Kolibri Global Energy (KEI) investor relations material

Financial position and capital allocation

• Maintains low debt levels, with net debt paid down in the first half of the year and plans to keep debt between $25M and $30M by year-end.

• Fully funded for the 2026 drilling program using cash flow and a $75M line of credit.

• Capital allocation prioritizes a balance between debt reduction, share buybacks, and drilling, with more buybacks planned for the second half of the year.

• Dividend initiation is considered possible but not imminent; current focus is on buybacks and drilling.

• No significant inflationary pressures or supply bottlenecks are currently impacting operations.

Operations and asset development

• Operates the Tishomingo Shale oil field in Oklahoma, with 17,700 acres and 45 wells on production.

• Holds 40M barrels of proved reserves and 57M barrels of proved probable reserves, with 29% proved developed producing and 71% proved undeveloped.

• Drilling program for 2026 includes at least three wells, with potential for additional wells if prices remain favorable.

• Actively testing new intervals and benches, including the Sycamore and T-Zone, to expand reserves and production.

• Drilling efficiency has improved, reducing one-mile lateral drilling time from 30 days in 2016/17 to 12 days in 2024.

Production, pricing, and financial performance

• Adjusted EBITDA forecast for the year is $55M–$60M, a 30–40% increase over previous years.

• Production and operating net income have shown steady quarter-over-quarter growth.

• Oil price assumptions for forecasts are set at $74/bbl, with actual prices currently above prior reserve report assumptions.

• Netbacks and operating expenses per barrel are among the best in the peer group, with G&A costs declining year over year.

• Oil is sold at a consistent $1.85 discount to WTI, with stable differentials over several years.