Kolibri nears first production from Clifton Mack wells, plans buyback renewal

Kolibri Global Energy said Friday it finished fracture stimulation on three Clifton Mack wells in Texas and expects flowback to begin shortly, while also completing its first False Caney test well and renewing a share repurchase program. The updates come ahead of two investor conferences and could affect near-term production, reserves and capital returns.

Why it matters: - Kolibri is moving multiple wells toward first production, which could lift output and cash flow in the coming weeks. - The company is also renewing a normal course issuer bid, signaling a possible return of capital to shareholders if cash flow improves. - The False Caney well is a first test of a new bench, which could open additional drilling locations and add reserves if successful.

What happened: - Kolibri Global Energy completed fracture stimulation on all three Clifton Mack wells: Clifton Mack 11-14-1HR, 11-14-2HR and 11-14-3HR. - The company finished drilling out the fracture stimulation plugs on those wells. - Flowback on the Clifton Mack wells is expected to start shortly, with early production rates due in a few weeks. - Kolibri finished drilling the lateral of the Lovina 8-5-1HF well, its first test of the False Caney bench. - The company expects to begin fracture stimulation of the 1.2-mile lateral early in the fourth quarter.

The details: - Kolibri holds working interests of 99.03% in Clifton Mack 11-14-1HR, 97.36% in Clifton Mack 11-14-2HR and 97.45% in Clifton Mack 11-14-3HR. - Kolibri holds a 99.9% working interest in the Lovina 8-5-1HF well. - CEO Wolf Regener said the Clifton Mack wells should add significant production and the Lovina well could prove up a new bench. - Regener said the Clifton Mack locations were probable in the company’s Dec. 31, 2025 reserve report and are expected to move to proved reserves in the next reserve report. - The Lovina well was not included in the reserve report because it is in a new bench. - Regener said current oil prices around $100 a barrel make the timing better than the $70 a barrel price assumed in the company’s June 29, 2026 forecast. - Kolibri said cash flow from the wells would be used to pay down debt, return capital to shareholders and, if prices stay elevated, drill more wells sooner than planned. - If the False Caney bench is proven up, Kolibri expects additional drilling locations and potential reserves in its December 2026 reserve report. - Kolibri will present at the Sidoti Small-Cap Virtual Investor Conference on Sept. 24, 2026 at 1:00 p.m. Eastern time. - Wolf Regener and CFO Gary Johnson will host one-on-one meetings at the Sidoti event. - Registration for the Sidoti presentation and meetings is available at conference registration. - Regener will also give a webcast presentation at the Lytham Partners Investor Conference on Sept. 29, 2026 at 11:45 a.m. Eastern time. - Regener and Johnson will hold virtual one-on-one meetings on Sept. 29 and 30, 2026. - The Lytham webcast is available at the conference website and the webcast link. - The Lytham presentation will also be available for replay after the event. - Kolibri’s board approved renewal of a normal course issuer bid for up to 1,797,574 common shares, or about 5% of the 35,951,495 shares outstanding as of Sept. 18, 2026. - The buyback will run for one year, from Sept. 28, 2026 through Sept. 27, 2027. - Purchases may be made on the Nasdaq Capital Market or by other permitted means, at prevailing market prices. - The shares repurchased under the bid will be canceled. - Funding for the buyback will come from working capital, but only cash distributed to Kolibri by its operating subsidiary under the terms of its credit facility. - Under U.S. securities rules, Kolibri can buy up to 25% of the average daily trading volume on Nasdaq in the prior four calendar weeks, subject to block purchase exceptions. - Under the prior buyback program that began Sept. 23, 2025 and expires Sept. 22, 2026, Kolibri repurchased 112,759 shares at a weighted average price of $4.21 as of Sept. 18, 2026.

Between the lines: - The company is trying to balance growth drilling with shareholder returns, but the buyback depends on cash distributions from the operating subsidiary and market conditions. - Management is leaning on near-term well results to justify both reserve growth and a stronger capital allocation case. - The company’s comments on oil prices reflect an expectation that higher prices could improve returns from new production.

What's next: - Kolibri expects flowback to begin shortly on the Clifton Mack wells and early production data in a few weeks. - The company plans to start fracture stimulation on the Lovina 8-5-1HF well early in the fourth quarter. - Kolibri will assess whether the False Caney test supports more drilling locations and reserve additions in future reports. - Share repurchases under the renewed bid can begin on Sept. 28, 2026 and continue through Sept. 27, 2027.

The bottom line: - Kolibri is moving from drilling to production while keeping capital return optionality on the table if the wells perform and oil prices stay strong.