6-K - KGEI - Equibles

UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

FORM6-K

Reportof Foreign Private Issuer

Pursuantto Rule 13****a-16or 15d-16

UNDERthe Securities Exchange Act of 1934

For the month of November 2024

Commission File No.: 001-41824

KolibriGlobal Energy Inc**.**

(Translation of registrant’s name into English)

925Broadbeck Drive, Suite 220

ThousandOaks, CA 91320

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F ☐ Form 40-F ☒

EXHIBITINDEX

Exhibit	Description
99.1	Condensed Consolidated Unaudited Interim Financial Statements for the three and nine months ended September 30, 2024
99.2	Management’s Discussion and Analysis for the three and nine months ended September 30, 2024
99.3	Certification of Interim Filings (Form 52-109F2) – Chief Executive Officer
99.4	Certification of Interim Filings (Form 52-109F2) – Chief Financial Officer
99.5	Press Release dated November 12, 2024

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Kolibri Global Energy Inc.
Date:<br> November 12, 2024	By:	/s/ Gary Johnson
	Name:	Gary<br> Johnson
	Title:	Chief<br> Financial Officer

Exhibit99-1

UNAUDITEDCONDENSED

CONSOLIDATEDINTERIM

FINANCIALSTATEMENTS

SEPTEMBER30, 2024

KOLIBRIGLOBAL ENERGY INC.

CONDENSEDCONSOLIDATED STATEMENT OF FINANCIAL POSITION

(Unaudited,Expressed in Thousands of United States Dollars)

	September 30,			December 31,
	2024<br> <br>(unaudited)			2023<br> <br>(audited)
Current assets
Cash and cash<br> equivalents	$	1,619		$	598
Accounts receivable<br> and other receivables (Note 4)		5,623			5,492
Deposits and prepaid<br> expenses		880			838
Fair<br> value of commodity contracts (Note 3)		697			-
		8,819			6,928
Non-current assets
Property, plant and equipment<br> (Note 5)		227,685			216,161
Right of use assets (Note<br> 6)		813			1,190
Fair<br> value of commodity contracts (Note 3)		121			78
		228,619			217,429
Total<br> assets	$	237,438		$	224,357
Current liabilities
Accounts payable and other<br> payables (Note 4)	$	12,444		$	17,648
Lease liabilities		675			1,068
Fair<br> value of commodity contracts (Note 3)		-			128
		13,119			18,844
Non-current liabilities
Loans and borrowings (Note<br> 8)		30,711			29,612
Asset retirement obligations<br> (“ARO”)		2,238			1,966
Lease liabilities		171			162
Deferred<br> income taxes		7,339			3,359
		40,459			35,099
Equity
Shareholders’<br> capital		296,458			296,232
Contributed surplus		24,927			24,179
Accumulated<br> deficit		(137,525	)		(149,997	)
		183,860			170,414
Total<br> equity and liabilities	$	237,438		$	224,357

Seeaccompanying notes to unaudited condensed consolidated interim financial statements.

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KOLIBRIGLOBAL ENERGY INC.

CONDENSEDCONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

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

	Three<br> months ended <br>September 30				Nine<br> months ended <br>September 30
	2024		2023		2024		2023
Revenue
Oil and natural gas revenue,<br> net of royalties (Note 10)	$	13,009	$	12,746	$	41,150	$	37,153
Other income		-		1		60		2
		13,009		12,747		41,210		37,155
Expenses
Production and operating expenses		1,524		1,628		5,879		4,328
Depletion, depreciation and amortization<br> (Note 5,6)		3,611		3,790		11,205		11,503
General and administrative expenses		1,333		1,170		4,126		3,121
Stock based compensation<br> (Note 9)		268		157		807		531
		6,736		6,745		22,017		19,483
Finance income
Unrealized gain on<br> financial commodity contracts (Note 3)		1,341		-		871		-
		1,341		-		871		-
Finance expense
Realized loss on financial commodity contracts<br> (Note 3)		16		412		599		1,126
Unrealized loss on financial commodity contracts<br> (Note 3)		-		2,579		-		412
Interest on loans and borrowings		839		651		2,567		1,511
Accretion		46		40		135		129
Foreign exchange loss		1		1		3		11
		902		3,683		3,304		3,189
Net income before income taxes		6,712		2,319		16,670		14,483
Income tax expense (Note 11)		1,646		-		4.288		-
Net income and comprehensive<br> income	$	5,066	$	2,319	$	12,472	$	14,483
Basic net income<br> per share (Note 7)	$	0.14	$	0.07	$	0.35	$	0.41
Diluted net income<br> per share (Note 7)		0.14		0.06		0.34		0.40

Seeaccompanying notes to the unaudited condensed consolidated interim financial statements.

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KOLIBRIGLOBAL ENERGY INC.

CONDENSEDCONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(Unaudited,Expressed in Thousands of United States Dollars, except number of common shares)

		Share<br><br> capital		Contributed Surplus			Deficit			Total Equity
Balance at January 1, 2023	35,615,921	$	296,221	$	23,254		$	(169,277	)	$	150,198
Stock based compensation (Note 9)	-		-		625			-			625
Stock options exercised (Note 9)	9,666		11		(5	)					6
Net income for the period	-		-		-			14,483			14,483
Balance at September<br> 30, 2023	35,625,587	$	296,232	$	23,874		$	(154,794	)	$	165,312
Balance at January 1, 2024	35,625,587	$	296,232	$	24,179		$	(149,997	)	$	170,414
Stock based compensation (Note 9)	-		-		930			-			930
Stock options exercised (Note 9)	75,000		84		(40	)		-			44
Restricted stock issued (Note 9)	35,378		142		(142	)		-			-
Net income for the period	-		-		-			12,472			12,472
Balance at September<br> 30, 2024	35,735,965	$	296,458	$	24,927		$	(137,525	)	$	183,860

Seeaccompanying notes to the unaudited condensed consolidated interim financial statements.

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KOLIBRIGLOBAL ENERGY INC.

CONDENSEDCONSOLIDATED STATEMENT OF CASH FLOWS

NINEMONTHS ENDED SEPTEMBER 30

(Unaudited,Expressed in Thousands of United States Dollars)

	2024			2023
Cash<br> flows from operating activities
Net income	$	12,472		$	14,483
Adjustments for:
Depletion, depreciation<br> and amortization expense		11,205			11,503
Accretion expense		135			129
Interest expense		2,413			1,397
Income tax expense		3,980			-
Unrealized loss (gain)<br> on financial commodity contracts		(871	)		412
Stock based compensation<br> (Note 9)		807			531
Unrealized foreign exchange<br> loss		(1	)		1
Amortization of loan<br> acquisition costs		153			113
Gain on sale of assets		(8	)		-
Cash paid for interest		(2,377	)		(1,186	)
Change in non-cash<br> working capital (Note 4)		888			1,290
Net<br> cash from operating activities		28,796			28,673
Cash<br> flows from investing activities
Additions to property,<br> plant and equipment (Note 5)		(21,545	)		(37,177	)
Proceeds from sale of<br> assets, net		8			-
Change<br> in non-cash working capital (Note 4)		(6,297	)		2,690
Net<br> cash used in investing activities		(27,834	)		(34,487	)
Cash<br> flows from financing activities
Proceeds from loans and<br> borrowings		10,446			8,897
Repayment of loans and<br> borrowings		(9,500	)		(3,000	)
Proceeds from stock option<br> exercises		44			6
Principal paid on lease<br> payments		(864	)		(551	)
Interest<br> paid on lease payments		(67	)		(74	)
Net<br> cash from financing activities		59			5,278
Foreign<br> exchange effect on cash and cash equivalents		-			-
Change<br> in cash and cash equivalents		1,021			(536	)
Cash and cash equivalents,<br> beginning of period		598			1,037
Cash<br> and cash equivalents, end of period	$	1,619		$	501

Seeaccompanying notes to the unaudited condensed consolidated interim financial statements.

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Notesto the Condensed Interim Consolidated Financial Statements

Forthe Three and Nine Months Ended September 30, 2024

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

1.	NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Kolibri Global Energy Inc. (the “Company” or “KEI”), was incorporated under the Business Corporations Act (British Columbia) on May 6, 2008. KEI is a North American energy company focused on finding and exploiting energy projects in oil and gas. 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.

The condensed consolidated interim financial statements were approved by the Company’s Board of Directors on November 12, 2024.

2.	BASIS OF PRESENTATION

These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting” following the same accounting policies, except as described below, and methods of computation as the annual consolidated financial statements of the Company for the year ended December 31, 2023. The disclosures provided below are incremental to those included with the annual consolidated financial statements and certain disclosures, which are normally required to be included in the notes to the annual consolidated financial statements, have been condensed or omitted. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto in the Company’s annual filings for the year ended December 31, 2023.

NewStandards and Interpretations adopted

The following IFRS standards have been adopted by the Company:

Amendmentto IFRS 16 – Leases on sale and leaseback. This amendment specifies how an entity accounts for a sale and leaseback after the date of the transaction. The Company adopted this standard on January 1, 2024 and it did not have a significant impact on the Company.

Amendmentto IFRS 1 – Non-current liabilities with covenants. This amendment specifies how an entity must comply within twelve months after the reporting period affecting the classification of a liability. The Company adopted this standard on January 1, 2024 and it did not have a significant impact on the Company.

Amendmentto IAS 7 and IFRS 7 – Supplier finance. This amendment requires disclosures of supplier finance arrangements and their impact to a company’s liquidity risk. The Company adopted this standard on January 1, 2024 and it did not have a significant impact on the Company.

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Notes to the Condensed Interim Consolidated Financial Statements

Forthe Three and Nine Months Ended September 30, 2024

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

3.	COMMODITY CONTRACTS

At September 30, 2024 the following financial commodity contracts were outstanding and recorded at estimated fair value:

		Total Volume Hedged	Price
Commodity	Period	(BBLS)	($/BBL)
Oil<br> – WTI Costless Collars	October<br> 1, 2024 to December 31, 2024	15,000	$65.00<br> - $89.50
Oil<br> – WTI Costless Collars	October<br> 1, 2024 to December 31, 2024	39,000	$60.00<br> - $82.50
Oil<br> – WTI Costless Collars	January<br> 1, 2025 to March 31, 2025	36,000	$60.00<br> - $77.00
Oil<br> – WTI Costless Collars	April<br> 1, 2025 to June 30, 2025	20,400	$60.00<br> - $75.40
Oil<br> – WTI Costless Collars	April<br> 1, 2025 to June 30, 2025	1,350	$65.00<br> - $82.54
Oil<br> – WTI Costless Collars	July<br> 1, 2025 to September 30, 2025	21,000	$65.00<br> - $82.00
Oil<br> – WTI Costless Collars	July<br> 1, 2025 to September 30, 2025	750	$65.00<br> - $80.50
Oil<br> – WTI Costless Collars	October<br> 1, 2024 to December 31, 2024	15,000	$62.35<br> - $82.70
Oil<br> – WTI Costless Collars	October<br> 1, 2024 to December 31, 2024	13,800	$65.75<br> - $87.10
Oil<br> – WTI Costless Collars	October<br> 1, 2024 to December 31, 2024	1,200	$61.00<br> - $81.46
Oil<br> – WTI Costless Collars	October<br> 1, 2024 to December 31, 2024	2,400	$60.00<br> - $78.23
Oil<br> – WTI Costless Collars	January<br> 1, 2025 to March 31, 2025	15,000	$64.25<br> - $84.60
Oil<br> – WTI Costless Collars	January<br> 1, 2025 to March 31, 2025	14,400	$66.25<br> - $87.75
Oil<br> – WTI Costless Collars	April<br> 1, 2025 to June 30, 2025	3,000	$59.50<br> - $79.00
Oil<br> – WTI Costless Collars	April<br> 1, 2025 to June 30, 2025	5,700	$60.80<br> - $74.07
Oil<br> – WTI Costless Collars	April<br> 1, 2025 to June 30, 2025	13,200	$64.50<br> - $85.70
Oil<br> – WTI Costless Collars	July<br> 1, 2025 to September 30, 2025	21,900	$63.25<br> - $83.65
Oil<br> – WTI Costless Collars	October<br> 1, 2024 to December 31, 2024	13,800	$65.75<br> - $87.10
Oil<br> – WTI Costless Collars	October<br> 1, 2024 to December 31, 2024	24,000	$67.50<br> - $89.50
Oil<br> – WTI Costless Collars	January<br> 1, 2025 to March 31, 2025	15,000	$64.25<br> - $84.60
Oil<br> – WTI Costless Collars	January<br> 1, 2025 to March 31, 2025	16,200	$65.50<br> - $86.25
Oil<br> – WTI Costless Collars	April<br> 1, 2025 to June 30, 2025	10,800	$64.00<br> - $84.00
Oil<br> – WTI Costless Collars	July<br> 1, 2025 to September 30, 2025	10,800	$62.75<br> - $82.00
Oil<br> – WTI Costless Collars	October<br> 1, 2025 to December 31, 2025	10,800	$62.00<br> - $81.50
Oil<br> – WTI Costless Collars	October<br> 1, 2025 to December 31, 2025	11,400	$61.75<br> - $80.70

The estimated fair value results in a $0.8 million asset as of September 30, 2024 (December 31, 2023: $0.1 million liability) for the financial oil and gas contracts which has been determined based on the prospective amounts that the Company would receive or pay to terminate the contracts, consisting of a current asset of $0.7 million and a long term asset of $0.1 million (December 31, 2023: current liability of $0.1 million and a long term asset of $0.1 million).

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Notes to the Condensed Interim Consolidated Financial Statements

Forthe Three and Nine Months Ended September 30, 2024

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

In October 2024, the Company entered into the following additional financial commodity contracts:

		Total Volume Hedged	Price
Commodity Contract	Period	(BBLS)	($/BBL)
Oil<br> – WTI Costless Collars	January<br> 1, 2025 to March 31, 2025	27,000	$61.50<br> - $82.50
Oil<br> – WTI Costless Collars	April<br> 1, 2025 to June 30, 2025	54,000	$60.50<br> - $80.30
Oil<br> – WTI Costless Collars	July<br> 1, 2025 to September 30, 2025	54,000	$59.75<br> - $78.00
Oil<br> – WTI Costless Collars	October<br> 1, 2025 to December 31, 2025	39,000	$59.00<br> - $77.30
Oil<br> – WTI Costless Collars	January<br> 1, 2026 to March 31, 2026	48,000	$58.50<br> - $77.25

The realized and unrealized gains/losses from the financial commodity contracts are as follows:

	Three months<br> ended September 30,						Nine<br> months ended<br><br> <br>September<br> 30,
	2024			2023			2024			2023
Realized loss on financial commodity<br> contracts	$	(16	)	$	(412	)	$	(599	)	$	(1,126	)
Unrealized gain (loss) on financial commodity<br> contracts	$	1,341		$	(2,579	)	$	871		$	(412	)
4.	SUPPLEMENTAL CASH FLOW INFORMATION
---	---

Changes in non-cash working capital is comprised of:

	Nine months ended<br> <br>September 30,
	2024			2023
Accounts receivable and other receivables	$	(131	)	$	368
Deposits and prepaid expenses		(42	)		(424	)
Accounts payable and other payables		(5,240	)		4,037
Foreign currency		4			(1	)
	$	(5,409	)	$	3,980
Related to operating<br> activities	$	888		$	1,290
Related to investing<br> activities	$	(6,297	)	$	2,690

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Notes to the Condensed Interim Consolidated Financial Statements

Forthe Three and Nine Months Ended September 30, 2024

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

5.	PROPERTY, PLANT AND EQUIPMENT

	Oil and<br><br> Natural<br> Gas<br><br> Interests		Processing<br> <br><br>and Other<br><br> Equipment		Total
Cost or deemed cost
Balance at January 1, 2023	$	234,126	$	1,378	$	235,504
Additions (a)		53,713		60		53,774
Balance at December 31, 2023	$	287,839	$	1,438	$	289,277
Additions (b)		21,866		6		21,872
Balance at September 30, 2024	$	309,705	$	1,444	$	311,149
Accumulated depletion and<br> depreciation
Balance at January 1, 2023	$	57,610	$	1,340	$	58,950
Depletion and depreciation<br> for the period		14,137		29		14,166
Balance at December 31, 2023	$	71,747	$	1,369	$	73,116
Depletion and depreciation<br> for the period		10,331		17		10,348
Balance at September 30, 2024	$	82,078	$	1,386	$	83,464
Net carrying amounts
At December 31, 2023	$	216,092	$	69	$	216,161
At September 30, 2024	$	227,627	$	58	$	227,685
(a)	Includes<br> non-cash additions of $26 from capitalized stock-based compensation and $199 from assets<br> related to ARO liabilities.
---	---
(b)	Includes<br> non-cash additions of $123 from capitalized stock-based compensation and $204 from assets<br> related to ARO liabilities.
6.	LEASES AND RIGHT OF USE ASSETS
---	---

	Right<br> of <br><br>Use Assets
Balance at January 1, 2023	$	48
Additions		1,984
Depreciation		(842	)
Balance at December 31, 2023		1,190
Additions		480
Depreciation		(857	)
Balance at September 30, 2024	$	813

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Notes to the Condensed Interim Consolidated Financial Statements

Forthe Three and Nine Months Ended September 30, 2024

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

7.	EARNINGS PER SHARE

	Three months<br> ended <br>September 30,				Nine months<br> ended <br>September 30,
	2024		2023		2024		2023
Basic Earnings per share
Net<br> income	$	5,066	$	2,319	$	12,472	$	14,483
Weighted average<br> number of common shares – basic <br>(000’s)		35,736		35,625		35,669		35,621
Net income per share<br> – basic	$	0.14	$	0.07	$	0.35	$	0.41
Diluted earnings per share
Net income	$	5,066	$	2,319	$	12,472	$	14,483
Effect of outstanding<br> options and restricted stock options (000’s)		360		726		381		711
Weighted average number of common shares<br> – diluted (000’s)		36,096		36,351		36,050		36,332
Net income per share<br> – diluted	$	0.14	$	0.06	$	0.35	$	0.40
8.	LOANS AND BORROWINGS
---	---

In May 2022, the Company’s US subsidiary amended the credit facility from BOK Financial, which is secured by the US subsidiary’s interests in the Tishomingo Field. The credit facility expires in June 2026 and is intended to fund the drilling of the Caney wells in the Tishomingo Field.

For the May 2024 redetermination, the borrowing base of the credit facility was increased from $40.0 million to $50.0 million and the borrowing based remained at $50 million in the October 2024 redetermination. The Company has an available borrowing capacity of $19.0 million at September 30, 2024. The credit facility is subject to a semi-annual review and redetermination of the borrowing base. The next redetermination will be in the second quarter of 2025. Future commitment amounts will be subject to new reserve evaluations and there is no guarantee that the size and terms of the credit facility will remain the same after the borrowing base redetermination. Any redetermination of the borrowing base is effective immediately and if the borrowing base is reduced, the Company has six months to repay any shortfall.

The credit facility has two primary debt covenants. One covenant requires the US subsidiary to maintain a positive working capital balance which includes any unused excess borrowing capacity and excludes the fair value of commodity contracts and the current portion of long-term debt (the “Current Ratio”). The second covenant ensures the ratio of outstanding debt and long-term liabilities to a trailing twelve month adjusted EBITDA amount (the “Maximum Leverage Ratio”) be no greater than 3 to 1 at any quarter end. Adjusted EBITDA is defined as net income excluding interest expense, depreciation, depletion and amortization expense, and other non-cash and non-recurring charges including severance, stock based compensation expense and unrealized gains or losses on commodity contracts.

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Notes to the Condensed Interim Consolidated Financial Statements

Forthe Three and Nine Months Ended September 30, 2024

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

The Company was in compliance with both covenants for the quarter ended September 30, 2024. At September 30, 2024, the Current Ratio of the US Subsidiary was 2.1 to 1.0 and the Maximum Leverage Ratio was 0.8 to 1.0 for the three months ended September 30, 2024.

At September 30, 2024, loans and borrowings of $31.0 million (December 31, 2023: $30.0 million) are presented net of loan acquisition costs of $0.3 million (December 31, 2023: $0.3 million).

9.	STOCK BASED COMPENSATION

The number and weighted average exercise prices of stock options are as follows:

	Nine months<br> ended September 30,
	2024					2023
		Number of options			Weighted average exercise price		Number of options			Weighted average exercise price
Outstanding at January 1		939,634		$	2.36		776,000		$	1.67
Granted		293,190			4.23		206,800			5.23
Exercised		(75,000	)		0.80		(9,666	)		0.80
Expired/cancelled		(78,900	)		2.89		(108,500	)		5.62
Outstanding at September<br> 30		1,078,924		$	2.94		864,634		$	2.04
Exercisable at September 30		771,496		$	2.22		515,268		$	1.64

The range of exercise prices of the outstanding stock options is as follows:

			Weighted average <br>exercise price
$	4.90 to 6.04	260,900	$	5.46	3.6
$	1.80 to 4.90	368,190	$	3.76	4.2
$	0.80<br>to 1.80	449,834	$	0.80	2.3
		1,078,924	$	2.94	3.3

All values are in US Dollars.

The fair value of the stock options was estimated using Black Scholes model with the following weighted average inputs:

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Notes to the Condensed Interim Consolidated Financial Statements

Forthe Three and Nine Months Ended September 30, 2024

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

	2024			2023
Fair value at grant date (per option)	$	3.46		$	5.00
Volatility (%)		77.00			110.00
Forfeiture rate (%)		5	%		5	%
Option life (years)		10			10
Risk-free interest rate (%)		3.66			2.89

The number and weighted average fair value of Restricted Stock Units (RSUs) are as follows:

	Nine months<br> ended September 30,
	2024					2023
		Number<br> of<br><br> RSUs			Weighted<br><br><br> average <br><br>fair value		Number<br> of<br><br> RSUs		Weighted<br><br><br> average <br><br>fair value
Outstanding at January 1		119,140		$	5.28		-	$	-
Granted		169,220			4.25		119,140		5.28
Vested		(35,378	)		5.27		-		-
Cancelled		(20,857	)		5.29		-		-
Outstanding at September<br> 30		232,125		$	4.53		119,140	$	5.28

Share based compensation was recorded as follows:

	Three months<br> ended <br>September 30,				Nine months<br> ended <br>September 30,
	2024		2023		2024		2023
Expensed	$	268	$	157	$	807	$	531
Capitalized	$	39	$	27	$	123	$	94

10.	REVENUES

The following table presents the Company’s gross oil and gas revenue disaggregated by revenue source:

	Three months<br> ended <br>September 30,						Nine months<br> ended <br>September 30,
	2024			2023			2024			2023
Oil revenue	$	15,398		$	15,270		$	48,647		$	43,537
Natural gas revenue		216			390			808			1,437
NGL revenue		871			718			2,952			2,224
		16,485			16,378			52,407			47,198
Royalties		(3,476	)		(3,632	)		(11,257	)		(10,045	)
	$	13,009		$	12,746			41,150		$	37,153

11.	INCOME TAXES

Income tax expense is charged at 25.7% for the nine months ended September 30, 2024 representing the best estimate of the average annual effective tax rate expected to apply for the full year, applied to the pre-tax income of the nine-month period.

12.	CONTINGENT LIABILITIES

The Company has recorded natural gas and NGL processing costs related to prior years as the purchaser reassessed prior year gathering and processing costs. Under the terms of the Company’s contract with the purchaser, they are able to correct their fee billings if they find adjustments related to the last 24 months, which is a common industry practice. These amounts, which totaled $0.8 million in the nine months ended September 30, 2024, are included in production and operating expenses. The Company is not aware of any additional reassessed costs and future adjustments may never occur.

13.	SUBSEQUENT EVENTS

In October 2024, the Company began repurchasing shares under its Normal Course Issuer Bid share buyback program. The Company has repurchased approximately 104,000 shares at an average price of CAD$4.58 per share.

| 11 |

| --- |

Exhibit99.2

MANAGEMENT’SDISCUSSION AND ANALYSIS

SEPTEMBER30, 2024

| ***Kolibri Global Energy Inc.*** | | 1 | | Third Quarter 2024 |

| --- | --- | --- |

MANAGEMENT’SDISCUSSION AND ANALYSIS

The following is management’s discussion and analysis (“MD&A”) of Kolibri Global Energy Inc.’s (“KEI” or the “Company”) operating and financial results for the three and nine months ended September 30, 2024, compared to the corresponding periods in the prior year, as well as information and expectations concerning the Company’s outlook based on currently available information. The MD&A should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2024 and the audited consolidated financial statements and MD&A for the year ended December 31, 2023. The condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting”. The reporting and measurement currency is the United States dollar. Additional information relating to KEI including its Annual Information Form is filed on SEDAR at www.sedarplus.ca and on the Company’s website at www.kolibrienergy.com.

Netback from operations, netback including commodity contracts, net operating income and adjusted EBITDA (collectively, the “Company’s Non-GAAP Measures”) are not measures or ratios recognized under IFRS 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 from operating activities, working capital or other financial measures and ratios determined in accordance with IFRS, as an indicator of the Company’s performance.

Please read carefully the important cautionary notes regarding technical information, forward-looking statements and other matters set out in this report.

Descriptionof Business

KEI 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 common shares of the Company trade on the Toronto Stock Exchange (“TSX”) under the symbol “KEI” and on the NASDAQ under the symbol “KGEI”.

OperatingSummary

The Company’s results of operations are dependent on production volumes of natural gas, crude oil and natural gas liquids and the prices received for the production. Prices for these commodities have shown significant volatility during recent years and are determined by supply and demand factors, including weather and general economic conditions.

| ***Kolibri Global Energy Inc.*** | | 2 | | Third Quarter 2024 |

| --- | --- | --- |

OVERVIEW

Resultsat a Glance

				Nine months<br> ended
				September<br> 30,
		2023		2024		2023
Financial (US 000 except per share)
Oil and gas net revenues	13,009		12,746		41,150		37,153
Net income	5,066		2,319		12,472		14,483
Basic net income per share	0.14		0.07		0.35		0.41
Diluted net income per share	0.14		0.06		0.35		0.40
Cash flows from operating activities	11,783		9,631		28,796		28,673
Oil and gas gross revenues	16,485		16,378		52,407		47,198
Adjusted EBITDA(2)	10,136		9,536		30,546		28,578
Net operating income(1)	11,485		11,118		35,271		32,825
Capital expenditures	9,798		17,247		21,545		37,177
Operating
Average production (BOEPD)	3,032		2,737		3,154		2,780
Average price (/BOE)	59.09		65.04		60.64		62.19
Netback from operations (/BOE)(3)	40.01		43.28		39.78		42.48
Netback including commodity<br> contracts (/BOE)(3)	39.95		41.65		39.09		41.00

All values are in US Dollars.

	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Balance Sheet
Cash and cash equivalents	1,619		549		1,801		598
Total assets	237,438		230,975		229,191		224,357
Working capital (deficiency)	(4,300	)	(1,646	)	(6,564	)	(11,916	)
Available borrowing capacity	19,042		16,042		8,042		10,042
Total non-current liabilities	40,459		40,478		38,556		35,099

(1) Net operating income is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

(2) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

(3) Netback from operations and netback including commodity contracts are considered Non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

Highlights

The average production for the third quarter of 2024 was 3,032 barrels of oil equivalent per day (BOEPD), an increase of 11% compared to third quarter 2023 production of 2,737 BOEPD. Average production for the nine months ended September 30, 2024 was 3,154 BOEPD, an increase of 13% from the average production of 2,780 BOEPD in the same period of 2023. The increases are due to production from the wells that were drilled and completed in the last three months of 2023 and the first nine months of 2024.

| ***Kolibri Global Energy Inc.*** | | 3 | | Third Quarter 2024 |

| --- | --- | --- |

Net income in the third quarter of 2024 was $5.1 million, compared to net income of $2.3 million in the same period of 2023, which was an increase of 118%. The increase was due to higher revenue and an unrealized gain of $1.3 million from commodity contracts in the third quarter of 2024 compared to an unrealized loss on commodity contracts of $2.6 million in the prior year period partially offset by higher income tax expense. Net income in the first nine months of 2024 was $12.5 million, compared to net income of $14.5 million in the same period of 2023. The decrease was due to higher income tax expense of $4.3 million partially offset by higher revenue and a $0.9 million unrealized gain on commodity contracts in the first nine months of 2024 compared to an unrealized loss of $0.4 million in the prior year period.

Gross revenues for the third quarter of 2024 increased by 1% compared to the third quarter of 2023. The increase was due to an 11% increase in production partially offset by a decrease in average prices of 9% in the three months ended September 30, 2024 compared to the same period in 2023. Gross revenues for the nine months ended September 30, 2024 increased by 10% compared to the same period in 2023. The increase was due to a 13% increase in production partially offset by a decrease in average prices of 2% in the nine months ended September 30, 2024 compared to the same period in 2023.

Adjusted EBITDA^(1)^ was $10.1 million for the third quarter of 2024 compared to $9.5 million for the same period in 2023, an increase of 6%. The increase was due to an 11% increase in production partially offset by a decrease in average prices of 9% in the three months ended September 30, 2024 compared to the same period in 2023. Adjusted EBITDA^(1)^ was $30.5 million for the nine months ended September 30, 2024 compared to $28.6 million for the prior year period, an increase of 7%. The increase was due to a 13% increase in production partially offset by a decrease in average prices of 2% in the nine months ended September 30, 2024 compared to the same period in 2023.

Production and operating expense per barrel averaged $6.63 per BOE in the third quarter of 2024 compared to $7.34 per BOE in the third quarter of 2023, a decrease of 10%. The decrease was due to increased production which reduced the per barrel fixed costs. Production and operating expense per barrel averaged $7.84 per BOE in the first nine months of 2024 compared to $6.47 per BOE for the same period of 2023, an increase of 22%. The increase was mainly due to natural gas and NGL processing costs of $0.8 million, or $0.83 per BOE, related to prior years as the purchaser reassessed prior year gathering and processing costs in 2024. Under the terms of the Company’s contract with the purchaser, adjustments to fee billings over the last 24 months are permissible. The adjustments received to date cover 2022 and 2023. Without these costs, operating expense per barrel would be $7.01 per BOE for the first nine months of 2024, an increase of 8% due to higher water hauling costs.

Netback from operations^(2)^ decreased to $40.01 per BOE in the third quarter of 2024 compared to $43.28 per BOE in the same period of 2023, a decrease of 8% due to lower average prices. Netback from operations^(2)^ decreased to $39.78 per BOE in the nine months ended September 30, 2024 compared to $42.48 per BOE in the nine months ending September 30, 2023, a decrease of 6% due to lower prices and higher operating expenses. Netback including commodity contracts^(2)^ for the third quarter of 2024 was $39.95 per BOE compared to $41.65 in 2023, a decrease of 4% from the prior year period. Netback including commodity contracts^(2)^ for the nine months ended September 30, 2024 was $39.09 per BOE, compared to $41.00, a decrease of 5% from the prior year period.

At September 30, 2024, the Company had $19.0 million of available borrowing capacity on the credit facility and was in compliance with both of its debt covenants.

(1) Adjusted EBITDA is considered a Non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

(2) Netback from operations and netback including commodity contracts are considered Non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

| ***Kolibri Global Energy Inc.*** | | 4 | | Third Quarter 2024 |

| --- | --- | --- |

OPERATIONSUPDATE

TishomingoField, Ardmore Basin, Oklahoma

The average production for the third quarter of 2024 was 3,032 BOEPD, an increase of 11% compared to third quarter 2023 production of 2,737 BOEPD. Average production for the nine months ended September 30, 2024 was 3,154 BOEPD, an increase of 13% from the average production of 2,780 BOEPD in the same period of 2023. The increases are due to production from the wells that were drilled and completed in the last three months of 2023 and the first nine months of 2024.

At the end of the quarter, the Company had completed drilling the last three wells in the 2024 drilling program, the Alicia Renee 2-11-3H, Alicia Renee 2-11-4H and Alicia Renee 2-11-5H (all 100% working interest) and completion operations were finished in October. These wells, which are all 1.5-mile lateral wells, are currently flowing back the fracture stimulation fluid. The wells are still cleaning up, but over the last five days, the Alicia 2-11-3H well has averaged 1,049 Barrels of oil equivalent per day (“BOEPD”) (720 barrels of oil per day (“BOPD”)), the Alicia 2-11-4H well has averaged 845 BOEPD (590 BOPD) and the Alicia 2-11-5H well has averaged 630 BOEPD (435 BOPD).

Production and Revenue							Nine<br> months ended<br><br> <br>September<br> 30
		2023		%			2024		2023		%
Average oil production (BOPD)	2,247		2,083		8			2,326		2,110		10
Average natural gas production (MCFPD)	1,948		1,565		24			2,078		1,698		22
Average NGL production (BOEPD)	460		393		17			482		387		25
Average production (BOEPD)	3,032		2,737		11			3,154		2,780		13
Average oil price (/bbl)	74.48		79.70		(7	)		76.32		75.57		1
Average natural gas price (/mcf)	1.21		2.71		(55	)		1.42		3.10		(54	)
Average NGL price (/bbl)	20.60		19.84		4			22.35		21.04		6
Average price (/BOE)	59.09		65.04		(9	)		60.64		62.19		(2	)
Oil gross revenue (000)	15,398		15,270		1			48,647		43,537		12
Natural gas gross revenue (000)	216		390		(45	)		808		1,437		(44	)
NGL gross revenue (000)	871		718		21			2,952		2,224		33

All values are in US Dollars.

DISCUSSIONOF OPERATING RESULTS

Oil production for the third quarter of 2024 was 2,247 BOPD compared to 2,083 BOPD for the same period of 2023, an increase of 8%. Oil production for the first nine months of 2024 was 2,326 BOPD compared to 2,110 BOPD for the same period of 2023, an increase of 10%. The increases are due to production from the wells that were drilled and completed in the last three months of 2023 and the first nine months of 2024. Oil revenue increased by 1% in the third quarter of 2024 compared to the same period of 2023 due to the production increase, partially offset by a decrease in oil prices of 7%. Oil revenue increased by 12% in the first nine months of 2024 compared to the same period of 2023 due to the production increase and an increase in oil prices of 1%.

For the third quarter of 2024, average natural gas production was 1,948 MCFPD compared to 1,565 MCFPD for the same period of 2023, an increase of 24%. Average natural gas production for the first nine months of 2024 was 2,078 MCFPD compared to 1,698 MCFPD for the first nine months of 2023, an increase of 22%. The increases are due to production from the wells that were drilled and completed in the last three months of 2023 and the first nine months of 2024. Natural gas revenue decreased by 45% in the third quarter of 2024 compared to the same period in 2023 due to the decrease in natural gas prices of 55% partially offset by the production increase. Natural gas revenue decreased by 44% in the first nine months of 2024 versus the same period in 2023 due to a decrease in natural gas prices of 54% partially offset by the production increase.

Natural gas liquids (NGL) production in the third quarter of 2024 increased to 460 BOEPD from 393 BOEPD in the same period of 2023, an increase of 17%. NGL production in the first nine months of 2024 increased to 482 BOEPD from 387 BOEPD in the same period of 2023, an increase of 25%. The increases are due to production from the wells that were drilled and completed in the last three months of 2023 and the first nine months of 2024. NGL revenue increased by 21% in the third quarter of 2024 compared to the same period in 2023 due to an increase in NGL prices of 4% and the production increase. NGL revenue increased by 33% in the first nine months of 2024 compared to the same period in 2023 due to an increase in NGL prices of 6% and the production increase.

| ***Kolibri Global Energy Inc.*** | | 5 | | Third Quarter 2024 |

| --- | --- | --- |

Average production on a per BOE basis was 3,032 BOEPD in the third quarter of 2024 compared to 2,737 BOEPD in the same period of 2023, an increase of 11%. Average production on a per BOE basis was 3,154 BOEPD in the first nine months of 2024 compared to 2,780 BOEPD in the same period of 2023, an increase of 13%. The increase is due to the factors discussed above. Gross revenue for the third quarter of 2024 increased by 1% compared to the third quarter of 2023 due to an increase in production, partially offset by a decrease in average prices. Gross revenue for the first nine months of 2024 increased by 11% compared to the same period of 2023 due to an increase in average prices and an increase in production.

Royalties,Operating Expenses and Netback

	Three<br> months ended<br><br> <br>September<br> 30									Nine<br> months ended<br><br> <br>September<br> 30
($/BOE)	2024			2023			%			2024			2023			%
Average price		59.09			65.04			(9	)		60.64			62.19			(2	)
Less: Royalties		12.45			14.42			(14	)		13.02			13.24			(2	)
Less:<br> operating expenses^(3,4)^		6.63			7.34			(10	)		7.84			6.47			21
Netback from operations^(1)^		40.01			43.28			(8	)		39.78			42.48			(6	)
Price<br> adjustment from commodity contracts^(2)^		(0.06	)		(1.63	)		(96	)		(0.69	)		(1.48	)		(53	)
Netback<br> including commodity contracts^(1)^		39.95			41.65			(4	)		39.09			41.00			(5	)

(1) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

(2) Price adjustment from commodity contracts includes the positive or negative adjustment to the average price per barrel that the Company realized from its commodity contracts.

(3) Operating expenses includes compressor costs of $0.3 million and $0.2 million in the three months ended September 2024 and 2023, respectively, and $0.9 million and $0.5 million in the nine months ended September 30, 2024 and 2023, respectively, that are accounted for as a lease under IFRS 16 as of January 1, 2023.

(4) Includes natural gas and NGL processing costs related to prior years as the purchaser reassessed prior year gathering and processing costs in 2024 totaling $0.8 million, or $0.83 per BOE, in the nine months ended September 2024.

Average prices decreased by 9% in the third quarter of 2024, compared to the same period in the prior year, due to the price decreases in oil and gas, partially offset by an increase in NGL prices as discussed above. Oil made up 74% of the production mix in the third quarter of 2024 compared to 76% for the same period in 2023. Average prices decreased by 2% in the first nine months of 2024, compared to the same period in the prior year, due to the price decrease in gas, partially offset by increases in oil and NGLs. Oil made up 74% of the production mix in the first nine months of 2024 compared to 76% for the same period in 2023.

Royalties on Tishomingo production averaged approximately 21.1% for the third quarter of 2024 versus 22.2% in the third quarter of 2023. Royalties on Tishomingo production averaged approximately 21.5% for the first nine months of 2024 versus 21.3% in the first nine months of 2023. The differences in percentages in both periods are due to different royalty burdens on the leases drilled by the Company.

Major production and operating expenses are related to the gathering and processing of natural gas and NGLs as well as periodic well repairs and maintenance. Operating expenses averaged $6.63 per BOE for the third quarter of 2024 compared to $7.34 per BOE for the same period in 2023. The decrease was due to increased production which reduced the per barrel fixed costs. Operating expenses averaged $7.84 per BOE for the first nine months of 2024 compared to $6.47 per BOE for the same period in 2023. The increase was mainly due to natural gas and NGL processing costs of $0.8 million, or $0.83 per BOE, related to prior years as the purchaser reassessed prior year gathering and processing costs in 2024. Under the terms of the Company’s contract with the purchaser, adjustments to fee billings over the last 24 months are permissible. The adjustments received to date cover 2022 and 2023. Without these costs, operating expense per barrel would be $7.01 per BOE for the first nine months of 2024, an increase of 8% due to higher water hauling costs.

| ***Kolibri Global Energy Inc.*** | | 6 | | Third Quarter 2024 |

| --- | --- | --- |

Realizedand Unrealized Gains and Losses from Risk Management Contracts

As part of our normal operations, the Company is exposed to movements in commodity prices. In an effort to manage this exposure, the Company utilizes financial commodity contracts. The Company’s strategy focuses on the use of costless collars and fixed price contracts to limit exposure to fluctuations in commodity prices, while allowing for participation in spot commodity prices. Contracts settled in the period result in realized gains or losses based on the market price compared to the contract price and volume. Changes in the fair value of unsettled contracts are reported as unrealized gains or losses in the period as the forward markets fluctuate and as new contracts are executed.

At September 30, 2024 the Company had the financial commodity contracts as discussed in note 3 of the Company’s unaudited condensed consolidated interim financial statements. The Company entered into additional commodity contracts in October 2024, which are also discussed in note 3, to meet hedging requirements on its credit facility.

The estimated fair value results in a $0.8 million asset as of September 30, 2024 (December 31, 2023: $0.1 million liability) for the financial oil and gas contracts which has been determined based on the prospective amounts that the Company would receive or pay to terminate the contracts, consisting of a current asset of $0.7 million and a long-term asset of $0.1 million. (December 31, 2023: current liability of $0.1 million and a long-term asset of $0.1 million).

For the third quarter of 2024, approximately 65% of oil production was hedged with costless collars with a price range of $60/bbl to $93.25/bbl. For the first nine months of 2024, approximately 8% of oil production was hedged at $62.77/bbl and 50% of oil production was hedged with costless collars with a price range of $60/bbl to $94.55/bbl.

The realized and unrealized gains/losses from the financial commodity contracts are as follows:

($000s)	Three months<br> ended						Nine months<br> ended
	September<br> 30,						September<br> 30,
	2024			2023			2024			2023
Realized loss<br> on financial commodity contracts	$	(16	)	$	(412	)	$	(599	)	$	(1,126	)
Unrealized gain (loss)<br> on financial commodity contracts	$	1,341		$	(2,579	)	$	871		$	(412	)

Productionand Operating Expenses

Production and operating expenses for the third quarter of 2024 was $1.5 million compared to $1.6 million for the same period of 2023, a decrease of 6%. Production and operating expenses for the first nine months of 2024 were $5.9 million compared to $4.3 million for the same period of 2023, an increase of 38%. The increase was mainly due to natural gas and NGL processing costs of $0.8 million related to prior years as the purchaser reassessed prior year gathering and processing costs in 2024. Under the terms of the Company’s contract with the purchaser, adjustments to fee billings over the last 24 months are permissible. The adjustments received to date cover 2022 and 2023. The increase is also due to more wells on production and an increase in water hauling costs in 2024 compared to the prior year.

| ***Kolibri Global Energy Inc.*** | | 7 | | Third Quarter 2024 |

| --- | --- | --- |

Generaland Administrative Expenses

G&A expense for the third quarter of 2024 was $1.3 million compared to $1.2 million for the same period of 2023, an increase of 14%. G&A expense for the first nine months of 2024 was $4.1 million compared to $3.1 million for the same period of 2023, an increase of 32%. The increases were primarily due to higher accounting fees and public company costs that resulted from listing on the NASDAQ stock market at the end of 2023 which increased by $0.1 million in the third quarter of 2024 and $0.7 million for the first nine months of 2024. The increases were also due to higher payroll and director costs mainly related to additional personnel and higher investor relations and marketing costs in 2024.

Depletionand Depreciation

Depletion and depreciation expense for the third quarter of 2024 was $3.6 million compared to $3.8 million in the same period of 2023. Depletion and depreciation expense on a per barrel basis was $12.91 for the third quarter of 2024 compared to $15.09 for the third quarter of 2023. Depletion and depreciation expense for the first nine months of 2024 was $11.2 million compared to $11.5 million in the same period of 2023. Depletion and depreciation expense on a per barrel basis was $12.95 for the first nine months of 2024 compared to $15.15 for the first nine months of 2023.

Intereston loans and borrowings

Interest on loans and borrowings increased from $0.7 million in the third quarter of 2023 to $0.8 million for the same period of 2024. Interest on loans and borrowings increased from $1.5 million in the first nine months of 2023 to $2.6 million for the same period of 2024. The increases were due to an increase in interest rates in 2024 and an increase in the outstanding balance in 2024 compared to 2023.

Stockbased compensation

Stock based compensation increased from $0.2 million in the third quarter of 2023 to $0.3 million for the same period of 2024. Stock based compensation increased from $0.5 million in the first nine months of 2023 to $0.8 million for the same period of 2024. The increase was due to an increase in the number of stock options and restricted share units granted in 2024 compared to 2023.

Netincome for the period

The Company had net income of $5.1 million ($0.14 per basic share) in the third quarter of 2024 compared to net income of $2.3 million ($0.07 per share) for the same period of 2023. The change in net income in 2024 compared to the same period in 2023 is due to a gain in realized and unrealized financial commodity contracts in the third quarter of 2024 totaling $1.3 million versus a loss of $3.0 million in the same period of 2023, an increase in revenue net of royalties of $0.3 million, a decrease in depletion, depreciation and accretion of $0.2 million and a decrease in operating expenses of $0.1 million, partially offset by an increase in income tax expense of $1.7 million, an increase in G&A expense of $0.2 million, an increase in interest on long term debt of $0.2 million, and an increase in stock based compensation of $0.3 million.

The Company had net income of $12.5 million ($0.35 per basic share) in the first nine months of 2024 compared to net income of $14.5 million ($0.41 per share) for the same period of 2023. The change in net income in 2024 compared to the same period in 2023 is due to an increase in income taxes of $4.3 million, an increase in operating expenses of $1.6 million, an increase in interest on long term debt of $1.1 million, an increase in G&A expense of $1.0 million, and an increase in stock based compensation of $0.3 million, partially offset by an increase in revenue net of royalties of $4.0 million, and a net realized and unrealized gain in financial commodity contracts in the first nine months of 2024 totaling $0.3 million versus a net loss of $1.5 million in the same period of 2023.

The explanations for these variances are discussed in the individual sections above.

| ***Kolibri Global Energy Inc.*** | | 8 | | Third Quarter 2024 |

| --- | --- | --- |

Cashflows from operating activities

Cash flows from operating activities for the first nine months of 2024 was $28.8 million compared to cash flows from operating activities of $28.7 million for the same period in 2023. The decrease in 2024 compared to the same period in 2023 is due to an increase in operating expenses of $1.6 million, an increase in interest on long term debt of $1.1 million, an increase in G&A expense of $1.0 million, partially offset by an increase in net revenue of $4.0 million.

Cashflows used in investing activities

Cash flows used in investing activities for the first nine months of 2024 was $27.8 million compared to cash flows used in investing activities of $34.5 million for the same period in 2023. The decrease in 2024 compared to the same period in 2023 is due to a decrease of $15.6 million in additions to property plant and equipment.

Cashflows from financing activities

Cash flows from financing activities for the first nine months of 2024 was $0.1 million compared to cash flows from financing activities of $5.3 million for the same period in 2023. The decrease in 2024 compared to the same period in 2023 is due to a decrease in net proceeds from loans and borrowings from $5.9 million in the first nine months of 2023 to $0.9 million in first nine months of 2024.

CAPITALEXPENDITURES

Capital expenditures were for the wells drilled and completed in the Tishomingo field located in Oklahoma.

($000)	2024		2023
Capital expenditures	$	21,545	$	37,177
	$	21,545	$	37,177

LIQUIDITYAND CAPITAL RESOURCES

(000s; other than number of shares and per share amounts)	At September<br> 30, 2024			At December<br> 31, 2023
Working<br> Capital (Deficiency) (US$)	$	(4,300	)	$	(11,916	)
Loans and Borrowings<br> (US$)	$	30,958		$	29,958
Shares Outstanding, end of period		35,735,965			35,625,587
Market Price per share (in Canadian $)	$	4.30		$	5.09
Market Value of Shares (in Canadian $)	$	153,665		$	181,334

| ***Kolibri Global Energy Inc.*** | | 9 | | Third Quarter 2024 |

| --- | --- | --- |

The credit facility has two primary debt covenants. One covenant requires the US subsidiary to maintain a positive working capital balance which includes any unused excess borrowing capacity and excludes the fair value of commodity contracts, the current portion of long-term debt (the “Current Ratio”). The second covenant ensures the ratio of outstanding debt and long-term liabilities to a trailing twelve month adjusted EBITDA amount (the “Maximum Leverage Ratio”) be no greater than 3 to 1 at any quarter end. Adjusted EBITDA is defined as net income excluding interest expense, depreciation, depletion and amortization expense, and other non-cash and non-recurring charges including severance, stock based compensation expense and unrealized gains or losses on commodity contracts.

At September 30, 2024, loans and borrowings of $31.0 million (December 31, 2023: $30.0 million) are presented net of loan acquisition costs of $0.3 million (December 31, 2023: $0.3 million).

At September 30, 2024, the Company had a working capital deficit of $4.3 million compared to a working capital deficit of $11.9 million at December 31, 2023. The Company had available borrowing capacity of $19.0 million at September 30, 2024. The Company closely monitors its working capital and borrowing capacity to ensure adequate funds are available to finance its administrative and operating requirements. Planned drilling activity can be adjusted if adequate funds are not available, and the Company has available borrowing capacity to manage its working capital requirements.

The Company has entered into financial commodity contracts as part of its risk management strategy to manage its cash flows for future activity and to offset commodity price fluctuations. Other potential sources of cash flows include proceeds from additional debt or equity offerings but there is no guarantee that additional financing will be available when needed.

The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.

Typically, the Company ensures that it has sufficient cash on demand and cash flows from operating activities to meet expected operational expenses for a one-year period, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. To achieve this objective, the Company prepares annual capital expenditure budgets, which are regularly monitored and updated as considered necessary. Further, the Company utilizes authorizations for expenditures on both operated and non-operated projects to further manage capital expenditure. The Company also attempts to match its payment cycle with collection of oil revenue on the 20th of each month.

The Company monitors its expected cash inflows from trade and other receivables and its expected cash outflows on trade and other payables and principal debt payments. The current volatile economic climate may lead to adverse changes in cash flows and working capital levels which may also have a direct impact on the Company’s results and financial position and which may adversely affect the Company’s liquidity.

| ***Kolibri Global Energy Inc.*** | | 10 | | Third Quarter 2024 |

| --- | --- | --- |

CONTRACTUALOBLIGATIONS

Following are the contractual maturities of financial liabilities, excluding estimated interest payments at September 30, 2024:

	Carrying<br> Amount		2024		2025		2026
	$	846	$	335	$	451	$	60
Lease payable
Loans and borrowings*		30,711		-		-		30,711
Accounts payable and other<br> payables		12,444		12,444		-		-
	$	44,001	$	12,779	$	451	$	30,771

* The Credit Facility provides for interest only payments until the September 2026 maturity date. The Company is required to repay amounts owing under the Credit Facility in full on the September 2026 maturity date. See “Liquidity and Capital Resources” and “Principal Business Risks” for discussion of events that would require early repayment of the Credit Facility.

| ***Kolibri Global Energy Inc.*** | | 11 | | Third Quarter 2024 |

| --- | --- | --- |

QUARTERLYSUMMARY

QuarterlyVariability

Below is a summary of the Company’s performance over the last eight quarters:

	2024						2023								2022
($000, except<br> as noted)	Q3		Q2		Q1		Q4		Q3		Q2		Q1		Q4
Daily<br> Production
Oil (BOPD)		2,247		2,309		2,423		2,245		2,083		1,821		2,431		1,551
Natural gas (MCFPD)		1,948		1,916		2,371		1,428		1,565		1,397		2,138		969
NGLs (BOEPD)		460		500		487		359		393		361		407		155
Average production (BOEPD)		3,032		3,128		3,305		2,842		2,737		2,415		3,194		1,868
						2023								2022
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(000, except<br> as noted)		Q2		Q1		Q4		Q3		Q2		Q1		Q4
Average Price
Oil (/bbl)	74.48		79.48		75.03		78.51		79.70		72.33		74.4		80.42
Natural gas (/mcf)	1.21		0.84		2.06		2.32		2.71		1.83		4.24		6.71
NGL (/bbl)	20.60		18.24		28.25		20.41		19.84		15.97		26.77		26.66
Average price (/BOE)	59.09		62.10		60.66		65.76		65.04		58.00		62.87		72.47

All values are in US Dollars.

									2023												2022
(000, except as noted)			Q2			Q1			Q4			Q3			Q2			Q1			Q4
Netback(1)
Average price (/BOE)	59.09			62.10			60.66			65.76			65.04			58.00			62.87			72.47
Royalties	12.45			13.22			13.36			14.34			14.42			11.98			13.16			15.83
Operating expenses (4,5)	6.63			8.48			8.36			7.02			7.34			6.05			6.04			8.25
Netback from operations(1)	40.01			40.40			38.94			44.4			43.28			39.97			43.67			48.39
Price adjustment from commodity contracts	(0.06	)		(0.84	)		(1.13	)		(0.97	)		(1.63	)		(1.44	)		(2.34	)		(5.47	)
Netback including commodity contracts(1)	39.95			39.54			37.81			43.43			41.65			42.23			46.05			49.69

All values are in US Dollars.

	2024						2023								2022
($000, except as noted)	Q3		Q2		Q1		Q4		Q3		Q2		Q1		Q4
Net operating income^(2)^
Oil and gas revenue		16,485		17,678		18,244		17,192		16,378		12,746		18,074		12,455
Royalties		3,476		3,762		4,018		3,748		3,632		2,632		3,781		2,721
Operating expenses		1,524		2,109		2,246		1,567		1,628		1,147		1,553		1,417
		11,485		11,807		11,980		11,877		11,118		8,967		12,740		8,317
						2023								2022
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(000, except<br> as noted)		Q2		Q1		Q4		Q3		Q2		Q1		Q4
Net<br> income	5,066		4,061		3,345		4,797		2,319		7,896		2,793		9,299
Basic<br> income (/share)	0.14		0.11		0.09		0.14		0.07		0.12		0.22		0.08
Adjusted<br> EBITDA(3)	10,136		10,036		10,374		10,502		9,536		7,646		11,396		6,854
Cash<br> flows from operating activities	11,783		7,318		9,695		9,974		9,631		6,013		13,030		6,098
Bank<br> debt	30,711		33,678		31,667		29,612		23,809		17,819		17,819		17,799
Total<br> assets	237,438		230,975		229,191		224,357		211,745		196,655		188,023		184,082

All values are in US Dollars.

(1) Netback from operations and netback including commodity contracts are considered Non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

(2) Net operating income is considered a Non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

(3) Adjusted EBITDA is considered a Non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

(4) Operating expenses includes compressor costs of $0.3 million in the third quarter of 2024 and $0.9 million in the first nine months of 2024 and compressor costs of $0.2 million in the third quarter of 2023 and $0.5 million in the first nine months of 2023 that are accounted for as a lease under IFRS 16.

(5) Includes natural gas and NGL processing costs related to prior years as the purchaser reassessed prior year gathering and processing costs in 2024 totaling $0.8 million, or $0.83 per BOE, in the first nine months of 2024.

| ***Kolibri Global Energy Inc.*** | | 12 | | Third Quarter 2024 |

| --- | --- | --- |

QuarterlyVariability

The results of the previous eight quarters reflect the Company’s development of the Tishomingo field with production increasing from 1,868 BOEPD in the fourth quarter of 2022 to 3,032 BOEPD in the third quarter of 2024. Changes in production have occurred between quarters due to the timing of drilling and completion operations and the temporary shut-in of wells.

Commodity prices increased significantly in 2022 due to conflict between Russia and Ukraine as reflected in the fourth quarter 2022 average price of $72.47/BOE. Prices in 2023 and the first nine months of 2024 have since stabilized as reflected in our third quarter 2024 average price of $59.09/BOE.

Adjusted EBITDA^(1)^ is impacted by the Company’s quarterly production and the changes in commodity prices. As our field development has resulted in increased production since the fourth quarter of 2022, adjusted EBITDA has reflected this increase including our third quarter 2024 adjusted EBITDA of $10.1 million.

Net income is impacted by the Company’s operations and production but it is also impacted by quarterly unrealized gains or losses on the Company’s commodity contracts between quarter which fluctuate from quarter to quarter. In addition, beginning in the fourth quarter of 2023, the Company has recognized deferred tax expense every quarter including $1.6 million recorded in the third quarter of 2024.

The Company’s bank debt has increased from $18.2 million to $31.0 million and has fluctuated depending on the timing of field development activities between quarters. Although debt has increased over the last eight quarters, the Company has consistently maintained a leverage ratio below 1.0.

(1) Adjusted EBITDA is considered a Non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” at the end of this MD&A.

CRITICALACCOUNTING ESTIMATES

The preparation of the consolidated financial statements requires management to make estimates and use judgment regarding the reported amounts of assets and liabilities, the disclosures of contingencies at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. By their nature, estimates are subject to measurement uncertainty and changes in such estimates in future years could require a material change in the financial statements. Accordingly, actual results may differ from the estimated amounts. Significant estimates and judgments made by management in the preparation of the consolidated financial statements are as follows:

Oil and gas assets

Development and production assets are assessed for recoverability at cash generating unit (“CGU”) level. The determination of CGUs is subject to management judgments. Recoverability is assessed by comparing the carrying value of the asset to its estimated recoverable amount, which is based on the higher of fair value of the assets less the cost to sell (“FVLCS”) or value in use (“VIU”). The significant estimates used in the determination of the estimated recoverable amount include the following:

●

Proved and probable oil and gas reserves – Significant assumptions that are valid at the time of oil and gas reserve estimation may change significantly when additional information becomes available. Estimates of economically recoverable proved and probable oil and gas reserves are based upon a number of significant assumptions, such as forecasted production, forecasted oil and gas commodity prices, forecasted operating costs, forecasted royalty costs, and forecasted future development costs. Changes in forecasted oil and gas commodity price assumptions, costs or recovery rates may change the economic status of proved and probable oil and gas reserves and may ultimately result in a restatement of proved and probable oil and gas reserves. Independent third-party reserve evaluators are engaged at least annually to estimate proved and probable oil and gas reserves

| ***Kolibri Global Energy Inc.*** | | 13 | | Third Quarter 2024 |

| --- | --- | --- | | ● | Discount rate – The discount rate used to calculate the net present value of cash flows is based on estimates of an industry peer group weighted average cost of capital. Changes in the economic environment could result in significant changes to this estimate. | | --- | --- |

Depletion of oil and gas assets

Depletion of development and production assets is determined based on proved and probable oil and gas reserves and includes forecasted future development costs as estimated by the Company’s independent third-party reserve evaluators. By their nature, the estimates of proved and probable oil and gas reserves are subject to measurement uncertainty. Accordingly, the impact to the consolidated financial statements in future periods could be material.

Asset retirement obligations

The provisions for site restoration and abandonment are based on current legal requirements, technology, price levels and expected plans and are based on significant assumptions such as inflation rate and discount rate. Actual costs and cash outflows can differ from estimates because of changes in laws or regulations, market conditions and changes in technology.

Derivative instruments

The estimated fair value of derivative financial instruments resulting in financial assets and liabilities, by their very nature is subject to estimation, due to the use of future oil and natural gas prices and the volatility in these prices.

Compensation costs

Compensation costs recognized for stock based compensation plans are subject to the estimation of what the ultimate payout will be using pricing models such as Black-Scholes model which is based on assumptions such as volatility, forfeiture rate, interest rate and expected term.

Income taxes

Tax interpretations, regulations and legislation in the various jurisdictions in which the Company operates are subject to change. As such income taxes are subject to measurement uncertainty. Deferred income tax assets are assessed by management at the end of the reporting period to determine the likelihood that they will be realized from future taxable earnings.

OUTSTANDINGSHARE DATA

There were 35,632,019, 35,735,965 and 35,625,587 common shares outstanding as of November 12, 2024, September 30, 2024 and December 31, 2023, respectively. The Company had 1,078,924 1,078,924 and 939,634 stock options outstanding as of November 12, 2024, September 30, 2024 and December 31, 2023, respectively. The Company had 232,125, 232,125, and 119,140 restricted share units (RSUs) granted as of November 12, 2024, September 30, 2024 and December 31, 2023, respectively.

NORMAL COURSE ISSUER BID

On September 16, 2024, the Company announced that the Toronto Stock Exchange (TSX) accepted a notice filed by the Company of its intention to make a normal course issuer bid (the “Bid”) to purchase up to an aggregate of 1,786,798 common shares, being approximately 5% of the total number of 35,735,965 common shares issued and outstanding as at September 10, 2024, through the facilities of the TSX and the Nasdaq Capital Market or through alternative Canadian trading platforms. The actual number of shares which may be purchased pursuant to the Bid will be determined by management of the Company. The price with the Company will pay for any such common shares will be the prevailing market price at the time of purchase, and any such repurchased shares will be cancelled.

No shares were repurchase in the third quarter of 2024 but, subsequent to the end of the quarter, the Company has purchased 104,000 shares at an average price of CAD$4.58 per share.

PRINCIPALBUSINESS RISKS

KEI’s business and results of operations are subject to a number of risks and uncertainties, including but not limited to the following:

●	the<br> uncertainty of finding oil and gas in commercial quantities
●	securing<br> markets for existing and future production
●	commodity<br> price fluctuations due to market forces

| ***Kolibri Global Energy Inc.*** | | 14 | | Third Quarter 2024 |

| --- | --- | --- | | ● | volatile market conditions related to the current conflicts in the Middle East and between Russia and Ukraine | | --- | --- | | ● | financial risk due to foreign exchange rates and interest rate exposure | | ● | changes to government regulations in the United States, including regulations relating to prices, taxes, royalties and environmental protection | | ● | changing government policies and regulations, social instability and other political, economic or diplomatic developments in the countries in which the Company operates | | ● | the ability to fund wells drilled in non-operated sections of the Tishomingo field | | ● | the uncertainty of pipeline repairs leading to temporary shutting-in of wells | | ● | availability of equity or debt financing is affected by many factors many of which are beyond the control of the Company | | ● | uncertainties inherent in estimating quantities of oil and natural gas reserves and cash flows to be derived therefrom | | ● | the oil and gas industry is intensely competitive and the Company competes with a large number of companies with greater resources | | ● | risks related to evolving emissions, carbon and other regulations impacting climate change and the advancement of alternative sources of renewable energy | | ● | risks related to the Credit Facility, including the risk that the Company could be required under the terms of the Credit Facility to prepay the outstanding principal amount and other amounts owing under the Credit Facility in certain circumstances, some of which are out of the Company’s control, including failure to comply with financial ratio tests, borrowing base redeterminations, Mr. Wolf Regener ceasing to be the President of Kolibri Global Energy Inc., certain changes to the board of directors of the Company and the acquisition by any person or persons acting jointly or in concert of 25% or more of the Company’s shares. There can be no assurance that the Company will be able to obtain sufficient capital to repay the Credit Facility. A failure by the Company to perform its obligations under the Credit Facility could result in, among other adverse effects, the loss of the Company’s Tishomingo Field assets. A copy of the Amended and Restated Credit Agreement was filed on SEDAR on May 26, 2023. See “Liquidity and Capital Resources” and “Contractual Obligations” above and the “Risk Factors” section in the Company’s most recent Annual Information Form. | | ● | the other risks identified in the Company’s most recent Annual Information Form under the “Risk Factors” section and the Company’s other public disclosure, available under the Company’s profile on SEDAR at www.sedarplus.ca. |

The Company seeks to mitigate these risks by:

●	maintaining<br> product mix to manage exposure to commodity price risk
●	monitoring<br> production trends to maximize the potential of its capital spending program
●	from<br> time to time, entering into financial commodity contracts to hedge against commodity price<br> risk
●	ensuring<br> strong third-party operators for non-operated properties
●	transacting<br> with creditworthy counterparties
●	monitoring<br> commodity prices and capital programs to manage cash flows
●	reviewing<br> proposed changes in applicable government regulations and laws to assess the impact on the<br> Company’s operations

| ***Kolibri Global Energy Inc.*** | | 15 | | Third Quarter 2024 |

| --- | --- | --- |

DISCLOSURECONTROLS AND PROCEDURES

The Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”) have designed, or caused to be designed under their supervision, disclosure controls and procedures (“DC&P”) and internal controls over financial reporting (“ICOFR”) as defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings in order to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements in accordance with IFRS.

The DC&P have been designed to provide reasonable assurance that material information relating to KEI is made known to the CEO and CFO by others and that information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted by KEI under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation. The Company’s CEO and CFO have concluded, based on their evaluation that the Company’s DC&P and ICOFR are effective at September 30, 2024 to provide reasonable assurance that material information related to the Company is made known to them by others within the Company.

The CEO and CFO are required to cause the Company to disclose any change in the Company’s ICOFR and DC&P that occurred during the most recent interim period that has materially affected, or is reasonably likely to materially affect, the Company’s ICOFR. No changes in ICOFR and DC&P were identified during such period that have materially affected, or are reasonably likely to materially affect, the Company’s ICOFR during the quarter ended September 30, 2024.

It should be noted that a control system, including the Company’s DC&P and ICOFR, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objective of the control system will be met and it should not be expected that DC&P and ICOFR will prevent all errors or fraud.

OUTLOOK

In the United States, the Company intends to drill and complete additional wells in the Caney/Sycamore formations on its Oklahoma lands as financing becomes available and the economic environment changes. In addition, the Company continues to utilize its technical and operational expertise to identify and acquire additional oil, gas and clean energy projects. The Company expects to continue drilling additional wells utilizing cash flows from operating activities and potentially its available borrowing capacity under its credit facility.

NON-GAAPMEASURES

The Company’s Non-GAAP Measures are not measures or ratios recognized under IFRS 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 from operating activities, working capital or other financial measures and ratios determined in accordance with IFRS, as an indicator of the Company’s performance.

Netback from operations per barrel and its components are calculated by dividing revenue, less royalties and operating expenses by the Company’s sales volume during the period. Netback including commodity contracts is calculated by adjusting netback from operations by the realized gains or losses received from commodity contracts during the period. Netback is a non-GAAP ratio but it is commonly used by oil and gas companies to illustrate the unit contribution of each barrel produced. The Company believes that the netback is a useful supplemental measure of the cash flows generated on each barrel of oil equivalent that is produced in its operations. However, non-GAAP measures and non-GAAP ratios do not have any standardized meaning prescribed by IFRS and therefore, may not be comparable to similar measures or ratios used by other companies and should not be used to make comparisons.

| ***Kolibri Global Energy Inc.*** | | 16 | | Third Quarter 2024 |

| --- | --- | --- |

The following is the reconciliation of the non-GAAP ratio netback from operations to net income:

(US $000)	Three months<br> ended September 30,						Nine months ended<br> <br>September 30,
	2024			2023			2024			2023
Net income		5,066			2,319			12,472			14,483
Adjustments:
Income tax expense		1,646			-			4,288			-
Finance income		(1,341	)		-			(871	)		-
Finance expense		902			3,683			3,304			3,189
Stock based compensation		268			157			807			531
General and administrative expenses		1,333			1,170			4,126			3,121
Depletion, depreciation and amortization		3,611			3,790			11,205			11,503
Other income		-			(1	)		(60	)		(2	)
Operating netback		11,485			11,118			35,271			32,825
Netback from operations<br> per BOE		40.01			43.28			39.78			42.48

Net operating income is similarly a non-GAAP measure that represents revenue net of royalties and operating expenses. The Company believes that net operating income is a useful supplemental measure to analyze operating performance and provides an indication of the results generated by the Company’s principal business activities prior to the consideration of other income and expenses.

The following is the reconciliation of the non-GAAP measure net operating income:

(US $000)	Three months ended<br> <br>September 30,				Nine<br> months ended<br><br> <br>September<br> 30,
	2024		2023		2024		2023
Oil and gas revenue, net of royalties		13,009		12,746		41,150		37,153
Production and operating<br> expenses		1,524		1,628		5,879		4,328
Net operating income		11,485		11,118		35,271		32,825

Adjusted EBITDA is calculated as net income before interest, taxes, depletion, depreciation and amortization and other non-cash and non-operating gains and losses. The Company considers this a key measure as it demonstrates its ability to generate cash from operations necessary for future growth excluding non-cash items, gains and losses that are not part of the normal operations of the Company and financing costs. The following is the reconciliation of the non-GAAP measure adjusted EBITDA:

(US $000)	Three months<br> ended September 30,						Nine<br> months ended<br><br> <br>September<br> 30,
	2024			2023			2024			2023
Net income		5,066			2,319			12,472			14,483
Income tax expense		1,646			-			4,288			-
Depletion and depreciation expense		3,611			3,790			11,205			11,503
Accretion expense		46			40			135			129
Interest expense		839			651			2,567			1,511
Unrealized (gain) loss on commodity contracts		(1,341	)		2,579			(871	)		412
Stock based compensation		268			157			807			531
Other income		-			(1	)		(60	)		(2	)
Foreign currency loss<br> (gain)		1			1			3			11
Adjusted EBITDA		10,136			9,536			30,546			28,578

| ***Kolibri Global Energy Inc.*** | | 17 | | Third Quarter 2024 |

| --- | --- | --- |

ProductType Disclosure

This MD&A 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 MD&A 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.

CautionaryStatements

(a)	The<br> Company’s natural gas production is reported in thousands of cubic feet (“Mcfs”).<br> The Company also uses references to barrels (“Bbls”) and barrels of oil equivalent<br> (“BOEs”) to reflect natural gas liquids and oil production and sales. BOEs may<br> be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 Bbl is<br> based on an energy equivalency conversion method primarily applicable at the burner tip and<br> does not represent a value equivalency at the wellhead. Given that the value ratio based<br> on the current price of crude oil as compared to natural gas is significantly different from<br> the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as<br> an indication of value.
(b)	Discounted<br> and undiscounted net present value of future net revenues attributable to reserves do not<br> represent fair market value.
(c)	Possible<br> reserves are those additional reserves that are less certain to be recovered than probable<br> reserves. There is a 10% probability that the quantities actually recovered will equal or<br> exceed the sum of proved plus probable plus possible reserves.
(d)	This<br> MD&A and the Company’s other public disclosure contains peak and 30-day initial<br> production rates and other short-term production rates. Readers are cautioned that initial<br> production rates are preliminary in nature and are not necessarily indicative of long-term<br> performance or of ultimate recovery.

CAUTIONREGARDING FORWARD-LOOKING INFORMATION

This MD&A contains forward-looking information including expectations regarding proposed timing and expected results of development work in the Company’s Tishomingo Field, expected productivity from current and future wells, planned capital expenditure programs and cost estimates, the effect of design and performance improvements on future productivity, planned use and sufficiency of proceeds from the Company’s debt and equity financings, compliance with debt covenants under the Company’s credit facility, cash on hand and cash flows from operating activities 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”, “intend” and similar expressions are intended to identify forward-looking statements.

| ***Kolibri Global Energy Inc.*** | | 18 | | Third Quarter 2024 |

| --- | --- | --- |

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, declines will match the modeling, 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 well shut-ins will not materially reduce production or adversely affect future productivity, that anticipated results and estimated costs will be consistent with managements’ 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, that the combination of cash on hand and cash flows from operating activities will be sufficient to finance the Company’s cash requirements through 2024, 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 reserve-based loan facility and that the borrowing base will not be reduced, 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: 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, anticipated results and estimated costs will not be consistent with managements’ expectations, that the Company will not achieve a comparable level of hedging going forward in respect of its existing production, that the Company will not achieve the results anticipated by management from the Company’s cost reduction measures, 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 conditions), well shut-ins and the potential for damage to the affected wells, 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 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 reserve-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base redetermination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, 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 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 MD&A 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.

| ***Kolibri Global Energy Inc.*** | | 19 | | Third Quarter 2024 |

| --- | --- | --- |

CORPORATEINFORMATION

DIRECTORS AND OFFICERS
Evan Templeton^1.2,3,5^
Director,<br> Chairman of the Board
Leslie O’Connor ^2,3,4,5^
Director	AUDITORS
	BDO<br> USA, P.C.
David Neuhauser ^1,3,4^	Houston,<br> TX, USA
Director
Douglas Urch ^1,2,5^	BANKERS
Director	BOK<br> Financial
	Denver,<br> CO, USA
Wolf Regener^4^
Director,<br> President and Chief Executive Officer	RBC<br> Bank Canada
	Calgary,<br> AB
Gary<br> Johnson
Chief<br> Financial Officer and Vice President	CONSULTING ENGINEERS
	Netherland,<br> Sewell & Associates, Inc.
1 Member of the Audit Committee	Houston,<br> TX, USA
2<br> Member of the Corporate Governance Committee
3<br> Member of the Compensation Committee	TRANSFER AGENT AND REGISTRAR
4<br> Member of the HS&E Committee	Computershare<br> Trust Company
5<br> Member of the Reserves Committee	Calgary,<br> AB
STOCK EXCHANGE LISTING	HEAD OFFICE
The<br> Toronto Stock Exchange	Suite<br> 220, 925 Broadbeck Drive
Trading<br> Symbol: KEI	Thousand<br> Oaks, CA, USA 91320
NASDAQ	Telephone:<br> (805) 484-3613
Trading<br> Symbol: KGEI	Fax:<br> (805) 484-9649
LEGAL COUNSEL	CANADIAN OFFICE
DuMoulin<br> Black LLP	15th<br> Floor, 1111 West Hastings St.
Vancouver,<br> BC	Vancouver,<br> BC, Canada V6E 2J3
	Telephone<br> (604) 687-1224
Haynes<br> Boone, LLP	Fax:<br> (604) 687-3635
New<br> York, NY, USA

| ***Kolibri Global Energy Inc.*** | | 20 | | Third Quarter 2024 |

| --- | --- | --- |

Exhibit99.3

FORM52-109F2

CERTIFICATIONOF INTERIM FILINGS

FULLCERTIFICATE

I, Wolf Regener the Chief Executive Officer of Kolibri Global Energy Inc., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Kolibri Global Energy Inc. (the “issuer”) for the interim period ended September 30, 2024.

No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

A.	designed<br> DC&P, or caused it to be designed under our supervision, to provide reasonable assurance<br> that
I.	material<br> information relating to the issuer is made known to us by others, particularly during the<br> period in which the interim filings are being prepared; and
---	---
II.	information<br> required to be disclosed by the issuer in its annual filings, interim filings or other reports<br> filed or submitted by it under securities legislation is recorded, processed, summarized<br> and reported within the time periods specified in securities legislation; and
---	---
B.	designed<br> ICFR, or caused it to be designed under our supervision, to provide reasonable assurance<br> regarding the reliability of financial reporting and the preparation of financial statements<br> for external purposes in accordance with the issuer’s GAAP.
---	---

5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Internal Control – Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2N/A

5.3N/A

Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2024 and ended on September 30, 2024 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 12, 2024

“Wolf Regener”
Wolf Regener
Chief Executive Officer

Exhibit99.4

FORM52-109F2CERTIFICATION OF INTERIM FILINGSFULL CERTIFICATE

I, Gary Johnson the Chief Financial Officer of Kolibri Global Energy Inc., certify the following:

Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Kolibri Global Energy Inc. (the “issuer”) for the interim period ended September 30, 2024.
No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

A.	designed<br> DC&P, or caused it to be designed under our supervision, to provide reasonable assurance<br> that
I.	material<br> information relating to the issuer is made known to us by others, particularly during the<br> period in which the interim filings are being prepared; and
---	---
II.	information<br> required to be disclosed by the issuer in its annual filings, interim filings or other reports<br> filed or submitted by it under securities legislation is recorded, processed, summarized<br> and reported within the time periods specified in securities legislation; and
---	---
B.	designed<br> ICFR, or caused it to be designed under our supervision, to provide reasonable assurance<br> regarding the reliability of financial reporting and the preparation of financial statements<br> for external purposes in accordance with the issuer’s GAAP.
---	---

5.2 N/A

5.3N/A

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2024 and ended on September 30, 2024 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 12, 2024

“Gary Johnson”
GaryJohnson
ChiefFinancial Officer

Exhibit99.5

925<br> Broadbeck Drive, Suite 220<br><br> <br>Thousand Oaks, California 91320<br><br> <br>Phone:<br>(805) 484-3613<br><br> <br><br><br> <br>TSX<br> ticker symbol; KEI<br><br> <br>NASDAQ<br>ticker symbol; KGEI

ForImmediate Release

KOLIBRIGLOBAL ENERGY ANNOUNCES INCREASES OF 118% IN NET INCOME

AND100% IN EPS FOR THIRD QUARTER 2024

THOUSANDOAKS, CALIFORNIA, November 12, 2024 -

All amounts are in U.S. Dollars unless otherwise indicated:

THIRD QUARTER 2024 HIGHLIGHTS

●	Net<br> income for the third quarter of 2024 was $5.1 million and EPS was $0.14/share compared to<br> net income of $2.3 million and EPS of $0.07/share for the third quarter of 2023, an increase<br> of 118% and 100%, respectively. The increase was mainly due to an unrealized gain on commodity<br> contracts of $1.3 million that was recorded in the third quarter of 2024 compared to an unrealized<br> loss on commodity contracts of $2.6 million in the third quarter of 2023. In addition, the<br> third quarter of 2024 had higher production which was offset by lower average prices and<br> higher income tax expense compared to the third quarter of 2023
●	Average<br> production for the third quarter of 2024 was 3,032 BOEPD, an increase of 11% compared to<br> the third quarter of 2023, which was 2,737 BOEPD. The increase was due to production from<br> the wells that were drilled and completed in the last three months of 2023 and the first<br> nine months of 2024
●	Adjusted<br> EBITDA^(1)^ was $10.1 million in the third quarter of 2024 compared to $9.5 million<br> in the third quarter of 2023, an increase of 6%. The increase was primarily due to an increase<br> in production of 11%, partially offset by a decrease in average prices of 9%
●	Revenue,<br> net of royalties was $13.0 million in the third quarter of 2024 compared to $12.7 million<br> for the third quarter of 2023, which was an increase of 2%, as production increased by 11%<br> which was mostly offset by a decrease in average prices of 9%
●	Production<br> and operating expenses per barrel averaged $6.63 per BOE in the third quarter of 2024 compared<br> to $7.34 per BOE in the third quarter of 2023, a decrease of 10%. The decrease was due to<br> increased production which reduced the per barrel fixed costs
●	Average<br> netback from operations^(2)^ for the third quarter of 2024 was $40.01/boe, a decrease<br> of 8% from the prior year third quarter due to lower prices in 2024. Average netback including<br> commodity contracts^(2)^ for the third quarter of 2024 was $39.95 per boe, a decrease<br> of 4% from the prior year third quarter
●	In<br> October 2024, the credit facility was redetermined with the same $50 million borrowing base.<br> At September 30, 2024, the Company had $19.0 million of available borrowing capacity on its<br> credit agreement and its net debt outstanding was $29.1 million
(1)	Adjusted<br> EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures”<br> of this earnings release.
---	---
(2)	Netback<br> from operations and netback including commodity contracts are considered non-GAAP ratios.<br> Refer to the section entitled “Non-GAAP Measures” of this earnings release.

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

“We are pleased that the Company continues to increase production, adjusted EBITDA and net income as we continue our 2024 drilling program to demonstrate the growth potential of our field. Our production increased by 11% during the quarter and our net income more than doubled. We expect continued growth in the fourth quarter as we enter into a new phase of the Company’s development where we believe the most economic strategy is to drill longer laterals. The three Alicia Renee wells, our first 1.5-mile lateral wells, are still flowing back the fracture stimulation fluid. The wells are still cleaning up, but over the last five days, the Alicia 2-11-3H well has averaged 1,049 Barrels of oil equivalent per day (“BOEPD”) (720 barrels of oil per day (“BOPD”)), the Alicia 2-11-4H well has averaged 845 BOEPD (590 BOPD) and the Alicia 2-11-5H well has averaged 630 BOEPD (435 BOPD).”

	Third Quarter							First Nine Months
	2024		2023		%			2024		2023		%
Net Income:
$ Thousands	$	5,066	$	2,319		118	%	$	12,472	$	14,396		(14	)%
$ per basic common share	$	0.14	$	0.07		100	%	$	0.35	$	0.41		(15	)%
$ per diluted shares	$	0.14	$	0.06		133	%	$	0.35	$	0.40		(13	)%
Capital Expenditures	$	9,798	$	17,247		(43	)%	$	21,545	$	37,177		(42	)%
Average Production (Boepd)		3,032		2,737		11	%		3,154		2,780		13	%
Average Price per BOE	$	59.09	$	65.04		(9	)%	$	60.64	$	62.19		(2	)%
Average Netback from operations^(2)^ per Barrel	$	40.01	$	43.28		(8	)%	$	39.78	$	42.48		(6	)%
Average Netback including<br> commodity contracts^(2)^ per Barrel	$	39.95	$	41.65		(4	)%	$	39.09	$	41.00		(5	)%
	September <br>2024			June <br>2024			December<br><br> <br>2023
---	---	---	---	---	---	---	---	---	---
Cash and Cash Equivalents	$	1,619		$	549		$	598
Working Capital	$	(3,965	)	$	(1,885	)	$	(11,916	)
Borrowing capacity	$	19,042		$	16,042		$	10,042
(1)	Adjusted<br> EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures”<br> of this earnings release.
---	---
(2)	Netback<br> from operations and netback including commodity contracts are considered non-GAAP ratios.<br> Refer to the section entitled “Non-GAAP Measures” of this earnings release.

Third Quarter 2024 versus Third Quarter 2023

Oil and gas gross revenues totaled $16.5 million in the third quarter of 2024 versus $16.4 million in the third quarter of 2023. Oil gross revenues totaled $15.4 million in the third quarter of 2024 versus $15.3 million in the third quarter of 2023. Oil revenues increased 1% as oil production increases of 8% were offset by average oil price decreases of 7%. Natural gas revenues decreased by $0.2 million or 45% as natural gas prices decreased 55% partially offset by production increases of 24%. Natural gas liquids (NGLs) revenues increased $0.2 million or 21% as NGL prices increased 4% and production increased 17%.

Average third quarter 2024 production per day increased 295 boepd or 11% from the third quarter of 2023. The increase is due to production from the wells that were drilled and completed in the last three months of 2023 and the first nine months of 2024.

Production and operating expenses decreased to $1.5 million in the third quarter of 2024, a decrease of 6%. Operating expenses averaged $6.63 per BOE for the third quarter of 2024 compared to $7.34 per BOE for the third quarter of 2023. The decrease was due to increased production which reduced the per barrel fixed costs.

General and administrative expenses increased $0.2 million or 14% in the third quarter of 2024 due to higher accounting fees and public company costs that resulted from listing on the NASDAQ stock market as well as higher payroll and director costs and higher investor relations and marketing costs in 2024.

Finance income increased by $1.3 million in the third quarter of 2024 compared to the prior year third quarter due to realized gains on commodity contracts in the third quarter of 2024.

Finance expense decreased by $2.8 million in the third quarter of 2024 due to unrealized losses on commodity contracts of $2.5 million in the prior year third quarter.

FIRST NINE MONTHS 2024 HIGHLIGHTS

●	Average<br> production for the nine months ended September 30, 2024 was 3,154 BOEPD, an increase of 13%<br> from the average production of 2,780 BOEPD in the same period of 2023. The increase is due<br> to production from the wells that were drilled and completed in the last three months of<br> 2023 and the first nine months of 2024.
●	Adjusted<br> EBITDA^(1)^ was $30.5 million for the nine months ended September 30, 2024 compared<br> to $28.6 million for the prior year period, an increase of 7%. The increase was due to a<br> 13% increase in production partially offset by a decrease in average prices of 2% compared<br> to the same period in 2023.
●	Revenue,<br> net of royalties was $41.2 million in the first nine months of 2024 compared to $37.2 million<br> for the first nine months of 2023, which was an increase of 11%, as production increased<br> by 13% partially offset by a decrease in average prices of 2%
●	Net<br> income for the first nine months of 2023 was $12.5 million and Basic EPS was $0.35/share<br> compared to net income of $14.5 million and Basic EPS of $0.41/share for the first nine months<br> of 2023 primarily due to an increase in income tax expense, partially offset by higher revenues<br> and an unrealized gain on commodity contracts in 2024
●	Average<br> netback from operations^(2)^ for the first nine months of 2024 was $39.78/boe, a<br> decrease of 6% from the prior year period due to lower prices and higher operating expenses<br> in 2024, mainly due to reassessed prior year costs. Netback including commodity contracts^(2)^for the first nine months of 2024 was $39.09/boe which was 5% lower than the prior<br> year period
(1)	Adjusted<br> EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures”<br> of this earnings release.
---	---
(2)	Netback<br> from operations and netback including commodity contracts are considered non-GAAP ratios.<br> Refer to the section entitled “Non-GAAP Measures” of this earnings release.

First Nine Months of 2024 versus First Nine Months of 2023

Oil and gas gross revenues totaled $52.4 million in the first nine months of 2024 versus $47.2 million in the first nine months of 2023, an increase of 11%. Oil revenues were $48.6 million in the first nine months of 2024 versus $43.5 million in the same period of 2023, an increase of 12%, as average production increased by 10% and average in oil prices increased by 1%. Natural gas revenues decreased $0.6 million or 44% due to an average natural gas price decrease of 54% partially offset by a 22% increase in natural gas production. NGL revenue increased $0.7 million or 33% due to an increase in NGL production of 25% and an average NGL price increase of 6% in the first nine months of 2024 compared to the comparable prior year period.

Average production per day for the first nine months of 2024 increased 13% to 3,154 boepd from the prior year comparable period. The increase is due to production from the wells that were drilled and completed in the last three months of 2023 and the first nine months of 2024.

Production and operating expenses increased to $5.9 million or 38% in the first nine months of 2024 compared to the prior year period. Production and operating expenses per barrel averaged $7.84 per BOE in the first nine months of 2024 compared to $6.47 per BOE in the first nine months of 2023. The increase was mainly due to natural gas and NGL processing costs of $0.8 million related to prior years as the purchaser reassessed prior year gathering and processing costs in 2024. Under the terms of the Company’s contract with the purchaser, adjustments to fee billings over the last 24 months are permissible. The adjustments received to date cover 2022 and 2023. The increase is also due to having more wells on production and an increase in water hauling costs in 2024 compared to the prior year.

General and administrative expenses increased $1.0 million or 32% in the first nine months of 2024 due to higher accounting fees and public company costs that resulted from listing on the NASDAQ stock market as well as higher payroll and director costs and higher investor relations and marketing costs in 2024.

Finance income increased by $0.9 million in the first nine months of 2024 due to unrealized gains on financial commodity contracts recorded in 2024.

Finance expense increased $0.1 million in the first nine months of 2024 due to higher interest expense partially offset by lower realized losses on commodity contracts.

KOLIBRIGLOBAL ENERGY INC.

CONDENSEDCONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited,Expressed in Thousands of United States Dollars)

($000except as noted)

	September<br> 30			December 31
	2024			2023
Current Assets
Cash	$	1,619		$	598
Accounts receivable and<br> other receivables		5,623			5,492
Deposits and prepaid expenses		880			838
Fair value of commodity<br> contracts		697			-
		8,819			6,928
Non-current assets
Property, plant and equipment		227,685			216,161
Right of use assets		813			1,190
Fair value of commodity<br> contracts		121			78
		228,619			217,429
Total Assets	$	237,438		$	224,357
Current Liabilities
Accounts payables and other<br> payables		12,444		$	12,596
Lease liabilities		675			32
Fair value of commodity<br> contracts		-			1,421
		13,119			14,049
Non-current liabilities
Loans and borrowings		30,711			29,612
Asset retirement obligations		2,238			1,966
Deferred income taxes		7,339			3,359
Lease liabilities		171			162
Fair value of commodity<br> contracts		-			-
		40,459			35,099
Equity
Shareholder’ capital		296,458			296,232
Contributed surplus		24,927			24,179
Accumulated<br> deficit		(137,525	)		(149,997	)
		183,860			170,414
Total Equity and Liabilities	$	237,438		$	224,357

KOLIBRIGLOBAL ENERGY INC.

CONDENSEDCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

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

($000 except as noted)

	Third<br> Quarter						First<br> Nine Months
	2024			2023			2024			2023
Oil and natural gas revenue,<br> net	$	13,009		$	12,746		$	41,150		$	37,153
Other income		-			1			60			2
		13,009			12,747			41,210			37,155
Production and operating expenses		1,524			1,628			5,879			4,328
Depletion and depreciation expense		3,611			3,790			11,205			11,503
General and administrative expenses		1,333			1,170			4,126			3,121
Stock based compensation		268			157			807			531
		6,736			6,745			22,017			19,483
Finance income		1,341			-			871			-
Finance expense		(902	)		(3,683	)		(3,304	)		(3,189	)
Income tax expense		(1,646	)		-			(4,288	)		-
Net income		5,066			2,319			12,472			14,483
Basic net income<br> per share	$	0.14		$	0.07		$	0.35		$	0.41
Diluted net income<br> per share	$	0.14		$	0.06		$	0.34		$	0.40

KOLIBRIGLOBAL ENERGY INC.

THIRDQUARTER 2024

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

	Third<br> Quarter						First<br> Nine Months
	2024			2023			2024			2023
Oil revenue before royalties	$	15,398		$	15,270		$	48,647		$	43,537
Gas revenue before royalties		216			390			808			1,437
NGL revenue before royalties		871			718			2,952			2,224
Oil and Gas gross revenue		16,485			16,378			52,407			47,198
Adjusted EBITDA^(1)^		10,136			9,536			30,546			28,578
Capital expenditures		9,798			17,247			21,545			37,177
Average oil production (Bopd)		2,247			2,083			2,326			2,110
Average natural gas production (mcf/d)		1,948			1,565			2,078			1,698
Average NGL production (Boepd)		460			393			482			387
Average production (Boepd)		3,032			2,737			3,154			2,780
Average oil price ($/bbl)	$	74.48		$	79.70		$	76.32		$	75.57
Average natural gas price ($/mcf)	$	1.21		$	2.71		$	1.42		$	3.10
Average NGL price ($/bbl)	$	20.60		$	19.84		$	22.35		$	21.04
Average price (Boe)	$	59.09		$	65.04		$	60.64		$	62.19
Royalties (Boe)		12.45			14.42			13.02			13.24
Operating expenses (Boe)		6.63			7.34			7.84			6.47
Netback from operations^(2)^(Boe)	$	40.01		$	43.28		$	39.78		$	42.48
Price<br> impact from commodity contracts^(3)^ (Boe)		(0.06	)		(1.63	)		(0.69	)		(1.48	)
Netback<br> including commodity contracts^(2)^ (Boe)	$	39.95		$	41.65		$	39.09		$	41.00
(1)	Adjusted<br> EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures”<br> of this earnings release.
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(2)	Netback<br> from operations and netback including commodity contracts are considered non-GAAP ratios.<br> Refer to the section entitled “Non-GAAP Measures” of this earnings release.
(3)	Price<br> impact from commodity contracts includes the positive or negative adjustment to the average<br> price per barrel that the Company realized from its commodity contracts.

The information outlined above is extracted from and should be read in conjunction with the Company’s unaudited financial statements for the three and nine months ended September 30, 2024 and the related management’s discussion and analysis thereof, copies of which are available under the Company’s profile at www.sedarplus.ca.

NON-GAAPMEASURES

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 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.

Netback from operations per barrel and its components are calculated by dividing revenue, less royalties and operating expenses by the Company’s sales volume during the period. Netback including commodity contracts is calculated by adjusting netback from operations by the realized gains or losses received from commodity contracts during the period. Netback is a non-GAAP ratio but it is commonly used by oil and gas companies to illustrate the unit contribution of each barrel produced. The Company believes that the netback is a useful supplemental measure of the cash flow generated on each barrel of oil equivalent that is produced in its operations. However, non-GAAP measures and non-GAAP ratios do not have any standardized meaning prescribed by IFRS and therefore, may not be comparable to similar measures or ratios used by other companies and should not be used to make comparisons.

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<br><br> September<br> 30,						Nine months ended <br><br>September 30,
	2024			2023			2024			2023
Net income		5,066			2,319			12,472			14,483
Adjustments:
Income tax expense		1,646			-			4,288			-
Finance income		(1,341	)		1			(871	)		-
Finance expense		902			3,682			3,304			3,189
Share based compensation		268			157			807			531
General and administrative expenses		1,333			1,170			4,126			3,121
Depletion, depreciation and amortization		3,611			3,790			11,205			11,503
Other income		-			(1	)		(60	)		(2	)
Operating netback		11,485			11,118			35,271			32,825
Netback from operations<br> per BOE		40.01			43.28			42.48			42.48

Adjusted EBITDA is calculated as net income before interest, taxes, depletion and depreciation and other non-cash and non-operating gains and losses. The Company considers this a key measure as it demonstrates its ability to generate cash from operations necessary for future growth excluding non-cash items, gains and losses that are not part of the normal operations of the Company and financing costs. The following is the reconciliation of the non-GAAP measure adjusted EBITDA:

(US $000)	Three months ended<br><br> September<br> 30,						Nine months ended<br><br> September 30,
	2024			2023			2024			2023
Net income		5,066			2,319			12,472			14,483
Income tax expense		1,646			-			4,288			-
Depletion and depreciation expense		3,611			3,790			11,205			11,503
Accretion expense		46			40			135			129
Interest expense		839			651			2,567			1,511
Unrealized (gain) loss on commodity contracts		(1,341	)		2,579			(871	)		412
Stock based compensation		268			157			807			531
Other income		-			(1	)		(60	)		(2	)
Foreign currency (gain)<br> loss		1			1			3			11
Adjusted EBITDA		10,136			9,536			30,546			28,578

ProductType 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.

CautionaryStatements

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

(a)	The<br> Company’s natural gas production is reported in thousands of cubic feet (“Mcfs”).<br> The Company also uses references to barrels (“Bbls”) and barrels of oil<br> equivalent (“Boes”) to reflect natural gas liquids and oil production<br> and sales. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio<br> of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at<br> the burner tip and does not represent a value equivalency at the wellhead. Given that the<br> value ratio based on the current price of crude oil as compared to natural gas is significantly<br> different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be<br> misleading as an indication of value.
(b)	Discounted<br> and undiscounted net present value of future net revenues attributable to reserves do not<br> represent fair market value.
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(c)	Possible<br> reserves are those additional reserves that are less certain to be recovered than probable<br> reserves. There is a 10% probability that the quantities actually recovered will equal or<br> exceed the sum of proved plus probable plus possible reserves.
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(d)	The<br> Company discloses peak and 30-day initial production rates and other short-term production<br> rates. Readers are cautioned that such production rates are preliminary in nature and are<br> not necessarily indicative of long-term performance or of ultimate recovery.
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CautionRegarding 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, expectations regarding cash flow and continued growth in the fourth quarter, 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 and 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, 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: 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, 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 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.

With respect to estimated reserves, the evaluation of the Company’s reserves is based on a limited number of wells with limited production history and includes a number of assumptions relating to factors such as availability of capital to fund required infrastructure, commodity prices, production performance of the wells drilled, successful drilling of infill wells, the assumed effects of regulation by government agencies and future capital and operating costs. All of these estimates will vary from actual results. Estimates of the recoverable oil and natural gas reserves attributable to any particular group of properties, classifications of such reserves based on risk of recovery and estimates of future net revenues expected therefrom, may vary. The Company’s actual production, revenues, taxes, development and operating expenditures with respect to its reserves will vary from such estimates, and such variances could be material. In addition to the foregoing, other significant factors or uncertainties that may affect either the Company’s reserves or the future net revenue associated with such reserves include material changes to existing taxation or royalty rates and/or regulations, and changes to environmental laws and regulations.

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.

AboutKolibri Global Energy Inc.

KolibriGlobal Energy Inc. is a North American energy company focused on finding and exploiting energy projects in oil and gas. Through varioussubsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical andoperational expertise to identify and acquire additional projects in oil, gas and clean and sustainable energy. The Company’s sharesare traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI.

Forfurther information, contact:

Wolf E. Regener, President and Chief Executive Officer +1 (805) 484-3613

Email: investorrelations@kolibrienergy.com

Website: www.kolibrienergy.com