Kolibri Global Energy Inc. Q4 FY2025 earnings call

Production has been going well with over 4,000 DOE per day, up 15% y-o-y and a 35% compound annual growth rate over the last three years. Operating expenses remain low. Drilling program increased approved adult producing reserves by 30%. Net present value increased 10% despite a substantial drop in oil price used in evaluation. Started drilling additional wells in coming months. Plan to continue executing to build company value, including attending Wealth Conference and fireside chat at Life and Summit.

Production exceeded 4,000 DOE per day, up 15% year-over-year with a 35% compound annual production growth rate over the last three years. Net revenue in 2025 was $56.9 million, a 3% decrease compared to the prior year. Adjusted EBITDA decreased 4% to $42.1 million. Net income was $15.5 million with basic EPS of $0.44 per share. Operating expense per BOE was $7.33 in 2025, a 1% decrease. Net back from operations decreased to $31.49 per BOE, a 18% decrease. Net debt at the end of 2025 was $46 million.

Plan to continue drilling additional wells in coming months. CapEx for 2026 expected to be around drilling 3 wells or so initially, may increase if oil prices stay higher. Current elevated oil prices benefiting cash flow. Plan to keep production flat or growing a little.

Forward-looking information is subject to risks and uncertainties where actual results may vary from forward-looking statements. Applicable risks and uncertainties are described in Calibri's most recent annual information form, management's discussion and analysis, and corporate presentation.

Q: Wolf, how are you thinking about the drilling program for this year given the changed price environment?

A: Cautious, planning to start drilling some wells in coming months, with ability to pivot quickly.

Q: Can you give a ballpark on your CapEx for 2026?

A: Likely around drilling 3 wells initially, may increase with higher oil prices.

Q: Summarize your hedging program?

A: First quarter hedged with some, April has fixed price swap, and hedges in second half in 80s, substantial production not hedged.