Mr. Wolf Regener reports

KOLIBRI GLOBAL ENERGY INC. PROVIDES OPERATIONS UPDATE

Kolibri Global Energy Inc. has provided an operations update on its latest wells in its Tishomingo field in Oklahoma.

Field update

The field, with the addition of the new Barnes and Velin wells, is currently producing over 6,000 barrels of oil equivalent per day. This current production rate includes the offsetting wells that were shut in for the fracture stimulations, some of which are dewatering, while others are producing at higher rates than before being shut in.

Barnes, Lovina and Velin wells

The Barnes 6-31-2H, Barnes 6-4H (formerly called Barnes 6-31-3H), Velin 12-9H and Velin 12-10H were all successfully fracture stimulated, with all planned proppant amounts placed, and have started flowing back the fracture stimulation fluid.

The two Barnes wells (100-per-cent working interest) are each averaging approximately 465 boepd (395 barrels of oil per day). The Barnes wells are producing high percentages of oil (85 per cent), much like the Lovina wells the company drilled earlier this year. Given that one Barnes well is a 1.5-mile lateral and the other a one-mile lateral, the production rates from these wells, on a comparable lateral length basis, are slightly higher than the Lovina wells were producing during early flowback. The company does not believe that the entire 1.5-mile lateral of the Barnes 6-31-2H is contributing to the production yet. Early in 2026, production tubing strings will be run in the Barnes wells, which, along with additional frac fluid recovery, are expected to improve production rates further, as has been the case in other Caney wells.

The Lovina wells, located on the southern part of the company's acreage, between the Emery and Glenn wells, have been performing well. They have, as predicted, had lower decline rates than the company's previously drilled wells. The company's internal analysis indicates that these wells have strong economics, even at lower oil prices. The company's internal analysis, with four months of actual production data, shows that, at a constant oil price of $60 a barrel, the four-well Lovina pad would generate a 33-per-cent internal rate of return (IRR) and, at a constant $70 oil price, a 48-per-cent IRR. The analysis forecasts that the average ultimate oil recovery from the Lovina wells will approximately match the forecast for these locations assigned by the company's independent qualified reserves evaluator (IQRE) in its report dated effective Dec. 31, 2024. Readers are referred to the "Caution regarding internal estimate" section of this news release, which provides an explanation of the composition of IRR and a comparison of the results of the internal analysis with the results of the IQRE report.

The two one-mile lateral Velin wells (97-per-cent working interest), drilled approximately two years ago, were fracture stimulated immediately prior to the Barnes wells, and started flowing back after the Barnes wells' fracture stimulations were completed. They are experiencing lower-than-anticipated early production rates, averaging approximately 200 boepd (145 bopd). Due to the close proximity of all four wellbores, it was necessary to shut in the Velin wells longer than the company's normal time after the fracture stimulations were complete while the Barnes wells were being completed. While that is standard industry practice, it may be a contributing factor to the lower early production rates. Also, even though the Velin wells are structurally deeper, lower initial flowing pressures are being observed. To assist the fracture fluid flowback, tubing is currently being run in the Velin wells. The company is expecting these wells to have improved flow rates once more fracture stimulation fluid is recovered. Though the formation analysis of these wells is comparable with those of the offset wells, there is the presence of increased natural healed fractures and small-scale faulting, which appears unique to this location, potentially due to being adjacent to a large structural uplift.

Wolf Regener, president and chief executive officer, commented: "Over all, I'm very pleased with how well the field continues to perform, with current production over 6,000 boepd. It is great to see the high oil percentage of our recent wells, which is helping to improve the company's netbacks.

"The early production profile of the Lovina wells was different than many of our previous wells, and we are glad to see them achieving the lower decline rates, predicted by our team, resulting in the strong forecasted IRRs. The early production data from the Barnes wells is very similar, including the high oil percentages, so we are hopeful that those wells will have similar results."

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 and gas. The company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the Nasdaq Stock Market under the stock symbol KGEI.

Caution regarding internal estimate

The company's internal analysis utilized the same methodology used in the IQRE report. The forecasted ultimate oil recovery matches the oil recovery forecasted by the IQRE, while the company's forecasted ultimate gas and NGL recovery falls below. Different pricing models were used in both analyses. Actual well costs were used in this analysis, and operating expenses and taxes were the same as in the IQRE report. The analysis shows that Lovina wells are producing less gas and NGLs (natural gas liquids) and slightly more oil than anticipated in the report.

IRR is calculated from the net present value, generated from the forecast production, based on the decline curve, utilizing the respective pricing for oil, gas and NGLs as well as actual drilling costs and the operating expenses and taxes as used in the IQRE's report. Readers should be aware that the internal analysis and estimates disclosed in this news release are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery.

The results of the company's internal analysis compared against the forecast in the IQRE report is set out in the table below.

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