Kolibri Global Energy Inc. Finishes Drilling the First 3 Wells of Its 2023 Drilling Program

Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQX: KGEIF) is pleased to announce that it has successfully drilled and cased the first three wells of its 2023 drilling program in its Tishomingo field in Oklahoma.

2023 Drilling Program

All three wells were successfully drilled under budget and into their targeted formations. The Barnes 8-1H and 8-2H wells are in the Caney formation, and the Barnes 8-3H is in the T-zone. We will be zipper fracking all three wells beginning this weekend, and flowback will start once all stages have been completed in all of the wells.

In addition, the location for the next two wells in our 2023 drilling program has been built. The drilling rig is expected to arrive sometime in July.

Wolf Regener, President and CEO, commented, “We look forward to building on our tremendous 2022 drilling program success with these new wells, which are expected to begin producing in June. We are continuing the development of the Caney formation, and we will be assessing production from the T-zone for commercial rates with the Barnes 8-3H well. If achieved, commercial flow rates from the T-zone could potentially add many additional well locations and reserves that are not currently reflected in our reserve estimates. The T-zone formation is present over our entire acreage block and will be completed with our latest generation completion design that has been so successful in our 2022 Caney wells.”

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.

Cautionary Statements

In this news release and the Company’s other public disclosure: The references to barrels of oil equivalent ("Boes") reflect natural gas, natural gas liquids and oil. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.