Mr. Wolf Regener reports

KOLIBRI GLOBAL ENERGY INC. ANNOUNCES PROVED RESERVES WITH NET PRESENT VALUE OF US$483 MILLION

Kolibri Global Energy Inc. has provided the results of its Dec. 31, 2023, independent reserves evaluation.

Wolf Regener, president and chief executive officer, commented: "We are very pleased with the growth of our proved developed producing (PDP) reserves, which grew by 33 per cent as a result of the wells that we drilled and completed last year. Our percentage of PDP versus total proved reserves increased to 24 per cent from 18 per cent last year as we continued to convert our proved undeveloped reserves into cash-generating PDP wells. We are also pleased that the net present value (NPV) of the PDP reserves increased by 11 per cent even as the forecast pricing used in the reserve report decreased compared to the prior year.

"Our proved reserves value of $482.6-million (U.S.) (NPV discounted at 10 per cent), decreased by 6 per cent from the 2022 independent reserves evaluation. This is attributed to the lower forecast pricing as well as the one million barrels of oil equivalent (boe) the company produced in 2023.

"We look forward to continuing our success with the next two wells, where drilling is scheduled to start in the first week of April. In these next two wells, the company will have a 62.9-per-cent working interest, with a large integrated oil company participating with their ownership interest. We expect our 2024 drilling program, which currently includes drilling and completing six to seven wells, to continue to significantly increase the company's cash flow and add incremental value to our shareholders."

Net present value of reserves discounted at 10 per cent:

• Total proved reserves before tax of $482.6-million (U.S.):
  • A decrease of 6 per cent from the Dec. 31, 2022, estimate.
• Proved plus probable reserves before tax of $719.2-million (U.S.):
  • A decrease of 1 per cent from the Dec. 31, 2022, estimate.
• Proved plus probable plus possible reserves before tax of $981-million (U.S.):
  • An increase of 4 per cent from the Dec. 31, 2022, estimate.

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 -- Standards of Disclosure for Oil and Gas Activities.

Two thousand twenty-three gross reserves summary:

• Total proved reserves at 32.4 million barrels of oil equivalent (Mboe):
  • A decrease of 3 per cent from the Dec. 31, 2022, estimate.
• Proved plus probable reserves at 54.1 Mboe:
  • No change from the Dec. 31, 2022, estimate.
• Proved plus probable plus possible reserves at 79.4 Mboe:
  • An increase of 3 per cent from the Dec. 31, 2022, estimate.

The above total proved reserves are attributed to the 31 Caney wells, four Woodford wells (4.9-per-cent working interest for the company) and the drilling of 47.76 net additional wells over the next four years. The probable reserves are attributed to the drilling of 28.26 net additional wells. The wells in NSAI's 2023 report are planned at 107-acre spacing (six wells per section) on approximately 14,111 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 byproducts. 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 stand-alone 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 and gas information for the year ended Dec. 31, 2023, which can be accessed electronically from the SEDAR+ website, for additional information.

About Kolibri Global Energy Inc.

Kolibri Global Energy is a North American energy company focused on finding and exploiting energy projects in oil and gas. 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 in oil, gas, and clean and sustainable energy. The company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the Nasdaq under the stock symbol KGEI.

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