Kolibri Global Energy (NASDAQ:KGEI) President, CEO and Board Director Wolf Regener outlined the company’s Oklahoma-focused oil strategy during a presentation at the Lytham Partners Spring 2026 Investor Conference, emphasizing reserve depth, rising oil-weighted production, low leverage and a funded drilling program.
Regener said Kolibri operates in the Tishomingo Shale oil field in Oklahoma, where its reserves are evaluated by third-party engineering firm Netherland, Sewell & Associates. He said the company has about 40 million barrels of oil equivalent in proved reserves, with roughly 71% categorized as proved undeveloped and 29% as proved developed producing.
Oil Weighting and Reserve Base
Regener said Kolibri has transformed from a natural gas producer into a liquids-rich oil producer. In the first quarter, he said 74% of production was oil and about 13% was natural gas.
The company originally drilled for the Woodford Shale in the area, which Regener said was about 15% oil. Kolibri sold its Woodford rights to Exxon for $147 million in 2013 while retaining rights to the shallower Caney and Upper Sycamore intervals. Regener said the company has since grown its acreage position to about 17,000 acres.
He said Kolibri’s proved reserves were valued at $440 million at the end of last year by Netherland, Sewell, while proved plus probable reserves were valued at nearly $600 million. Those estimates used oil price assumptions of about $58 in 2026 and $63 in 2027, according to Regener, who noted that current oil prices were higher than those figures at the time of the presentation.
2026 Outlook and Financial Position
Regener said Kolibri is entering 2026 with a strong exit rate from 2025 after bringing wells online late last year. He said the company is paying down debt, buying back shares and planning additional Caney drilling.
The company has announced a base drilling program of three wells, though Regener said Kolibri will “probably add to that later on this year.” He also said the company is permitting and building other locations to support increased activity.
Regener said Kolibri is fully funded for its 2026 drilling program and recently increased its line of credit by $10 million, bringing the facility to $75 million. He said management aims to keep debt-to-EBITDA around one times or lower.
For 2026, Regener said Kolibri’s base forecast includes:
- Annual production growth of 10% to 20%, to 4,400 to 4,800 barrels of oil equivalent per day;
- Revenue growth of 30% to 39%;
- Revenue of about $75 million at the midpoint;
- Adjusted EBITDA of $55 million to $60 million;
- Assumptions based on a $74 oil price.
Regener said every $5 increase in average annual oil prices would add about $2.8 million to EBITDA.
Drilling Inventory and Operational Efficiency
Regener said Kolibri has 35 wells on production and that its acreage is 99% held by production, giving the company flexibility to choose drilling locations without the pressure of losing acreage.
He said Netherland, Sewell credited Kolibri with 104 additional booked Caney locations, including 48 proved, 24 probable and 17 possible locations. Many of those locations involve 1.5-mile and 2-mile laterals, which Regener said are more efficient than the company’s earlier 1-mile lateral wells.
According to Regener, the company’s last four 1-mile laterals averaged about $5.5 million in drilling costs. He said drilling times have improved from about 30 days in 2013 to 12 days in 2024. The Lovina wells drilled last year averaged 10.5 days, while the Clifton Mack wells currently being drilled as 1.5-mile laterals have a budgeted cost of about $7.2 million.
Regener also said Kolibri’s oil is priced at roughly West Texas Intermediate less $1.85, and that the differential has been consistent over time.
Additional Upside Potential
Regener said Kolibri has additional potential from formations not currently included in its reserve report, including the Sycamore and the T-zone. He said operators to the north have drilled “some good Sycamore wells,” and Kolibri is refining potential Sycamore test locations for a future well.
He described the T-zone, located at the bottom of the Caney interval, as “very low risk additional potential,” though he said it is not yet in the company’s development plan or reserve report.
Regener also discussed an east-side well, the Forguson, which Kolibri operated last year with a 46% working interest while Exxon participated alongside the company. He said the well was productive but not economic under last year’s oil price conditions. He added that the company is not planning to test that area in the near future.
Management and Shareholder Returns
Regener highlighted the experience of Kolibri’s management team and board, including CFO Gary W. Johnson, Director of Engineering Dan Simpson and exploration-focused geologist Allan Hemmy. He also noted recent board additions with capital markets, finance, exploration and oilfield experience.
Regener said upcoming catalysts include drilling wells and bringing them into production in the third quarter. He said continued cash flow growth could give Kolibri more flexibility to return capital to shareholders, drill additional wells or pursue other options.
“Pretty simple story from my point of view,” Regener said, summarizing the company’s focus on reserves, operating efficiency, low debt and drilling inventory.
About Kolibri Global Energy (NASDAQ:KGEI)
Kolibri Global Energy Inc engages in the finding and exploiting oil, gas, and clean and sustainable energy in the United States. It sells crude oil, natural gas, and natural gas liquids. The company was formerly known as BNK Petroleum Inc and changed its name to Kolibri Global Energy Inc in November 2020. Kolibri Global Energy Inc was incorporated in 2008 and is headquartered in Thousand Oaks, California.
