Kolibri Global Energy Inc. Announces Another Record for Its Highest Quarterly Revenue of $22.5 Million With a 46% Production Increase and a 197% Net Income Increase for the Second Quarter of 2026

Kolibri Global Energy Inc. Announces Another Record for Its Highest Quarterly Revenue of $22.5 Million With a 46% Production Increase and a 197% Net Income Increase for the Second Quarter of 2026 THOUSAND OAKS, Calif.--( BUSINESS WIRE)--All amounts are in U.S. Dollars unless otherwise indicated:

SECOND QUARTER HIGHLIGHTS

(1)

Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release.

(2)

Netback from operations is considered a non-GAAP ratio. Refer to the section entitled “Non-GAAP Measures” of this earnings release.

Management will host an earnings conference call for investors this morning at 9:00 a.m. Pacific time to discuss the Company’s results and host a Q&A session. Interested parties are invited to participate by calling: 1-833-890-5570 or for international callers: 1-412-502-9708. Please request to be joined to the Kolibri Global Energy Inc. call.

Kolibri’s President and Chief Executive Officer, Wolf Regener commented:

“We are excited to announce another Company record for highest quarterly revenue of $22.5 million which was an increase of 109% compared to the prior year quarter. Continuing to execute the Company’s strategy of growing production by converting our reserves into producing wells resulted in a 46% production increase. We also benefited from an increase in average prices of 41% in the second quarter of 2026 compared to the prior year quarter. We generated Adjusted EBITDA (1) of $16.4 million which was a 114% increase from the prior year quarter.

“The Company has just completed drilling the last of the three Clifton Mack wells and expects to begin fracture stimulation operations this month with production expected during the end of the third quarter. As we previously disclosed, the geologic conditions in this area required additional casing strings, which increased the cost of these wells compared to our standard Caney well design. We believe the pressures we encountered are supportive of potential high production rates from these wells. The geologic conditions that were encountered in this southwest corner of our acreage position appear to be isolated to this area, and we anticipate using our normal Caney well design on future Caney wells.

“As we recently announced, we revised our strategy to target additional benches in our field while we continue to develop the lower Caney as we have in the past. We are excited to begin drilling the Lovina 8-5-1HF well, which will test the False Caney bench and will also be our first 2 mile lateral well. Successful results in these additional benches will have the potential to add many future drilling locations which would increase our reserves and thus value for our shareholders.”

Second Quarter

First Six Months

2026

2025

2026

2025

Net Income

8,470

2,853

197

12,497

8,618

Net income per basic common share

0.24

0.08

200

0.35

0.24

Net Income per diluted common share

0.23

0.08

188

0.35

0.24

Capital Expenditures

21,670

16,898

23,542

26,851

(12

Adjusted EBITDA

16,434

7,681

114

31,252

20,501

Average Production (Boepd)

4,690

3,220

4,688

3,646

Average Price per Barrel

66.50

47.06

62.51

52.75

Average Netback from operations (2) per Barrel

43.92

29.66

41.18

34.05

Average Netback including commodity contracts (2) per Barrel

41.21

29.79

39.48

34.11

June 30,

2026

March

31, 2026

December

31, 2025

Cash and Cash Equivalents

1,635

2,692

2,797

Working Capital

(14,082

)

(5,082

)

(12,573

)

Borrowing Capacity

30,542

16,542

15,542

(1)

Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release.

(2)

Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” of this earnings release.

Second Quarter 2026 versus Second Quarter 2025

Oil and gas gross revenues totaled $28.4 million in the quarter versus $13.8 million in the second quarter of 2025, an increase of 106%. Oil revenues increased $14.0 million or 117% as average oil prices increased by 53% and oil production increased by 42%. Natural gas revenues decreased $0.8 million or 99%. In the second quarter of 2026, the Company’s gas purchaser reassessed prior period production quantities from natural gas to NGL production, which reduced natural gas production by 368 MCFPD and reduced natural gas gross revenue by $0.3 million. Natural gas liquids (NGLs) revenues increased $1.4 million or 139% as NGL production increased 96%. In the second quarter of 2026, the Company’s gas purchaser reassessed prior period production quantities from natural gas to NGL production which increased NGL production by 355 BOEPD and increased NGL gross revenue by $0.7 million.

Average production for the second quarter of 2026 was 4,690 BOEPD, an increase of 46% compared to the second quarter of 2025 average production of 3,220 BOEPD due primarily to production from the wells that were drilled in 2025. Second quarter production also increased by 294 BOEPD from reassessed prior period volume adjustments made by the Company’s gas purchaser which increased NGL production by 355 BOEPD and decreased natural gas production by 61 BOEPD for the second quarter of 2026. Second quarter production was reduced due to the temporary shut-in of the three Alicia Renee wells for approximately 30 days during the quarter. The shut-ins were implemented as a precautionary measure due to the close proximity of the Clifton Mack drilling. Prior to being shut in, the three wells were producing at a combined average rate of approximately 860 BOEPD. The Alicia Renee wells are currently expected to resume production once completion operations on the Clifton Mack wells are complete.

Oil made up 64% of the production mix in the second quarter of 2026 compared to 66% for the same period in 2025. The 64% oil mix in the second quarter was due to the reassessed prior period production quantities, which increased NGL production and reduced natural gas production, that was recorded in April 2026. In May and June 2026, the oil mix was 70%.

Production and operating expenses for the second quarter of 2026 were $3.4 million compared to $1.7 million in the prior year comparable period. The increase was due to higher production compared to the prior year quarter and also due to workover costs on a non-operated well, which totaled $0.3 million in the second quarter of 2026. The increases were also due to temporary higher water hauling volumes from wells offsetting the wells that were fracked at the end of 2025 resulting in higher water hauling costs compared to the prior year period.

General and administrative expenses for the second quarter of 2026 were $1.6 million compared to $1.4 million for the second quarter of 2025, an increase of 12%. The increase was due to higher consulting and legal costs in 2026 compared to the prior year quarter.

Finance income increased $1.6 million in the second quarter of 2026 compared to the prior year second quarter due to higher unrealized gains on commodity contracts in 2026.

Finance expense increased $1.7 million in the second quarter of 2026 compared to the prior year second quarter due to a realized loss on commodity contracts of $1.2 million in the second quarter of 2026 and higher interest expense as a result of an increase in the outstanding bank loan balance in 2026.

FIRST SIX MONTHS 2026 HIGHLIGHTS

(1)

Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release.

(2)

Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” of this earnings release.

First Six Months of 2026 versus First Six Months of 2025

Oil and gas gross revenues totaled $53.0 million in the first six months of 2026 versus $34.8 million in the first six months of 2025, an increase of 52%. Oil revenues increased $17.8 million or 59% as average oil prices increased by 22% and production increased by 30%. Natural gas revenues decreased $0.6 million or 26% as average natural gas prices decreased by 23% and natural gas production decreased by 4%. NGL revenues increased $1.0 million or 38% as NGL production increased by 52% partially offset by a decrease in average NGL prices of 9%.

Average production for the first six months of 2026 was 4,688 BOEPD, an increase of 29% compared to the first six months 2025 average production of 3,646 BOEPD. The increases are due to production from the wells that were drilled and completed in 2025.

Production and operating expense was $6.3 million in the first six months of 2026 compared to $4.0 million for the same period of 2025, an increase of 59%. The increase was due to higher production compared to the prior year quarter and also due to workover costs on a non-operated well which totaled $0.5 million in the first six months of 2026. The increases were also due to temporary higher water hauling volumes from wells offsetting the wells that were fracked at the end of 2025 and thus resulted in higher water hauling costs compared to the prior year period.

Finance income decreased by $0.5 million for the first six months of 2026 due to realized and unrealized gains on commodity contracts in the first six months of 2025.

Finance expense decreased $3.1 million in the first six months of 2026 compared to the prior year comparable period due to realized and unrealized losses on commodity contracts in 2026 and higher interest expense as a result of an increase in the outstanding bank loan balance in 2026.

KOLIBRI GLOBAL ENERGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited, Expressed in Thousands of United States Dollars)

June 30

December 31

2026

2025

Current Assets

Cash and cash equivalents

1,635

2,797

Accounts receivables and other receivables

9,358

8,070

Deposits and prepaid expenses

928

769

Fair value of commodity contracts

393

11,921

12,029

Non-current assets

Property, plant and equipment

294,627

280,172

Right of use assets

1,567

1,741

296,194

281,913

Total Assets

308,115

293,942

Current Liabilities

Accounts payable and other payables

24,525

23,183

Lease liabilities

1,335

1,419

Fair value of commodity contracts

143

26,003

24,602

Non-current liabilities

Loans and borrowings

43,749

48,757

Asset retirement obligations

2,428

2,259

Deferred taxes

17,871

14,083

Lease liabilities

286

365

Fair value of commodity contracts

64,342

65,464

Equity

Shareholders’ capital

295,898

294,300

Treasury stock

(75

)

(202

)

Contributed surplus

25,855

26,183

Accumulated deficit

(103,908

)

(116,405

)

Total Equity

217,770

203,876

Total Equity and Liabilities

308,115

293,942

KOLIBRI GLOBAL ENERGY INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited, expressed in Thousands of United States dollars, except per share amounts)

($000 except as noted)

Second Quarter

First Six Months

2026

2025

2026

2025

Oil and natural gas revenue, net

22,542

10,788

42,111

27,160

Other income

325

326

22,543

11,113

42,112

27,486

Production and operating expenses

3,377

1,738

6,311

3,965

Depletion and depreciation expense

5,096

3,516

10,141

7,579

General and administrative expenses

1,577

1,409

3,100

2,734

Stock based compensation

928

488

1,293

725

10,978

7,151

20,845

15,003

Finance income

2,153

540

512

Finance expense

(2,442

)

(713

)

(4,587

)

(1,460

)

Income tax expense

(2,806

)

(936

)

(4,187

)

(2,917

)

Net income

8,470

2,853

12,497

8,618

Basic net income per share

0.24

0.08

0.35

0.24

Diluted net income per share

0.23

0.08

0.35

0.24

KOLIBRI GLOBAL ENERGY

SECOND QUARTER 2026

(Unaudited, expressed in Thousands of United States dollars, except as noted)

Second Quarter

First Six Months

2026

2025

2026

2025

Oil gross revenue

25,973

11,980

47,817

30,028

Gas gross revenue

809

1,573

2,127

NGL gross revenue

2,396

1,001

3,654

2,655

Oil and Gas gross revenue

28,380

13,790

53,044

34,810

Adjusted EBITDA (1)

16,434

7,681

31,252

20,501

Capital expenditures

21,670

16,898

23,542

26,851

Statistics:

Second Quarter

First Six Months

2026

2025

2026

2025

Average oil production (Bopd)

3,002

2,115

3,226

2,477

Average natural gas production (mcf/d)

2,764

2,880

3,192

3,339

Average NGL production (Boepd)

1,227

625

930

612

Average production (Boepd)

4,690

3,220

4,688

3,646

Average oil price ($/bbl)

95.08

62.25

81.90

66.96

Average natural gas price ($/mcf)

0.04

3.09

2.72

3.52

Average NGL price ($/bbl)

21.46

17.59

21.71

23.95

Average price ($/boe)

66.50

47.06

62.51

52.75

Less: Royalties ($/boe)

13.68

10.25

12.88

11.59

Less: Operating expenses ($/boe)

8.90

7.15

8.45

7.11

Netback from operations (2) ($/boe)

43.92

29.66

41.18

34.05

Price adjustment from commodity contracts ($/boe)

(2.71

)

0.13

(1.70

)

0.06

Netback including commodity contracts (2) ($/boe)

41.21

29.79

39.48

34.11

Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release.

(2)

Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” of this earnings release.

The information outlined above is extracted from and should be read in conjunction with the Company's unaudited financial statements for the three and six months ended June 30, 2026 and the related management's discussion and analysis thereof, copies of which are available under the Company's profile on SEDAR+ at www.sedarplus.ca.

NON-GAAP MEASURES

Netback from operations, netback including commodity contracts and adjusted EBITDA (collectively, the "Company’s Non-GAAP Measures") are not measures or ratios recognized under Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by IFRS. Management of the Company believes that such measures and ratios are relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole. The Company's Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures and ratios as reported by such organizations. The Company’s Non-GAAP Measures should not be construed as alternatives to net income, cash flows related to operating activities, working capital or other financial measures and ratios determined in accordance with IFRS, as an indicator of the Company's performance.

An explanation of the composition of the Company’s Non-GAAP Measures, how the Company’s Non-GAAP Measures provide useful information to an investor and the purposes for which the Company’s management uses the Non-GAAP Measures is set out in the management's discussion and analysis under the heading “Non-GAAP Measures” which is available under the Company's profile at www.sedarplus.ca and is incorporated by reference into this earnings release.

The following is the reconciliation of the non-GAAP ratio netback from operations to net income, which the Company considers to be the most directly comparable financial measure that is disclosed in the Company’s financial statements:

(US $000)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net income

8,470

2,853

12,497

8,618

Adjustments:

Income tax expense

2,806

936

4,187

2,917

Finance income

(2,153

)

(540

)

(512

)

Finance expense

2,442

713

4,587

1,460

Share based compensation

928

488

1,293

725

General and administrative expenses

1,577

1,409

3,100

2,734

Depletion, depreciation and amortization

5,096

3,516

10,141

7,579

Other income

)

(325

)

(326

)

Operating netback

19,165

9,050

35,800

23,195

Netback from operations per BOE

43.92

29.66

41.18

34.05

The following is the reconciliation of the non-GAAP measure adjusted EBITDA to the comparable financial measures disclosed in the Company’s financial statements:

(US $000)

Three months ended

June 30,

Six months ended

June 30,

2026

2025

2026

2025

Net income

8,470

2,853

12,497

8,618

Income tax expense

2,806

936

4,187

2,917

Depletion and depreciation

5,096

3,516

10,141

7,579

Accretion

130

124

Interest expense

1,225

640

2,282

1,336

Unrealized (gain) loss on commodity contracts

(2,150

)

(490

)

727

(455

)

Share based compensation

928

488

1,293

725

Interest income

)

(16

)

Other income

)

(325

)

(326

)

Foreign currency loss (gain)

)

Adjusted EBITDA

16,434

7,681

31,252

20,501

PRODUCT TYPE DISCLOSURE

This news release includes references to sales volumes of "oil", "natural gas", and “barrels of oil equivalent” or “BOEs”. “Oil” refers to light crude oil and medium crude oil combined, and "natural gas" refers to shale gas, in each case as defined by NI 51-101. Production from our wells, primarily disclosed in this news release in BOEs, consists of mainly oil and associated wet gas. The wet gas is delivered via gathering system and then pipelines to processing plants where it is treated and sold as natural gas and NGLs.

CAUTIONARY STATEMENTS

In this news release and the Company’s other public disclosure:

(a)

The Company's natural gas production is reported in thousands of cubic feet ("Mcfs"). The Company also uses references to barrels ("Bbls") and barrels of oil equivalent ("Boes") to reflect natural gas liquids and oil production and sales. 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.

(b)

Discounted and undiscounted net present value of future net revenues attributable to reserves do not represent fair market value.

(c)

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.

(d)

The Company discloses peak and 30-day initial production rates and other short-term production rates. Readers are cautioned that such production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery.

Caution Regarding Forward-Looking Information

This release contains forward-looking information including information regarding the proposed timing and expected results of exploratory and development work including production from the Company's Tishomingo field, Oklahoma acreage, projected increases in production and cash flow, adjusted EBITDA and net debt, the Company’s reserves based loan facility, including scheduled repayments, expected hedging levels and the Company’s strategy and objectives. The use of any of the words “target”, “plans”, "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements.

Such forward-looking information is based on management’s expectations and assumptions, including that the Company's geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, that declines will match the modeling, that future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management’s expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that anticipated results and estimated costs will be consistent with management’s expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained or increase, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserves-based loan facility and that the borrowing base will not be reduced, that funds will be available from the Company’s reserves based loan facility when required to fund planned operations, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business and its ability to advance its business strategy.

Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company’s geologic and reservoir models or analysis are not validated, that anticipated results and estimated costs will not be consistent with management’s expectations, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks including flooding and extended interruptions due to inclement or hazardous weather), the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, the risk that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the Company will cease to be in compliance with the covenants under its reserves-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base re-determination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, that funding is not available from the Company’s reserves based loan facility at the times or in the amounts required for planned operations, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve and the other risks identified in the Company’s most recent Annual Information Form under the “Risk Factors” section, the Company’s most recent management's discussion and analysis and the Company’s other public disclosure, available under the Company’s profile on SEDAR at www.sedarplus.ca.

Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

About Kolibri Global Energy Inc.

Kolibri Global Energy Inc. 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, gas and clean and sustainable energy. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI.