Energia
Kolibri Global Energy Inc. - 33.1 Million BOE in 2020 Year-End Proved Reserves
The year after year of excellent reserve numbers demonstrates the favorable performance of our wells and the long life we anticipate from our field. 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.
The evaluation of the Company's reserves in the Caney formation of the Tishomingo Field in the SCOOP area of Oklahoma was conducted by Netherland, Sewell & Associates, Inc. ("NSAI") in accordance with National Instrument 51-101 – .
The above total Proved reserves are attributed to 18 of the Caney wells already drilled, four Woodford wells (4.9% working interest for the Company) and the drilling of 55.73 net additional wells over the next 3 years. The Probable reserves are attributed to the drilling of 28.93 net additional wells. The wells in this report are planned at 107 acre spacing (6 wells per section) on approximately 13,171 net acres.
The Company's reserves are derived from non-conventional oil and gas activities. The Company's reserves are contained in a shale oil reservoir from which gas and natural gas liquids are produced as by-products. "Tight oil" means crude oil (a) contained in dense organic-rich rocks, including low-permeability shales, siltstones and carbonates, in which the crude oil is primarily contained in microscopic pore spaces that are poorly connected to one another, and (b) that typically requires the use of hydraulic fracturing to achieve economic production rates. "Shale gas" means natural gas (a) contained in dense organic-rich rocks, including low-permeability shales, siltstones and carbonates, in which the natural gas is primarily adsorbed on the kerogen or clay minerals, and (b) that usually requires the use of hydraulic fracturing to achieve economic production rates.
These after income tax net present values reflect the tax burden on the Company's Tishomingo Field interests on a standalone basis, do not consider the business-entity-level tax situation, or tax planning and do not provide an estimate of the value at the level of the business entity, which may be significantly different. The financial statements and the management's discussion and analysis (MD&A) of the Company should be consulted for information at the level of the business entity.
Readers are referred to the Company's Form 51-101F1 Statement of Reserves Data and Other Oil & Gas Information for the year ended December 31, 2020 , which can be accessed electronically from the SEDAR website at www.sedar.com, for additional information.
Contact: Wolf E. Regener , +1 (805) 484-3613, Email: wregener@kolibrienergy.com, Website: www.kolibrienergy.com