{"id":454378,"date":"2021-03-09T22:02:24","date_gmt":"2021-03-10T03:02:24","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=454378"},"modified":"2021-03-09T22:02:24","modified_gmt":"2021-03-10T03:02:24","slug":"kolibri-global-energy-inc-33-1-million-boe-in-2020-year-end-proved-reserves","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/kolibri-global-energy-inc-33-1-million-boe-in-2020-year-end-proved-reserves\/","title":{"rendered":"Kolibri Global Energy Inc. – 33.1 Million BOE in 2020 Year-End Proved Reserves"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n NEWBURY PARK, Calif.<\/span>, March 9, 2021<\/span> \/PRNewswire\/ – Kolibri Global Energy Inc. (the “Company<\/b>” or “KEI<\/b>“) (TSX:\u00a0KEI), is providing the results of its December 31, 2020<\/span> independent reserves evaluation.<\/p>\n

\n Wolf Regener<\/span>, President and CEO commented.\u00a0 “We are very pleased that our proved reserves once again stayed essentially flat (1% decrease on a BOE basis) while we conserved cash by not drilling any new wells last year and instead paid down debt.\u00a0 This demonstrates the low decline rates of our production and the quality of our reservoir.\u00a0 We are also pleased that the\u00a0estimated ultimate recovery (EURs) from the existing wells has stayed constant from the prior year.\u00a0 The decrease to our proved reserves on a NPV basis by 36% compared to the prior year is primarily attributed to the lower estimated future pricing.\u00a0 The WTI oil pricing assumptions for this years, December 31, 2020<\/span> report were $46<\/span> for the first year, vs $61<\/span> last year, $48<\/span> for the second year, vs $65<\/span> for last year, $53<\/span> for the third year vs $67<\/span> last year.\u00a0 The current year’s strip price for oil is over 35% higher than the 2021 price used in the reserve report.<\/p>\n

The year after year of excellent reserve numbers demonstrates the favorable performance of our wells and the long life we anticipate from our field.\u00a0 In addition, we once again lowered our operating expenses through optimization and cost cutting, which has a positive impact on the value and helped offset the lower forecasted prices.\u00a0 <\/p>\n

The evaluation of the Company’s reserves in the Caney<\/span> formation of the Tishomingo Field in the SCOOP area of Oklahoma<\/span> was conducted by Netherland, Sewell & Associates, Inc. (“NSAI”) in accordance with National Instrument 51-101 \u2013 Standards of Disclosure for Oil and Gas Activities<\/i>.\u00a0 <\/p>\n

\n 2020 Gross Reserves Summary<\/b>\n <\/p>\n