Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQB: KGEIF) is providing an update on the Barnes 7-3H well (98.07% working interest), in its Tishomingo field in Oklahoma.
The Barnes 7-3H well has averaged over 920 Barrels of oil equivalent per day “BOEPD” (730 Barrels of oil per day “BOPD”) for the last 14 days with current production of about 1,050 BOEPD (830 BOPD). The Company has achieved these results utilizing a controlled flowback on the well to optimize long-term production and recoveries.
Wolf Regener, President and CEO, commented. “We are beyond thrilled about the early performance of the Barnes 7-3H well as it is exceeding even our most optimistic forecasts. Since the production from the Barnes 7-3H is not hedged, the Company is generating netbacks of over $55 per BOE from the production assuming a $100/barrel oil price. To put the well performance in perspective, the 30 day proved forecast curve case initial production rate (IP30) utilized by our third-party engineering firm for our reserve report is 388 BOEPD or 37% of what the Barnes 7-3H is currently producing. The initial 30 day type curve utilized by the Company’s management assumes a 472 BOEPD IP30 rate, and the best well we have in the field had a 630 BOEPD IP30 rate.
“Since we are only halfway through the 30 day initial production time period, there can be no assurance as to what the Barnes 7-3H well’s 30-day initial rate or ultimate productivity will be. Based on the current performance, we anticipate that the well will end up with an IP30 rate that is much higher than the reserve report proved forecast case, well above our KEI type curve and has a good chance of being around the current 14 day average. The current production from this well has doubled our production in the field.
“We are in discussions with several subcontractors and anticipate beginning completion operations for the Barnes 8-4H sometime in the first three weeks of April.”
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is an international energy company focused on finding and exploiting energy projects in oil, gas, and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQB under the stock symbol KGEIF.