Kolibri Global Energy Inc.

Second-quarter 2026 revenue was $22.5 million, up 109% from the prior-year quarter, with average production up 46% to 4,690 BOE/d from 3,220 BOE/d. Net income was $8.5 million and basic EPS was $0.24, versus $2.9 million and $0.08 in Q2 2025. Adjusted EBITDA was $16.4 million, up 114% year over year from $7.7 million, and netback from operations rose 48% to $43.92 per BOE from $29.66. Production and operating expense averaged $8.90 per BOE, up from $7.15 in the prior quarter. For year-to-date June, net revenue was $42.1 million, average production was 4,688 BOE/d, net income was $12.5 million and basic EPS was $0.35, and adjusted EBITDA was $31.3 million. The credit facility borrowing base was redetermined upward 15% to $75 million from $65 million. Management did not provide a full updated numerical guide on the call, but said the 4 new wells in the 2026 drilling program are expected to contribute most in the fourth quarter, and that 3Q should be the low-production quarter while 4Q should be the high-production quarter for the year.

Wolf Regener was emphatic that the quarter was the best in company history on revenue, production and adjusted EBITDA, and said he was “very pleased” with the results. He highlighted completion of the 3 Clifton Mack wells, the start of the Lovina 8-5-1HF well as the first False Caney test, and said a successful False Caney result could open up more locations, reserves and value creation. His tone was upbeat but cautious on guidance, repeatedly declining to speculate beyond the company’s stated outlook.

Gary Johnson focused on the financial lift from higher production and pricing, noting Q2 revenue of $22.5 million, 109% growth, and average production of 4,690 BOE/d, up 46%. He said net income increased to $8.5 million, adjusted EBITDA to $16.4 million, and netback to $43.92 per BOE, while operating expense rose to $8.90 per BOE because of workover costs and temporarily higher water hauling costs. On the balance sheet, he highlighted the borrowing base increase to $75 million from $65 million and said that should provide more working-capital flexibility as growth continues.

Analysts pressed management on why production stayed strong despite shut-ins and no new volumes in the first half; Regener said the wells performed well, gas compression tied into gas lift helped boost output, and the company will see normal decline before new wells add back growth. Questions on the Lovina/False Caney test centered on risk and comparability to the Caney; Regener said the zone is thinner but the area is geologically favorable, the 2-mile lateral should help economics, and success would be measured by flow rates and decline behavior. Management also said the Alicia Renee shut-ins were driven by redesigning programs around nearby faults, not a performance problem, and expects some flush production when they come back online.