Kolibri Global Energy Inc. has completed the drilling of the Barnes 7-3H well

Kolibri Global Energy Inc. is delighted to report that BNK Petroleum (US) Inc. (“BNK US”), an indirect wholly-owned subsidiary of Kolibri Global Energy Inc., has successfully drilled and cased the Barnes 7-3H well in its Tishomingo field in Oklahoma (98.07 percent working interest).

The Barnes 7-3H well is expected to be completed in the middle of February, with flow back and production beginning in March. The drilling rig will now be dismantled and moved to the Barnes 8-4H (99.8% working interest) site, which has already been constructed. The drilling of the Barnes 8-4H well is similarly projected to take fewer than 30 days. Barnes 8-1H (as it was originally referred to in the Company’s previous news release) has been renamed Barnes 8-4H.

“Our crew performed a fantastic job drilling the Barnes 7-3H well safely and on budget,” said Wolf Regener, President and CEO. We’re excited to finish the Barnes 7-3H well, which is located in the centre of our field and is home to our best-performing wells. The hydrocarbon showing obtained during the lateral drilling appears to be on par with our top wells.

If this well performs along the projected type curve at the present oil price of over USD $80 per barrel, our netback from operations for this well is estimated to be over USD $49 per BOE (barrel of oil equivalent), resulting in a significant improvement in the Company’s cash flow. For contrast, for the three months ended September 30, 2021, the Company recorded a netback from operations of USD $35.87 per BOE.”