Mr. Wolf Regener reports

KOLIBRI GLOBAL ENERGY INC. OPERATIONS UPDATE AND INITIAL FLOW RATES BARNES 7-4H & 7-5H WELLS

Kolibri Global Energy Inc. has provided an operations update for its Tishomingo field in Oklahoma.

Initial Flow Rates

The Barnes 7-4H and 7-5H wells, which were drilled and completed in the Lower Caney Formation are still flowing back fracture stimulation fluid. Over the last seven days the Barnes 7-4H well has averaged 686 Barrels of oil equivalent per day ("BOEPD") (534 barrels of oil per day ("BOPD")) and the Barnes 7-5H well has averaged 624 BOEPD (472 BOPD). These two wells are producing at higher rates than the Barnes 8-1H and 8-2H Caney wells did at this stage. These wells are the second group of down-spaced wells in the Caney and were drilled at a 6-well per section spacing pattern, just like the Caney Barnes 8-1H and 8-2H wells.

Drilling and Completion Operations

The Company has finished drilling the Emery 17-3H and 17-4H wells and is currently drilling the Emery 17-5H. The Emery 17-3H and 17-5H are Lower Caney formation wells, while the Emery 17-4H is a T-Zone well. Completion operations for all three wells are expected to begin in the first week of November.

Wolf Regener, President and CEO commented, "We are excited that the two new Lower Caney Barnes 7-4H and Barnes 7-5H wells are performing so well, and we are looking forward to bringing on the Emery 17-3H, 17-4H, and 17-5H wells to increase our production further and to demonstrate the repeatability of production from the T-zone. If achieved, another economic T-zone well will hopefully lead to increased reserves in our year end reserve report.

"We anticipate spudding the next set of wells sometime in December for production in early 2024."

Field Update

The gathering system issues (reported in the Company's press release dated September 6, 2023) have been mainly resolved. The Company has requested some additional optimization of the gathering system as it is still having a minor impact on the Company's production.

Guidance Update

The Company is updating its annual forecasted guidance as follows:

The increased exit rate forecast is due to the additional eighth well that wasn't included in the Company's original forecast, in addition to some of the wells starting production later than originally planned.

The average production, revenue and Adjusted EBITDA guidance shows significant growth from 2022 even though this guidance has been revised lower from the Company's initial guidance due to a few factors. The main factor is timing, as new wells started producing later than originally forecasted. Since we added an additional well to our original planned drilling program the timing of the production from the Emery 3 well pad was pushed back. In addition, the field gathering system issues discussed above impacted production, and the upper Caney well that the Company tested came in below the Company's expected production range.

The Company expects annual capital expenditures to be in the range of US$51 million to US$56 million and net debt to be US$24 million to US$26 million. This guidance is being revised higher due to the extra well the Company added to the original drilling program and because the Company is planning to start the drilling of a ninth well at the end of the year that will be part of a new 3 well pad that we expect to start producing in early 2024. The Company continues to anticipate that its Debt to Adjusted EBITDA ratio will be less than 1 times at the end of 2023.

NASDAQ TRADING

The Company is still expecting to begin trading on the Nasdaq Stock Market on Wednesday, October 11th, 2023 under the symbol "KGEI". The Company will be dual listed as its shares will also continue to be listed on the TSX under the symbol of "KEI".

About Kolibri Global Energy Inc.

Kolibri Global Energy Inc. is a North American 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 OTCQX under the stock symbol KGEIF.

We seek Safe Harbor.