Kolibri Global Energy Inc. Finishes Completion Work on 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 fracture stimulated the first three wells of its 2023 drilling program in its Tishomingo field in Oklahoma.

All three wells were successfully fracture stimulated using our latest completion design, and the fracture stimulation plugs have been drilled out. The Barnes 8-2H well has begun flowing back the fracture stimulation fluid, and the Barnes 8-1H and Barnes 8-3H will begin flowback in the next few days. The Barnes 8-1H and 8-2H wells are in the Caney formation, and the Barnes 8-3H is in the T-zone.

The surface casing for the next two wells in our 2023 drilling program, the Barnes 7-4H and Barnes 7-5H, is expected to be installed in the coming week, and the drilling rig is scheduled to arrive in early July.

Wolf Regener, President and CEO commented, “We are excited that the flowback is starting from our latest three wells, including the well located in the T-zone. We are continuing the development of the Caney formation, with the next two wells to be drilled in July while we assess production from the Barnes 8-3H T-zone well for commercial rates. 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 has been completed using our latest generation completion design that has been so successful in our 2022 Caney wells. We will announce flow rates from these wells once we have stabilized oil and gas rates.”

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.