expected that DC&P and ICOFR will prevent all errors or fraud.

OUTLOOK

In the United States, the Company intends to drill and complete additional wells in the Caney/Sycamore formations on its Oklahoma lands as financing becomes available and the economic environment changes. In addition, the Company continues to utilize its technical and operational expertise to identify and acquire additional oil, gas and clean energy projects. The Company expects to continue drilling additional wells utilizing cash flows from operating activities and potentially its available borrowing capacity under its credit facility.

NON-GAAP MEASURES

The Company’s Non-GAAP Measures are not measures or ratios recognized under IFRS and do not have any standardized meanings prescribed by IFRS. Management of the Company believes that such measures and ratios are relevant for evaluating returns on each of the Company’s projects as well as the performance of the enterprise as a whole. The Company’s Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures and ratios as reported by such organizations. The Company’s Non-GAAP Measures should not be construed as alternatives to net income, cash flows from operating activities, working capital or other financial measures and ratios determined in accordance with IFRS, as an indicator of the Company’s performance.

Kolibri Global Energy Inc. | 16 | First Quarter 2024

Netback from operations per barrel and its components are calculated by dividing revenue, less royalties and operating expenses by the Company’s sales volume during the period. Netback including commodity contracts is calculated by adjusting netback from operations by the realized gains or losses received from commodity contracts during the period. Netback is a non-GAAP ratio but it is commonly used by oil and gas companies to illustrate the unit contribution of each barrel produced. The Company believes that the netback is a useful supplemental measure of the cash flows generated on each barrel of oil equivalent that is produced in its operations. However, non-GAAP measures and non-GAAP ratios do not have any standardized meaning prescribed by IFRS and therefore, may not be comparable to similar measures or ratios used by other companies and should not be used to make comparisons.

The following is the reconciliation of the non-GAAP ratio netback from operations to net income from continuing operations:

(US $000)	For the three months ended March 31,
	2024			2023
Net income		3,345			7,896

Adjustments:
Income tax expense		1,191			-
Finance income		-			(1,390	)
Finance expense		2,216			949
Share based compensation		128			18
General and administrative expenses		1,265			930
Depletion and depreciation		3,894			4,338
Other income		(59	)		(1	)
Operating netback		11,980			12,740

Netback from operations	$	38.94		$	43.67

Net operating income is similarly a non-GAAP measure that represents revenue net of royalties and operating expenses. The Company believes that net operating income is a useful supplemental measure to analyze operating performance and provides an indication of the results generated by the Company’s principal business activities prior to the consideration of other income and expenses.

The following is the reconciliation of the non-GAAP measure net operating income:

(US $000)	For the three months ended March 31,
	2024		2023
Oil and gas revenue, net of royalties		14,226		14,293
Less: production and operating expenses		2,246		1,553
Net operating income		11,980		12,740

Kolibri Global Energy Inc. | 17 | First Quarter 2024

Adjusted EBITDA is calculated as net income before interest, taxes, depletion and depreciation and other non-cash and non-operating gains and losses. The Company considers this a key measure as it demonstrates its ability to generate cash from operations necessary for future growth excluding non-cash items, gains and losses that are not part of the normal operations of the Company and financing costs. The following is the reconciliation of the non-GAAP measure adjusted EBITDA:

(US $000)	Three months ended March 31,
	2024			2023
Net income		3,345			7,896
Depletion and depreciation		3,894			4,338
Accretion		45			45
Interest expense		915			485
Unrealized (gain) loss on commodity contracts		915			(1,390	)
Share based compensation		128			18
Other income		(59	)		(1	)
Income tax expense		1,191			-
Foreign currency loss		-			5

Adjusted EBITDA		10,374			11,396

Cautionary Statements

(a)

The Company’s natural gas production is reported in thousands of cubic feet (“Mcfs”). The Company also uses references to barrels (“Bbls”) and barrels of oil equivalent (“BOEs”) to reflect natural gas liquids and oil production and sales. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

(b)

Discounted and undiscounted net present value of future net revenues attributable to reserves do not represent fair market value.

(c)

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

(d)

This MD&A and the Company’s other public disclosure contains peak and 30-day initial production rates and other short-term production rates. Readers are cautioned that initial production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This MD&A contains forward-looking information including expectations regarding proposed timing and expected results of development work in the Company’s Tishomingo Field, expected productivity from current and future wells, planned capital expenditure programs and cost estimates, the effect of design and performance improvements on future productivity, planned use and sufficiency of proceeds from the Company’s debt and equity financings, compliance with debt covenants under the Company’s credit facility, cash on hand and cash flows from operating activities and the Company’s strategy and objectives. The use of any of the words “target”, “plans”, “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe”, “intend” and similar expressions are intended to identify forward-looking statements.

Kolibri Global Energy Inc. | 18 | First Quarter 2024

Such forward-looking information is based on management’s expectations and assumptions, including that the Company’s geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, declines will match the modeling, future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management’s expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that well shut-ins will not materially reduce production or adversely affect future productivity, that anticipated results and estimated costs will be consistent with managements’ expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained, that the combination of cash on hand and cash flows from operating activities will be sufficient to finance the Company’s cash requirements through 2024, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserve-based loan facility and that the borrowing base will not be reduced, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company’s business and its ability to advance its business strategy.

Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company’s geologic and reservoir models or analysis are not validated, anticipated results and estimated costs will not be consistent with managements’ expectations, that the Company will not achieve a comparable level of hedging going forward in respect of its existing production, that the Company will not achieve the results anticipated by management from the Company’s cost reduction measures, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), well shut-ins and the potential for damage to the affected wells, the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the Company will cease to be in compliance with the covenants under its reserve-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base redetermination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve and the other risks identified in the Company’s most recent Annual Information Form under the “Risk Factors” section and the Company’s other public disclosure, available under the Company’s profile on SEDAR at www.sedarplus.ca.

Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this MD&A is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

Kolibri Global Energy Inc. | 19 | First Quarter 2024

CORPORATE INFORMATION

DIRECTORS AND OFFICERS

David Neuhauser ^1,3
Director, Chairman of the Board

Eric Brown ^1,4,5
Director

Leslie O’Connor ^2,3,4,5
Director	AUDITORS
	Marcum LLP
Evan Templeton^2,3,5	Houston, TX, USA
Director

Douglas Urch ^1,2	BANKERS
Director	BOK Financial
	Denver, CO, USA
Wolf Regener ⁴
Director, President and Chief Executive Officer	HSBC Bank Canada
	Calgary, AB
Gary Johnson
Chief Financial Officer and Vice President	CONSULTING ENGINEERS
	Netherland, Sewell & Associates, Inc.
1 Member of the Audit Committee	Houston, TX, USA
2 Member of the Corporate Governance Committee
3 Member of the Compensation Committee	TRANSFER AGENT AND REGISTRAR
4 Member of the HS&E Committee	Computershare Trust Company
5 Member of the Reserves Committee	Calgary, AB

STOCK EXCHANGE LISTING	HEAD OFFICE
The Toronto Stock Exchange	Suite 220, 925 Broadbeck Drive
Trading Symbol: KEI	Thousand Oaks, CA, USA 91320
NASDAQ	Telephone: (805) 484-3613
Trading Symbol: KGEI	Fax: (805) 484-9649

LEGAL COUNSEL	CANADIAN OFFICE
DuMoulin Black LLP	15th Floor, 1111 West Hastings St.
Vancouver, BC	Vancouver, BC, Canada V6E 2J3
	Telephone (604) 687-1224
Haynes Boone, LLP	Fax: (604) 687-3635
New York, NY, USA

Kolibri Global Energy Inc. | 20 | First Quarter 2024

Exhibit 99.3

FORM 52-109F2
CERTIFICATION OF INTERIM FILINGS
FULL CERTIFICATE

I, Wolf Regener the Chief Executive Officer of Kolibri Global Energy Inc., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Kolibri Global Energy Inc. (the “issuer”) for the interim period ended March 31, 2024.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

A.	designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

	I.	material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

	II.	information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

B.	designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Internal Control – Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 N/A

5.3 N/A

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2024 and ended on March 31, 2024 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: May 13, 2024

“Wolf Regener”
Wolf Regener
Chief Executive Officer

Exhibit 99.4

FORM 52-109F2
CERTIFICATION OF INTERIM FILINGS
FULL CERTIFICATE

I, Gary Johnson the Chief Financial Officer of Kolibri Global Energy Inc., certify the following:

A.	designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

	I.	material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

	II.	information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

B.	designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.2 N/A

5.3 N/A

Date: May 13, 2024

“Gary Johnson”
Gary Johnson
Chief Financial Officer

Exhibit 99.5

925 Broadbeck Drive, Suite 220,
Thousand Oaks, California 91320

Phone: (805) 484-3613

TSX ticker symbol; KEI

NASDAQ ticker symbol; KGEI

For Immediate Release

KOLIBRI GLOBAL ENERGY ANNOUNCES FIRST QUARTER 2024 NET INCOME OF US$3.3 MILLION AND ADJUSTED EBITDA OF US$10.4 MILLION

(Highest quarterly gross revenues in Company History)

THOUSAND OAKS, CALIFORNIA, May 13, 2024

All amounts are in U.S. Dollars unless otherwise indicated:

FIRST QUARTER HIGHLIGHTS

	●	Average production for the first quarter of 2024 was 3,305 BOEPD, an increase of 3% compared to first quarter of 2023 average production of 3,194 BOEPD. The production increase is due to the additional production from the wells that were drilled and completed in 2023
	●	Revenue, net of royalties was $14.2 million in the first quarter of 2024 compared to $14.3 million for the first quarter of 2023, as higher production was offset by lower average prices
	●	Production and operating expense per barrel averaged $8.36 per BOE in the first quarter of 2024 compared to $6.04 per BOE in the first quarter of 2023. The increase was due to natural gas and NGL processing costs of $0.6 million, or $1.93 per BOE, related to prior years as the purchaser reassessed prior year gathering and processing costs in 2024. Without these fees, operating expense per barrel would be $6.43 per BOE for the first quarter of 2024, an increase of 6%
	●	Adjusted EBITDA⁽¹⁾ was $10.4 million in the first quarter of 2024 compared to $11.4 million in the first quarter of 2023, a decrease of 9% The decrease was due to lower average prices and higher production and operating expenses due to the prior period gathering and processing fees, partially offset by an increase in production
	●	Net income in the first quarter of 2024 was $3.3 million, compared to net income of $7.9 million in the same period of 2023. The decrease was due to lower average prices, higher income tax expense and higher operating expenses due to the prior period gathering and processing fees, partially offset by higher production. In addition, the Company had a $0.9 million unrealized loss on commodity contracts in the first quarter of 2024 compared to a $1.4 million unrealized gain in the first quarter of 2023
	●	Average netback from operations⁽²⁾ for the first quarter of 2024 was $38.94 per BOE, a decrease of 11% from the prior year first quarter of $43.67 per BOE. Netback including commodity contracts⁽²⁾ for the first quarter of 2024 was $37.81 per BOE compared to $42.23 in the first quarter of 2023, a decrease of 10% from the prior year period. The decreases were due to lower average prices and increased operating expenses due to the prior period gathering and processing fees. Netback from operations for the first quarter of 2024 without the prior period gathering and processing fees would have been $40.87 per boe
	●	At March 31, 2024, the Company had $8.0 million of available borrowing capacity on the credit facility. The Company is currently awaiting its next redetermination from the bank which is expected to occur later in the second quarter of 2024

	(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.

Kolibri’s President and Chief Executive Officer, Wolf Regener commented:

“We are pleased with the first quarter performance of the Company as we continue to generate strong cash flow with $10.4 million of Adjusted EBITDA⁽¹⁾ in the first quarter of 2024. Production in the first quarter of 2024 was 3,305 BOEPD, which was 3% higher than the prior year first quarter. In addition, we will be adding production from the Nickel Hill 35-1H and 35-2H wells (62.9% working interest), which are in the final stages of being completed. Flowback of these wells is expected to begin shortly after the fracture stimulations are complete, and we expect production to start near the end of May.”

“The Company reworked three wells in the first quarter of 2024 and another well in the second quarter. These are all wells that were impacted by offset fracture stimulations. Wells that were impacted by the offset fracture stimulations reduced production by about 275 BOEPD in the first quarter of 2024. Even with this reduction, production is above the year end forecast from our third-party reservoir engineering firm and the reworks have improved production further.”

	First Quarter 2024		First Quarter 2023		%
Net income:
$ Thousands	$	3,345	$	7,896		(58	)%
$ per basic common share	$	0.09	$	0.22		(59	)%

Capital Expenditures	$	5,320	$	4,188		27	%
Adjusted EBITDA⁽¹⁾	$	10,374	$	11,396		(9	)%

Average production per day (Boepd)		3,305		3,194		3	%
Average price per boe	$	60.66	$	62.87		(4	)%
Netback from operations⁽²⁾	$	38.94	$	43.67		(11	)%
Netback including commodity contracts⁽²⁾	$	37.81	$	42.23		(10	)%

	March 31, 2024			December 31, 2023
Cash and Cash Equivalents	$	1,801		$	598
Working Capital	$	(6,564	)	$	(11,916	)
Borrowing Capacity	$	8,042		$	10,042

	(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.

First Quarter 2024 versus First Quarter 2023

Oil and gas gross revenues totaled $18.2 million in the first quarter of 2024 versus $18.1 million in the first quarter of 2023. Oil revenues increased $0.3 million or 2% to $16.5 million as oil production was flat and oil prices increased by 1% to $75.03 per barrel. Natural gas revenues decreased $0.4 million, or 45%, to $0.4 million as natural gas prices decreased by 51% partially offset by an 11% production increase. Natural gas liquids (NGLs) revenues increased $0.3 million, or 28%, as NGL production increased by 20% to 487 boepd and prices increased by 6% to $28.25 per BOE.

Average production for the first quarter of 2024 was 3,305 BOEPD, an increase of 3% compared to first quarter of 2023 average production of 3,194 BOEPD. The production increase is due to the additional production from the wells drilled in 2023.

Production and operating expenses for the first quarter of 2024 was $2.2 million compared to $1.6 million in the prior year period, an increase of 45%. The increase was due to natural gas and NGL processing costs of $0.6 million, or $1.93 per BOE, related to prior years as the purchaser reassessed prior year gathering and processing costs in 2024.

General and administrative expenses for the first quarter of 2024 was $1.3 million compared to $0.9 million for the same period of 2023, an increase of 36%. The increase was due to higher accounting fees and public company costs, higher payroll and director fees and higher investor relations costs.

Finance income decreased $1.4 million in the first quarter of 2024 compared to the prior year quarter due to an unrealized gain on commodity contracts in recorded in 2023.

Finance expense increased $1.3 million in the first quarter of 2024 compared to the prior year quarter due primarily to an unrealized loss on commodity contracts in 2024 of $0.9 million and higher interest expense.

KOLIBRI GLOBAL ENERGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Expressed in Thousands of United States Dollars)

($000 except as noted)

	March 31 2024 (unaudited)			December 31 2023 (audited)

Current Assets
Cash	$	1,801		$	598
Accounts receivables and other receivables		7,525			5,492
Deposits and prepaid expenses		835			838
		10,161			6,928

Non-current assets
Property, plant and equipment		217,926			216,161
Right of use assets		1,104			1,190
Fair value of commodity contracts		-			78
		219,030			217,429

Total Assets	$	229,191		$	224,357

Current Liabilities
Accounts payable and other payables	$	14,881		$	17,648
Lease liabilities		965			1,068
Fair value of commodity contracts		879			128
		16,725			18,844

Non-current liabilities
Loans and borrowings		31,667			29,612
Asset retirement obligations		2,048			1,966
Deferred taxes		4,550			3,359
Lease liabilities		180			162
Fair value of commodity contracts		111			-
		38,556			35,099

Equity
Shareholders’ capital		296,232			296,232
Contributed surplus		24,330			24,179
Accumulated deficit		(146,652	)		(149,997	)
		173,910			170,414

Total Equity and Liabilities	$	229,191		$	224,357

KOLIBRI GLOBAL ENERGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited, expressed in Thousands of United States dollars, except per share amounts)

($000 except as noted)

	Three months ended March 31,
($000’s)	2024			2023
Revenue:
Oil and gas revenue, net of royalties	$	14,226		$	14,293
Other income		59			1
		14,285			14,294
Expenses:
Production and operating expenses		2,246			1,553
Depletion, depreciation and amortization		3,894			4,338
General and administrative expenses		1,265			930
Share based compensation		128			18
		7,533		$	6,839

Finance Income		-			1,390
Finance Expense		(2,216	)		(949	)
Income tax expense		(1,191	)		-

Net income		3,345			7,896
Basic and diluted net income per share	$	0.09		$	0.22

KOLIBRI GLOBAL ENERGY INC.

FIRST QUARTER 2024

(Unaudited, expressed in Thousands of United States dollars, except as noted)

	Three Months Ended March 31,
	2024			2023
Oil revenue before royalties	$	16,548		$	16,278
Natural gas revenue before royalties		445			815
NGL revenue before royalties		1,251			981
Oil and Gas revenue before royalties		18,244			18,074
Adjusted EBITDA⁽¹⁾		10,374			11,396
Capital expenditures		5,320			4,188

Statistics:
Average oil production (Bopd)		2,423			2,431
Average natural gas production (mcf/d)		2,371			2,138
Average NGL production (Boepd)		487			407
Average production (Boepd)		3,305			3,194

Average oil price ($/bbl)	$	75.03		$	74.40
Average natural gas price ($/mcf)		2.06			4.24
Average NGL price ($/bbl)		28.25			26.77

Average price per barrel	$	60.66		$	62.87
Royalties per barrel		13.36			13.16
Operating expenses per barrel^(3,4)		8.36			6.04
Netback from operations⁽²⁾		38.94			43.67
Price adjustment from commodity contracts (Boe)		(1.13	)		(1.44	)
Netback including commodity contracts (Boe)⁽²⁾	$	37.81		$	42.23

	(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.

	(3)	Operating expenses include compressor costs of $271,000 in the first quarter of 2024 and $183,000 in the first quarter of 2023 that are accounted for as a lease under IFRS 16.

	(4)	Operating expense in the first quarter of 2024 includes natural gas and NGL processing costs of $0.6 million, or $1.93 per BOE, related to prior years as the purchaser reassessed prior year gathering and processing costs in 2024.

The information outlined above is extracted from and should be read in conjunction with the Company’s unaudited financial statements for the three months ended March 31, 2024 and the related management’s discussion and analysis thereof, copies of which are available under the Company’s profile at www.sedarplus.ca.

NON-GAAP MEASURES

Netback from operations, netback including commodity contracts and adjusted EBITDA (collectively, the “Company’s Non-GAAP Measures”) are not measures or ratios recognized under Canadian generally accepted accounting principles (“GAAP”) and do not have any standardized meanings prescribed by IFRS. Management of the Company believes that such measures and ratios are relevant for evaluating returns on each of the Company’s projects as well as the performance of the enterprise as a whole. The Company’s Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures and ratios as reported by such organizations. The Company’s Non-GAAP Measures should not be construed as alternatives to net income, cash flows related to operating activities, working capital or other financial measures and ratios determined in accordance with IFRS, as an indicator of the Company’s performance.

An explanation of how the Company’s Non-GAAP Measures provide useful information to an investor and the purposes for which the Company’s management uses the Non-GAAP Measures is set out in the management’s discussion and analysis under the heading “Non-GAAP Measures” which is available under the Company’s profile at www.sedarplus.ca and is incorporated by reference into this earnings release.

The following is the reconciliation of the non-GAAP ratio netback from operations to net income (loss) from continuing operations, which the Company considers to be the most directly comparable financial measure that is disclosed in the Company’s financial statements:

	Three months ended March 31,
(US $000)	2024			2023
Net income		3,345			7,896

Adjustments:
Income tax expense		1,191			-
Finance income		-			(1,390	)
Finance expense		2,216			949
Share based compensation		128			18
General and administrative expenses		1,265			930
Depletion, depreciation and amortization		3,894			4,338
Other income		(59	)		(1	)
Operating netback		11,980			12,740

Netback from operations	$	38.94		$	43.67

The following is the reconciliation of the non-GAAP measure adjusted EBITDA to the comparable financial measures disclosed in the Company’s financial statements:

(US $000)	Three months ended March 31,
	2024			2023
Net income		3,345			7,896
Depletion and depreciation		3,894			4,338
Accretion		45			45
Interest expense		915			485
Unrealized (gain) loss on commodity contracts		915			(1,390	)
Share based compensation		128			18
Other income		(59	)		(1	)
Income tax expense		1,191
Foreign currency loss		-			5

Adjusted EBITDA		10,374			11,396

Cautionary Statements

In this news release and the Company’s other public disclosure:

	(a)	The Company’s natural gas production is reported in thousands of cubic feet (“Mcfs”). The Company also uses references to barrels (“Bbls”) and barrels of oil equivalent (“Boes”) to reflect natural gas liquids and oil production and sales. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

	(b)	Discounted and undiscounted net present value of future net revenues attributable to reserves do not represent fair market value.

	(c)	Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

	(d)	The Company discloses peak and 30-day initial production rates and other short-term production rates. Readers are cautioned that such production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery.

Caution Regarding Forward-Looking Information

This release contains forward-looking information including information regarding the proposed timing and expected results of exploratory and development work including production from the Company’s Tishomingo field, Oklahoma acreage, projected increases in production and cash flow, the Company’s reserves based loan facility, expected hedging levels and the Company’s strategy and objectives. The use of any of the words “target”, “plans”, “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements.

Such forward-looking information is based on management’s expectations and assumptions, including that the Company’s geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, that declines will match the modeling, that future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management’s expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that anticipated results and estimated costs will be consistent with management’s expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained or increase, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserves-based loan facility and that the borrowing base will not be reduced, that funds will be available from the Company’s reserves based loan facility when required to fund planned operations, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company’s business and its ability to advance its business strategy.

Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company’s geologic and reservoir models or analysis are not validated, that anticipated results and estimated costs will not be consistent with management’s expectations, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks including flooding and extended interruptions due to inclement or hazardous weather), the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, the risk that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the Company will cease to be in compliance with the covenants under its reserves-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base re-determination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, that funding is not available from the Company’s reserves based loan facility at the times or in the amounts required for planned operations, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve and the other risks identified in the Company’s most recent Annual Information Form under the “Risk Factors” section, the Company’s most recent management’s discussion and analysis and the Company’s other public disclosure, available under the Company’s profile on SEDAR at www.sedarplus.ca.

Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

About Kolibri Global Energy Inc.

Kolibri Global Energy Inc. is a North American energy company focused on finding and exploiting energy projects in oil and gas. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects in oil, gas and clean and sustainable energy. The Company’s shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI.

For further information, contact:

Wolf E. Regener, President and Chief Executive Officer +1 (805) 484-3613

Email: investorrelations@kolibrienergy.com

Website: www.kolibrienergy.com

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KGEI Kolibri Global Energy Inc