6-K
Kolibri Global Energy Inc. (KGEI)
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 March 2026
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
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> March 17, 2026 | By: | /s/ Gary Johnson |
| Name: | Gary<br> Johnson | |
| Title: | Chief<br> Financial Officer |
Exhibit 99.1
| 925<br>Broadbeck Drive, Suite 220,<br><br> <br>Thousand<br>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 INC. ANNOUNCES 2025 PROVED DEVELOPED RESERVE INCREASE OF 30% AND YEAREND EARNINGS CALL
ThousandOaks CALIFORNIA, March 17, 2026 – Kolibri Global Energy Inc. (the “Company” or “KGEI”) (TSX: KEI, NASDAQ: KGEI) is providing the results of its December 31, 2025, independent reserves evaluation. All amounts are in US$ unless otherwise stated.
Wolf Regener, President and CEO, commented: “We are very pleased that our proved developed producing reserves increased by 30 percent due to our successful 2025 drilling program. Proved developed producing reserves valuation (NPV discounted at 10%) increased by 10% to $189 million, despite the much lower oil prices used in this reserve report. The 2026 oil price used in the reserve report is $58 a barrel which is 24% below the previous year’s report of $76 a barrel. This is in stark contrast to current oil prices, which are in excess of $90 per barrel.
“Total proved reserves increased 1% in 2025, even though we drilled almost all of our wells in Proved locations and produced approximately 1.5 million barrels of oil equivalent (BOE) of proved reserves. And, with our percentage of PDP versus Total Proved reserves at 29%, we still have a significant amount of proved undeveloped reserves to be able to convert into future production.
“Over the last three years, we have achieved a fantastic 35% compound annual production growth rate. We look forward to continuing our success with our drilling program this year, which we are planning to begin in June. We are preparing multiple pad locations to quickly give us the ability to increase our drilling activity if oil prices remain elevated through 2026.”
2025Gross Reserves Summary
| ● | Total<br> Proved Reserves of 40.8 million BOEs |
|---|
- an increase of 1% from the December 31, 2024, estimate
| ● | Proved<br> plus Probable Reserves of 57.6 million BOEs |
|---|
- an increase of 7% from the December 31, 2024, estimate
| ● | Proved<br> plus Probable plus Possible Reserves of 71.9 million BOEs |
|---|
- an increase of 0.5% from the December 31, 2024, estimate
| - 2 - |
| --- |
NetPresent Value of Reserves discounted at 10%
| ● | Total<br> Proved Reserves before tax of US$440.7 million |
|---|
- a decrease of 18% from the December 31, 2024 estimate
| ● | Proved<br> plus Probable Reserves before tax of US$583.9 million |
|---|
- a decrease of 16% from the December 31, 2024 estimate
| ● | Proved<br> plus Probable plus Possible Reserves before tax of US$726.5 million |
|---|
- a decrease of 20% from the December 31, 2024 estimate
The evaluation of the Company’s reserves in the Caney formation of the Tishomingo Field in the SCOOP area of Oklahoma was conducted by Netherland, Sewell & Associates, Inc. (“NSAI”) in accordance with National Instrument 51-101 – Standardsof Disclosure for Oil and Gas Activities.
The above total Proved reserves are attributed to the 45 Caney wells, four Woodford wells (4.9% working interest for the Company) and one Sycamore well (0.7% working interest for the Company), and the drilling of 34.85 net additional wells over the next four years. The Probable reserves are attributed to the drilling of 10.92 net additional wells over the next five years. The wells in NSAI’s 2025 report are planned at 107 to 213 acre spacing (6 wells per section) on approximately 17,696 net acres.
| Summary of Oil & Gas Reserves | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tight Oil | Shale Gas | Natural Gas Liquids | MBOEs | |||||||||||||
| Reserve Category | KGEI Gross (Mbbl) | Net (Mbbl) | KGEI Gross (MMcf) | Net (MMcf) | KGEI (Mbbl) | Net (Mbbl) | KGEI (Mbbl) | Net (Mbbl) | ||||||||
| Proved | ||||||||||||||||
| Developed Producing | 7,937 | 6,215 | 9,976 | 7,796 | 2,134 | 1,668 | 11,732 | 9,181 | ||||||||
| Undeveloped | 18,232 | 14,443 | 28,409 | 22,480 | 6,071 | 4,804 | 29,038 | 22,994 | ||||||||
| Total Proved | 26,169 | 20,658 | 38,385 | 30,277 | 8,205 | 6,472 | 40,770 | 32,175 | ||||||||
| Probable | 10,342 | 8,226 | 17,021 | 13,547 | 3,638 | 2,895 | 16,816 | 13,379 | ||||||||
| Total Proved Plus Probable | 36,511 | 28,884 | 55,406 | 43,823 | 11,843 | 9,368 | 57,586 | 45,554 | ||||||||
| Possible | 10,336 | 8,268 | 10,324 | 8,224 | 2,207 | 1,758 | 14,262 | 11,396 | ||||||||
| Total Proved Plus Probable Plus Possible | 46,846 | 37,152 | 65,730 | 52,048 | 14,050 | 11,126 | 71,848 | 56,950 |
| - 3 - |
| --- |
Net Present Value of Future Net Revenue
As of December 31, 2025
Forecast Prices & Costs
| Net Present Value of Future Net Revenue ( millions) | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Before Income Tax | After Income Tax | ||||||||||||||||||
| Reserve Category | 0% | 5% | 10% | 15% | 20% | 0% | 5% | 10% | 15% | 20% | |||||||||
| United States | |||||||||||||||||||
| Proved | |||||||||||||||||||
| Developed Producing | 241.0 | 188.9 | 156.6 | 134.9 | 334.5 | 241.0 | 188.9 | 156.6 | 134.9 | ||||||||||
| Undeveloped | 388.6 | 251.7 | 172.9 | 122.7 | 431.2 | 268.5 | 173.6 | 115.3 | 77.5 | ||||||||||
| Total Proved | 629.5 | 440.7 | 329.5 | 257.5 | 765.7 | 509.5 | 362.5 | 271.9 | 212.4 | ||||||||||
| Probable | 242.9 | 143.2 | 93.8 | 65.7 | 363.3 | 193.7 | 115.0 | 74.8 | 52.3 | ||||||||||
| Total Proved Plus Probable | 872.4 | 583.9 | 423.3 | 323.2 | 1,129.0 | 703.2 | 477.5 | 346.7 | 264.7 | ||||||||||
| Possible | 252.4 | 142.6 | 92.7 | 65.3 | 426.0 | 200.0 | 109.0 | 67.7 | 46.4 | ||||||||||
| Total Proved Plus Probable plus Possible | 1,124.8 | 726.5 | 516.0 | 388.6 | 1,555.0 | 903.2 | 586.5 | 414.4 | 311.1 |
All values are in US Dollars.
Note: All dollar values are expressed in U.S. dollars and may not add due to rounding.
The Company’s reserves are derived from non-conventional oil and gas activities. The Company’s reserves are contained in a shale oil reservoir from which light/medium oil is produced and gas and natural gas liquids are produced as by-products. In previous statements, the light/medium oil was referred to as “tight oil”.
These after-income tax net present values reflect the tax burden on the Company’s Tishomingo Field interests on a standalone basis, do not consider the business-entity-level tax situation or tax planning, and do not provide an estimate of the value at the level of the business entity, which may be significantly different. The financial statements and the management’s discussion and analysis (MD&A) of the Company should be consulted for information at the level of the business entity.
Readers are referred to the Company’s Form 51-101F1 Statement of Reserves Data and Other Oil & Gas Information for the year ended December 31, 2025, which can be accessed electronically from the SEDAR+ website at www.sedarplus.ca, for additional information.
Year End Earnings Release and Earnings Call
The Company expects to release financial and operating results for 2025 before the market opens on March 19, 2026.
In connection with the earnings release, management will host a conference call for investors and analysts on March 19, 2026, at 9:00 a.m. Pacific time to discuss the Company’s results and to host a Q&A session. Interested parties are invited to participate by calling:
Dial-In: 1-833-890-5570
International Dial-In: 1-412-504-9708
When calling, please request to be joined into the Kolibri Global Energy Inc. call.
| - 4 - |
| --- |
“BOEs”refers to barrels of oil equivalent. BOEs/boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalencyat the wellhead. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. Thereis a 10% probability that the quantities actually recovered will equal or exceed the sum of provided plus probable plus possible reserves.The present value of estimated future net revenues referred to herein does not represent fair market value and should not be construedas the current market value of estimated crude oil and natural gas reserves attributable to the Company’s properties. Readers shouldbe aware that references to initial production rates and other short-term production rates are preliminary in nature and are not necessarilyindicative of long-term performance or of ultimate recovery.
Thisnews 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” refersto shale gas, in each case as defined by NI 51-101. Production from our wells, primarily disclosed in this news release in BOEs, consistsof mainly oil and associated wet gas. The wet gas is delivered via gathering system and then pipelines to processing plant where it istreated and sold as natural gas and NGLs.
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 and gas. The Company’s shares are traded on the TorontoStock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI.
Forfurther information, contact:
Wolf E. Regener +1 (805) 484-3613
Email: [email protected]
Website: www.kolibrienergy.com
CautionRegarding Forward-Looking Information
Certainstatements contained in this news release constitute “forward-looking information” as such term is used in applicable Canadiansecurities laws, including statements regarding estimates of reserves and future net revenue and cash flow, expectations regarding additionalreserves and statements regarding Caney wells development, including plans, anticipated results, and timing and the Company’s workinginterest, and expectations regarding the Company’s 2026 drilling program. Forward-looking information is subject to a variety ofrisks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projectedin such forward-looking information. Estimated reserves and future net revenue have been independently evaluated by NSAI with an effectivedate of December 31, 2025. This evaluation is based on a limited number of wells with limited production history and includes a numberof assumptions relating to factors such as availability of capital to fund required infrastructure, commodity prices, production performanceof the wells drilled, successful drilling of infill wells, the assumed effects of regulation by government agencies and future capitaland operating costs. All of these estimates will vary from actual results. Estimates of the recoverable oil and natural gas reservesattributable to any particular group of properties, classifications of such reserves based on risk of recovery and estimates of futurenet revenues expected therefrom, will vary. The Company’s actual production, revenues, taxes, development and operating expenditureswith respect to its reserves will vary from such estimates, and such variances could be material. Estimates of after-tax net presentvalue are dependent on a number of factors including utilization of tax-loss carry forwards. In addition to the foregoing, other significantfactors or uncertainties that may affect either the Company’s reserves or the future net revenue associated with such reservesinclude material changes to existing taxation or royalty rates and/or regulations, and changes to environmental laws and regulations.Forward-looking information regarding Caney wells development and expectations regarding additional reserves are based on plans and estimatesof management and interpretations of exploration information by the Company’s exploration team at the date the information is providedand is subject to several factors and assumptions of management, including that required regulatory approvals and capital will be availablewhen required, 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 demand for oil and gas will be sustained, that the price of oil will be sustainedor increase, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contractdisputes or shortages are encountered, that the development plans of the Company and its co-venturers will not change, and is subjectto a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially fromthose projected in such forward-looking information, including that anticipated results and estimated costs will not be consistent withmanagements’ expectations, the risk of commodity price and foreign exchange rate fluctuations, the Company or its subsidiariesnot being able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatoryapprovals are otherwise not available when required, that capital is not available when required, that unexpected geological resultsare encountered and that equipment failures, permitting delays or labor or contract disputes or shortages are encountered.
Informationon other important economic factors or significant uncertainties that may affect components of the reserves data and the other forwardlooking statements in this release are contained in the Company’s Form 51-101F1 Statement of Reserves Data and Other Oil &Gas Information for the year ended December 31, 2025, the Company’s Management Discussion and Analysis and the Company’sAnnual Information Form under “Risk Factors”, which are available under the Company’s profile at www.sedarplus.ca.The Company undertakes no obligation to update forward-looking statements, other than as required by applicable law.
Exhibit99.2
FORM51-101F1 –
STATEMENTOF RESERVES DATA
ANDOTHER OIL AND GAS INFORMATION
Forthe Year Ended December 31, 2025
March 17, 2026
TABLEOF CONTENTS
| PART 1: INTRODUCTION | 4 | |
|---|---|---|
| PART 2: DISCLOSURE OF RESERVES DATA | 5 | |
| **** | 2.1 Reserves Data (Forecast Prices and Costs) | 5 |
| PART 3: PRICING ASSUMPTIONS | 7 | |
| **** | 3.1 Forecast Prices Used in Estimates | 7 |
| PART 4: RECONCILIATIONS OF CHANGES IN RESERVES AND FUTURE NET REVENUE | 8 | |
| **** | 4.1 Reserves Reconciliation | 8 |
| PART 5: ADDITIONAL INFORMATION RELATING TO RESERVES DATA | 9 | |
| **** | 5.1 Undeveloped Reserves | 9 |
| **** | 5.2 Significant Factors or Uncertainties | 9 |
| **** | 5.3 Future Development Costs | 10 |
| PART 6: OTHER OIL AND GAS INFORMATION | 11 | |
| **** | 6.1 Oil and Gas Properties and Wells | 11 |
| **** | 6.2 Properties with No Attributed Reserves | 12 |
| **** | 6.3 Forward Contracts | 12 |
| **** | 6.4 Tax Horizon | 13 |
| **** | 6.5 Costs Incurred | 13 |
| **** | 6.6 Exploration and Development Activities | 13 |
| **** | 6.7 Production Estimates | 14 |
| **** | 6.8 Production History | 14 |
| PART 7: NOTES | 15 |
GLOSSARYOF TERMS
**“AIF”**refers to the Company’s Annual Information Form filed on SEDAR+
**“AIT”**stands for ‘After Income Taxes’;
**“BIT”**stands for ‘Before Income Taxes’;
**“Company”**or “KGEI” means Kolibri Global Energy Inc.;
**“NSAI”**means Netherland, Sewell & Associates, Inc., independent petroleum engineering consultants of Houston, Texas, U.S.;
“NI51-101” refers to National Instrument 51-101; and
“WoodfordSale” means the sale by Kolibri Energy US Inc. of its Tishomingo field assets, excluding the Caney and Upper Sycamore formations, the completion of which was announced by the Company on April 21, 2013.
Abbreviations
| Bbl | Barrel |
|---|---|
| Bbls | Barrels |
| Bcfe | Billion<br> cubic feet of gas equivalent |
| Boe | Barrels<br> of oil equivalent (converted at 6 Mcf to 1 Boe) |
| Bopd | Barrels<br> of oil per day |
| Mbbls | Thousand<br> barrels |
| MMboe | Millions<br> of barrels of oil equivalent |
| Mcf | Thousand<br> cubic feet |
| MMcf | Million<br> cubic feet |
| Mcf/d | Thousand<br> cubic feet per day |
| Bcf | Billion<br> cubic feet |
| -3- |
| --- |
PART 1: INTRODUCTION
The effective date of the information being provided in this statement is December 31, 2025. The preparation date of the information being provided in this statement is March 17, 2026. For a glossary of terminology and definitions relating to the information included within this statement (including the aforementioned dates), readers are referred to NI 51-101.
Reserves and Future Net Revenue
The following is a summary of the oil and natural gas reserves and the net present values of future net revenue of Kolibri Global Energy Inc.’s wholly owned subsidiary Kolibri Energy US Inc. as evaluated by NSAI. The Company’s only property with assigned reserves and gathering revenue is the Tishomingo field in Oklahoma, U.S. NSAI is an independent qualified reserves evaluator appointed by the Company pursuant to NI 51-101. Readers should note that totals in the following tables may not add due to rounding.
Theestimated future net revenue figures contained in the following tables do not necessarily represent the fair market value of the Company’sreserves. There is no assurance that the forecast prices and cost assumptions used by NSAI in its report to the Company will be attainedand variances could be material. NSAI’s report to the Company contained additional assumptions relating to costs and other matters.The recovery and reserves estimates attributed to the Company’s properties described herein are estimates only. The actual reservesattributed to the Company’s properties may be greater or less than those calculated.
Alldollar values are expressed in U.S. dollars, unless otherwise indicated.
Cautionary Statements
Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.
BOEs may be misleading, particularly if used in isolation. A boe conversion ratio of six mcf to one barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
| -4- |
| --- |
PART 2: DISCLOSURE OF RESERVES DATA
2.1 Reserves Data (Forecast Prices and Costs)
| United States | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tight Oil | Shale Gas | Natural Gas Liquids | ||||||||||
| Reserve Category | KGEI Gross (Mbbl) | Net (Mbbl) | KGEI Gross (MMcf) | Net (MMcf) | KGEI Gross (Mbbl) | Net (Mbbl) | ||||||
| Proved | ||||||||||||
| Developed Producing | 7,937 | 6,215 | 9,976 | 7,796 | 2,134 | 1,668 | ||||||
| Undeveloped | 18,232 | 14,443 | 28,409 | 22,480 | 6,071 | 4,804 | ||||||
| Total Proved | 26,169 | 20,658 | 38,385 | 30,277 | 8,205 | 6,472 | ||||||
| Probable | 10,342 | 8,226 | 17,021 | 13,547 | 3,638 | 2,895 | ||||||
| Total Proved Plus Probable | 36,511 | 28,884 | 55,406 | 43,823 | 11,843 | 9,368 | ||||||
| Possible | 10,336 | 8,268 | 10,324 | 8,224 | 2,207 | 1,758 | ||||||
| Total Proved Plus Probable Plus Possible | 46,846 | 37,152 | 65,730 | 52,048 | 14,050 | 11,126 |
Notes: May not add due to rounding. The Company’s reserves are derived from non-conventional oil and gas activities. The Company’s reserves are contained in a shale oil reservoir from which gas and natural gas liquids are produced as by-products.
Summary of Oil & Gas Reserves
As of December 31, 2025
Forecast Prices & Costs
| Reserves Total | ||||
|---|---|---|---|---|
| Reserve Category | KGEI Gross (MBOE) | Net (MBOE) | ||
| Proved | ||||
| Developed Producing | 11,734 | 9,182 | ||
| Undeveloped | 29,038 | 22,994 | ||
| Total Proved | 40,772 | 32,177 | ||
| Probable | 16,816 | 13,379 | ||
| Total Proved Plus Probable | 57,588 | 45,556 | ||
| Possible | 14,263 | 11,396 | ||
| Total Proved Plus Probable Plus Possible | 71,851 | 56,952 |
Note: May not add due to rounding. Boe basis: 6 Mcf to 1 Bbl
| -5- |
| --- |
NetPresent Value of Future Net Revenue
Asof December 31, 2025
ForecastPrices & Costs
| Net Present Value of Future Net Revenue ( millions) | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Before Income Tax | After Income Tax | ||||||||||||||||||
| Reserve Category | 0% | 5% | 10% | 15% | 20% | 0% | 5% | 10% | 15% | 20% | |||||||||
| United States | |||||||||||||||||||
| Proved | |||||||||||||||||||
| Developed Producing | 241.0 | 188.9 | 156.6 | 134.9 | 334.5 | 241.0 | 188.9 | 156.6 | 134.9 | ||||||||||
| Undeveloped | 388.6 | 251.7 | 172.9 | 122.7 | 431.2 | 268.5 | 173.6 | 115.3 | 77.5 | ||||||||||
| Total Proved | 629.5 | 440.7 | 329.5 | 257.5 | 765.7 | 509.5 | 362.5 | 271.9 | 212.4 | ||||||||||
| Probable | 242.9 | 143.2 | 93.8 | 65.7 | 363.3 | 193.7 | 115.0 | 74.8 | 52.3 | ||||||||||
| Total Proved Plus Probable | 872.4 | 583.9 | 423.3 | 323.2 | 1,129.0 | 703.2 | 477.5 | 346.7 | 264.7 | ||||||||||
| Possible | 252.4 | 142.6 | 92.7 | 65.3 | 426.0 | 200.0 | 109.0 | 67.7 | 46.4 | ||||||||||
| Total Proved Plus Probable plus Possible | 1,124.8 | 726.5 | 516.0 | 388.6 | 1,555.0 | 903.2 | 586.5 | 414.4 | 311.1 |
All values are in US Dollars.
Notes: May not add due to rounding. The after income tax net present values presented in the preceding table take into account available non-operating tax losses of $106 million and reflect the tax burden on the Company’s Tishomingo Field interests on a standalone basis, do not consider the business-entity-level tax situation or tax planning and do not provide an estimate of the value at the level of the business entity, which may be significantly different. The financial statements and the management’s discussion and analysis (MD&A) of the Company should be consulted for information at the level of the business entity.
TotalFuture Net Revenue (Undiscounted - by Reserve Category)
Asof December 31, 2025
ForecastPrices & Costs ($ millions)
| Reserve Category | Company Gross Revenue | Royalties | Operating Expenses | Severance Taxes | Develop. Costs | Abandonment & Reclamation Costs | Future Net Revenue BIT | Income Taxes | Future Net Revenue AIT | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Proved | 2,324.5 | 489.5 | 449.3 | 119.4 | 258.0 | 11.5 | 996.7 | 231.0 | 765.7 | |||||||||
| Total Proved Plus Probable | 3,393.7 | 708.4 | 656.0 | 175.4 | 351.7 | 15.0 | 1,487.3 | 358.3 | 1,129.0 | |||||||||
| Total Proved Plus Probable Plus Possible | 4,481.8 | 927.2 | 835.8 | 233.6 | 404.9 | 17.8 | 2,062.5 | 507.5 | 1,555.0 |
TotalFuture Net Revenue (NPV discounted 10%, BIT by Reserve Category)
Asof December 31, 2025
ForecastPrices & Costs
| Reserve Category | millions | Unit Value (/boe) |
|---|---|---|
| Total Proved | ||
| Tight Oil ^(1)^ | ||
| Total Proved Plus Probable | ||
| Tight Oil ^(1)^ | ||
| Total Proved Plus Probable Plus Possible | ||
| Tight Oil ^(1)^ |
All values are in US Dollars.
| (1) | Includes solution gas and other by-products (NGL’s) |
|---|
| -6- |
| --- |
PART 3: PRICING ASSUMPTIONS
3.1 Forecast Prices Used in Estimates
Forecast benchmark reference product price and inflation rate assumptions are summarized below. These forecast assumptions with adjustments were provided in the NSAI report.
Summaryof Pricing & Inflation Rate Assumptions
Asof December 31, 2025
ForecastPrices & Costs
| United States | |||||
|---|---|---|---|---|---|
| WTI* | Henry Hub* | NGL | Inflation Rate | ||
| Year | US/bbl | US/MMbtu | US/bbl | % | |
| 2026 | |||||
| 2027 | |||||
| 2028 | |||||
| 2029 | |||||
| 2030 | |||||
| 2031 | |||||
| 2032 | |||||
| 2033 | |||||
| 2034 | |||||
| 2035 | |||||
| 2.0 |
All values are in US Dollars.
Note: Sproule Oil & Natural Gas Forecast from NSAI Report to the Company including adjustments for NGL differentials; prices escalated @ 2% after 2035.
2025 weighted average prices were: $63.32 for oil, $3.05 for natural gas and $20.29 for NGLs.
| -7- |
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PART 4: RECONCILIATIONS OF CHANGES IN RESERVES AND FUTURE NET REVENUE
4.1 Reserves Reconciliation
A reconciliation of changes to the Company’s gross (before deduction of royalties) proved, probable and proved plus probable reserves is provided below. This reconciliation reflects changes to the Company’s reserves estimated using forecast prices and costs.
| United States | |||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tight Oil | Shale Gas | Natural Gas Liquids | |||||||||||||||||||||||||
| Proved | Probable | Proved + Probable | Proved | Probable | Proved + Probable | Proved | Probable | Proved + Probable | |||||||||||||||||||
| (Mbbl) | (Mbbl) | (Mbbl) | (MMcf) | (MMcf) | (MMcf) | (Mbbl) | (Mbbl) | (Mbbl) | |||||||||||||||||||
| 31-Dec-24 | 26,532.0 | 9,159.7 | 35,691.7 | 33,206.5 | 10,409.6 | 43,616.1 | 8,128.1 | 2,547.0 | 10,675.1 | ||||||||||||||||||
| Extensions^(2)^ | 1,739.7 | (1,927.8 | ) | (188.1 | ) | 1,753.7 | (1,477.0 | ) | 276.7 | 374.8 | (368.1 | ) | 6.6 | ||||||||||||||
| Improved Recovery | - | - | - | - | - | - | - | - | - | ||||||||||||||||||
| Technical Revisions^(3)^ | (1,711.4 | ) | 431.1 | (1,280.3 | ) | 3,097.8 | 1,019.2 | 4,117.1 | (390.0 | ) | (51.8 | ) | (441.7 | ) | |||||||||||||
| Discoveries^(4)^ | 1.3 | 0.6 | 1.9 | 2.3 | 0.9 | 3.3 | 0.5 | 0.2 | 0.7 | ||||||||||||||||||
| Acquisitions^(5)^ | 605.1 | 2,679.4 | 3,284.6 | 1,621.7 | 7,069.1 | 8,690.7 | 346.6 | 1,510.7 | 1,857.3 | ||||||||||||||||||
| Dispositions^(5)^ | (3.0 | ) | (1.3 | ) | (4.2 | ) | (2.5 | ) | (1.2 | ) | (3.7 | ) | (0.5 | ) | (0.3 | ) | (0.8 | ) | |||||||||
| Economic Factors | - | - | - | - | - | - | - | - | - | ||||||||||||||||||
| Production | (994.8 | ) | - | (994.8 | ) | (1,294.4 | ) | - | (1,294.4 | ) | (254.0 | ) | - | (254.0 | ) | ||||||||||||
| 31-Dec-25^(1)^ | 26,168.9 | 10,341.8 | 36,510.6 | 38,385.2 | 17,020.7 | 55,405.8 | 8,205.5 | 3,637.8 | 11,843.3 |
Note:
| (1) | Totals<br> may not add due to rounding. Boe basis: 6 Mcf to 1 Bbl. |
|---|---|
| (2) | Consists<br> of one new producing well that was previously classified as contingent resource, and six<br> undeveloped locations that were moved from probable to proved as a result of drilling new<br> producing wells in proximity to these locations. |
| (3) | Consists<br> of performance based adjustments on producing wells and updates to reserves on undeveloped<br> locations. |
| (4) | Consists<br> of one new non-operated producing well in a reservoir with no reserves previously booked. |
| (5) | Consists<br> of positive and negative changes in company interest in certain development wells. |
| -8- |
| --- |
PART 5: ADDITIONAL INFORMATION RELATING TO RESERVES DATA
5.1 Undeveloped Reserves
The Company’s undeveloped reserves exist in the Caney shale of its interests in the Tishomingo Field in Oklahoma, U.S. Most of these reserves are designated within the undeveloped category because significant capital expenditures will be required in order to render these reserves capable of production.
The following tables disclose the proved undeveloped and probable undeveloped reserves from the Company’s current net interest in the Tishomingo Field that were first attributed in each of the most recent three financial years:
| Oil (Mbbl) | Natural Gas MMcf | NGL | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Proved Undeveloped Reserves | First Attributed | Booked at Year End | First Attributed | Booked at Year End | First Attributed | Booked at Year End | ||||||
| 12/31/2023 | 0.0 | 14,090.5 | 0.0 | 13,149.8 | 55.9 | 3,029.3 | ||||||
| 12/31/2024 | 4,919.2 | 16,119.2 | 6,823.1 | 20,771.3 | 1,669.4 | 5,082.0 | ||||||
| 12/31/2025 | 0.0 | 14,443.5 | 0.0 | 22,480.0 | 0.0 | 4,804.2 | ||||||
| Oil (Mbbl) | Natural Gas MMcf | NGL | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Probable Undeveloped Reserves | First Attributed | Booked at Year End | First Attributed | Booked at Year End | First Attributed | Booked at Year End | ||||||
| 12/31/2023 | 1,209.7 | 11,952.6 | 0.0 | 11,440.1 | 0.0 | 2,635.5 | ||||||
| 12/31/2024 | 935.3 | 6,558.2 | 651.0 | 7,403.0 | 159.3 | 1,811.3 | ||||||
| 12/31/2025 | 0.0 | 7,298.2 | 0.0 | 12,460.5 | 0.0 | 2,662.9 |
Plans for future development of these undeveloped reserves (based on Forecast Prices and Costs) are summarized below:
UnitedStates of America Properties
Tishomingo Field, Oklahoma
NSAI assigns 29,038 Mboe (Company Gross Working Interest share) Proved Undeveloped and 12,038 Mboe (Company Gross Working Interest share) Probable Undeveloped reserves to the Tishomingo Field. The Proved Undeveloped reserves are forecast to be recoverable from the drilling of 11 wells in 2026 and 17, 19 and 1 well in 2027, 2028 and 2029 respectively (7.84, 13.85, 12.20 and 0.97 net KGEI wells). The Probable Undeveloped reserves are forecast to be recoverable from the drilling of 10 wells in 2029, and 14 wells in 2030 respectively (6.05 and 4.87 net KGEI wells).
The production forecast is based on producing the existing wells and drilling the additional wells as listed above and applying the historical production behavior to the undeveloped well locations.
5.2 Significant Factors or Uncertainties
Estimates of economically recoverable oil and natural gas reserves (including natural gas liquids) and the future net cash flows therefrom are based upon a number of variable factors and assumptions, 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, will 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. Estimates of after-tax net present value are dependent on a number of factors including utilization of tax-loss carry forwards. 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.
| -9- |
| --- |
Information on other important economic factors or significant uncertainties that may affect components of the reserves data and other oil and gas information contained in this Form 51-101F1 are contained in the Company’s Management Discussion and Analysis filed under the Company’s profile at www.sedarplus.ca and in the AIF under “Risk Factors”.
5.3 Future Development Costs
A summary of the estimated development costs deducted in the estimation of future net revenue attributable to various reserves categories and prepared under various price and cost assumptions are summarized in the following table. The Company expects to fund its estimated future development costs through some combination of internally generated cash flow and debt or equity financing. There can be no guarantee that funds will be available when required to proceed with the development on the schedule contemplated herein or that the Board of Directors of the Company will allocate funding to develop all of the reserves requiring development. Failure to develop such reserves could negatively impact future net revenue.
Summaryof Estimated Development Costs Attributed to Reserves
Forecast Prices & Costs
| Estimated Development Costs ( millions) | |||
|---|---|---|---|
| Total Proved | Total Proved + Probable | ||
| United States | |||
| 2026 | 76.1 | ||
| 2027 | 111.8 | ||
| 2028 | 71.8 | ||
| 2029 | 60.2 | ||
| 2030 | 31.7 | ||
| Total | 351.7 |
All values are in US Dollars.
| -10- |
| --- |
PART 6: OTHER OIL AND GAS INFORMATION
6.1 Oil and Gas Properties and Wells
The following discussion outlines the Company’s important properties, plants, facilities and installations:
United States
Tishomingo Field, Ardmore Basin, Oklahoma
In Oklahoma, the Company currently holds approximately 17,700 net acres of Caney shale acreage in the Tishomingo Field near Ardmore, OK. The Company originally drilled wells to the slightly deeper Woodford shale in this field. In April 2013, the Company sold some of its rights in the Tishomingo Field, keeping the rights to the Caney and the upper Sycamore formations, where it had previously drilled and tested two wells. Beginning in 2013, the Company began focusing primarily on developing the oily Caney shale. A subsequent transaction in 2015 resulted in the Company obtaining a 4.9% working interest in one section and participating in four Woodford shale horizontal wells which were completed in 2016. Over the years, the Company increased its net acreage position from about 12,500 to about 17,700 net acres currently. The Company plans to continue development drilling in this field with the objective of increasing production and proved reserves. The Company’s oil is trucked from the field and its wells are connected to a 3^rd^ party gathering system, whose operator markets and sells the gas and NGL’s.
In 2025, the Company drilled 7 wells (6 were longer lateral wells) and completed 9 wells (2 were drilled in 2023). As of December 31, 2025, the Company has 45 completed Caney wells, a very small interest in one completed Sycamore well, and small interests in 4 Woodford wells, all of which are on production. Production averaged 4,013 BOEPD in 2025, with the production of 1.46 million oil equivalent barrels in 2025. KGEI’s 2025 year-end proved reserves were 40.8 million BOE, and its proved and probable reserves were 57.6 million BOE.
Oil& Gas Properties Associated with Reserves
As of December 31, 2025
| Acreage | Plants, Facilities & | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Developed | Undeveloped | Total | Installation | |||||||||||
| Properties | Location | Gross | Net | Gross | Net | Gross | Net | |||||||
| United States | ||||||||||||||
| Tishomingo | Oklahoma, U.S. | 14,756 | 10,817 | 14,740 | 6,819 | 29,496 | 17,696 | |||||||
| Total | 14,756 | 10,817 | 14,740 | 6,819 | 26,496 | 17,696 |
Oil& Gas Properties Associated with Reserves
As of December 31, 2025
| United States | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tight Oil | Shale Gas | Natural Gas Liquids | Suspended | Service | Total | ||||||||||
| Gross | Net | Gross | Net | Gross | Net | (1) | (2) | Gross | Net | ||||||
| Oklahoma Producing | 46 | 41.9 | 4.0 | 0.2 | 50 | 42.1 | |||||||||
| Oklahoma Non-Producing | |||||||||||||||
| Total | 46 | 41.9 | 4.0 | 0.2 | 50 | 42.1 |
(1) Suspended wells may be capable of production but which, for a variety of reasons, including, but not limited to lack of markets or development are not placed on production at the present time. (2) Service wells are used for the disposal or injection of water or other in-field service operations related to oil and gas product.
| -11- |
| --- |
6.2 Properties with No Attributed Reserves
The Company’s unproved properties, including those for which the Company expects its rights to explore, develop and exploit to expire within one year, are outlined in the following table.
Propertieswith no Attributed Reserves
Asof December 31, 2025
| Undeveloped Acreage<br><br> <br>(Acres) | Company<br><br> <br>Interest | Work Commitments<br><br> <br>(existence, nature, timing & cost) | ||||||
|---|---|---|---|---|---|---|---|---|
| Properties | Location | Gross | Net | (%) | ||||
| United States | ||||||||
| Tishomingo | Carter & Johnson County, OK | 2,560 | 59 | 2 | 99% is held by production with working interest over numerous sections | |||
| Baum | Carter & Johnson County, OK | 5,760 | 10 | 0.2 | ||||
| McIntosh County | McIntosh County, OK | 3,840 | 43 | 1 | Held by production with small interests spread over numerous sections. | |||
| Total | 12,160 | 112 |
6.3 Forward Contracts
The Company is not bound by any agreements which may impact the realization of future full market prices for its oil and gas production as described in this report, other than the financial commodity contracts listed below as of December 31, 2025.
| Commodity | Period | Total Volume Hedged (BBLS) | Price (/BBL) | ||
|---|---|---|---|---|---|
| Oil – WTI Costless Collars | January 1, 2026 to March 31, 2026 | 48,000 | |||
| Oil – WTI Deferred Put | January 1, 2026 to March 31, 2026 | 20,589 | |||
| Oil – WTI Costless Collars | April 1, 2026 to June 30, 2026 | 48,300 | |||
| Oil – WTI Deferred Put | April 1, 2026 to June 30, 2026 | 9,900 | |||
| Oil – WTI Deferred Put | April 1, 2026 to June 30, 2026 | 3,900 | |||
| Oil – WTI Costless Collars | July 1, 2026 to September 30, 2026 | 48,300 | |||
| Oil – WTI Deferred Put | July 1, 2026 to September 30, 2026 | 13,800 | |||
| Oil – WTI Costless Collars | October 1, 2026 to December 31, 2026 | 24,000 | |||
| Oil – WTI Costless Collars | October 1, 2026 to December 31, 2026 | 5,100 | |||
| Oil – WTI Deferred Put | October 1, 2026 to December 31, 2026 | 14,400 | |||
| Oil – WTI Deferred Put | January 1, 2027 to March 31, 2027 | 36,000 |
All values are in US Dollars.
The Company has no transportation obligations or commitments for future deliveries which exceed its expected related future production from proved reserves, as estimated using forecast prices and costs.
| -12- |
| --- |
6.4 Tax Horizon
The Company does not expect to be required to pay federal and Oklahoma state income taxes in the immediate foreseeable future. Since California suspended the utilization of net operating losses until 2026, the Company is expected to be required to pay California state taxes during 2025 and 2026.
6.5 Costs Incurred
For the year ended December 31, 2025, the Company incurred costs related to its acquisition, exploration and development activities as outlined in the following table.
| Cost Incurred ( millions) | |
|---|---|
| United States | |
| Property Acquisition Costs | |
| Proved Properties | |
| Unproved Properties/Wells | |
| Exploration Costs | |
| Development Costs |
All values are in US Dollars.
6.6 Exploration and Development Activities
The Company’s drilling and completion activity and results for the year ended December 31, 2025, are summarized in the following table. It should be noted that the data outlined in this table reflects those wells that the Company participated in and where the rig was released during the period.
| Exploratory Wells | Development Wells | |||||||
|---|---|---|---|---|---|---|---|---|
| Gross | Net | Gross | Net | |||||
| United States | ||||||||
| Oil Wells | 1.0 | 0.01 | 9.0 | 8.4 | ||||
| Gas Wells | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Service Wells | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Stratigraphic Test Wells | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Dry Holes | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Total Wells | 1.0 | 0.01 | 9.0 | 8.4 |
The Company’s exploration and development activities are summarized as follows:
United States
During fiscal year 2025 KGEI drilled seven and completed nine Caney wells in its Tishomingo Field. The Company also participated with a very small interest in one Sycamore exploration well. The Company plans additional development drilling in the Tishomingo Field, OK, with the objective of increasing production and reserves.
| -13- |
| --- |
6.7 Production Estimates
Estimated production volumes (before Royalties) derived from the first year (2026) of the cash flow forecasts prepared in conjunction with the Company’s reserves data included in the NSAI Report are provided in the following table.
Summaryof Production Estimates
Proved
- Probable Reserves Case
For Year 2026
| United States | ||||||||
|---|---|---|---|---|---|---|---|---|
| Tight Oil | Shale Gas | Natural Gas Liquids | Company Total | |||||
| Reserve Category | (Mbbl) | (MMcf) | (Mbbl) | (Mboe) | ||||
| United States | ||||||||
| Tishomingo, OK | 1,714.7 | 2,024.0 | 432.8 | 2,484.8 | ||||
| Total | 1,714.7 | 2,024.0 | 432.8 | 2,484.8 |
(1)Significant fields represent greater than 20% of Company total (by country) of production in the first year offorecast
6.8 Production History
The Company’s historical production and netback data for period ended December 31, 2025 is presented below.
Summaryof 2025 Company Share of Production & Netbacks
| Q2 | Q3 | Q4 | Total Year | |||||||||||
| Company share of daily production before deduction of royalties | ||||||||||||||
| Shale Gas (Mcf/d) | 3,803 | 2,880 | 3,861 | 3639 | 3,546 | |||||||||
| Tight Oil (bopd) | 2,844 | 2,115 | 2,809 | 3,131 | 2,726 | |||||||||
| NGLs (bopd) | 599 | 625 | 801 | 755 | 696 | |||||||||
| Average (/bbl or /mcf) | ||||||||||||||
| Price received (/boe) | 57.28 | 47.06 | 48.38 | 44.39 | 49.22 | |||||||||
| Royalties paid | (12.66 | ) | (10.25 | ) | (10.17 | ) | (8.73 | ) | (10.40 | ) | ||||
| Production costs | (7.07 | ) | (7.15 | ) | (7.37 | ) | (7.67 | ) | (7.33 | ) | ||||
| Netback from operations | 37.55 | 29.66 | 30.84 | 27.99 | 31.49 | |||||||||
| Price adjustment from commodity contracts | - | 0.13 | 0.05 | 0.32 | 0.13 | |||||||||
| Netback after adjustments | 37.55 | 29.79 | 30.89 | 28.31 | 31.62 | |||||||||
| Total Production (mboe before deductions of royalties) | 366.9 | 293.0 | 391.3 | 413.3 | 1,464.5 |
All values are in US Dollars.
Boe basis: 6 Mcf to 1 Bbl
| -14- |
| --- |
PART 7: NOTES
The following definitions and guidelines are contained in Section 5.4 of Volume 1 of the Canadian Oil and Gas Evaluation Handbook (Second Edition, September 1, 2007) prepared jointly by The Society of Petroleum Evaluation Engineers (Calgary Chapter) and the Canadian Institute of Mining, Metallurgy & Petroleum (Petroleum Society) (the “COGE Handbook”) and have been prepared by the Standing Committee on Reserves Definitions of the CIM (Petroleum Society). Readers should consult the COGE Handbook for additional explanation and guidance. Certain other terms used in this Listing Application have the meanings assigned to them in NI 51-101 and accompanying Companion Policy 51-101 CP, adopted by the Canadian securities regulatory authorities.
Gross
| (a) | In<br> relation to the Company’s interest in production or reserves, its “company gross<br> reserves”, which are the Company’s working interest (operating or non-operating)<br> share before deduction of royalties and without including any royalty interest of the Company. |
|---|---|
| (b) | In<br> relation to wells, the total number of wells in which the Company has an interest. |
| --- | --- |
| (c) | In<br> relation to properties, the total area of properties in which the Company has an interest. |
| --- | --- |
Net
| (a) | In<br> relation to the Company’s interest in production or reserves, the Company’s working<br> interest (operating and non-operating) share after deduction of royalty obligations, plus<br> the Company’s royalty interests in production or reserves. |
|---|---|
| (b) | In<br> relation to the Company’s interest in a property, the total area in which the Company<br> has an interest multiplied by the working interest owned by the Company. |
| --- | --- |
The following definitions apply to both estimates of individual reserves entities and the aggregate of reserves for multiple entities:
Reserve Categories
Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations from a given date forward, based on:
| ▪ | Analysis<br> of drilling, geological, geophysical and engineering data; |
|---|---|
| ▪ | The<br> use of established technology; and |
| --- | --- |
| ▪ | Specified<br> economic conditions |
| --- | --- |
Reserves are classified according to the degree of certainty associated with the estimates:
| (a) | Proved<br> reserves are those reserves that can be estimated with a high degree of certainty to be recoverable.<br> It is likely that the actual remaining quantities recovered will exceed the estimated proved<br> reserves. |
|---|---|
| (b) | Probable<br> reserves are those additional reserves that are less certain to be recovered than proved<br> reserves. It is equally likely that the actual remaining quantities recovered will be greater<br> or less than the sum of the estimated proved plus probable reserves. |
| --- | --- |
| -15- |
| --- |
Development and Production Status
Each of the reserve categories (proved and probable) may be divided into developed and undeveloped categories:
| (a) | Developed reserves are those reserves that are expected to be recovered from existing wells<br> and installed facilities or, if facilities have not been installed, that would involve a<br> low expenditure (for example, when compared to the cost of drilling a well) to put the reserves<br> on production. The developed category may be subdivided into producing and non-producing. |
|---|---|
| (i) | Developed producing reserves are those reserves that are expected to be recovered from completion<br> intervals open at the time of the estimate. These reserves may be currently producing or,<br> if shut-in, they must have previously been on production, and the date of resumption of production<br> must be known with reasonable certainty. |
| --- | --- |
| (ii) | Developed non-producing reserves are those reserves that either have not been on production,<br> or have previously been on production, but are shut-in, and the date of resumption of production<br> is unknown. |
| --- | --- |
| (b) | Undeveloped reserves are those reserves expected to be recovered from known accumulations where<br> a significant expenditure (for example, when compared to the cost of drilling a well) is<br> required to render them capable of production. They must fully meet the requirements of the<br> reserves classification (proved, probable) to which they are assigned. |
| --- | --- |
In multi-well pools it may be appropriate to allocate total pool reserves between the developed and undeveloped categories or to subdivide the developed reserves for the pool between developed producing and developed non-producing. This allocation should be based on the estimator’s assessment as to the reserves that will be recovered from specific wells, facilities and completion intervals in the pool and their respective development and production status.
Levels of Certainty for Reported Reserves
The qualitative certainty levels referred to in the definitions above are applicable to individual reserve entities (which refers to the lowest level at which reserves calculations are performed) and to reported reserves (which refers to the highest level sum of individual entity estimates for which reserves are presented). Reported reserves should target the following levels of certainty under a specific set of economic conditions:
| ▪ | At<br> least a 90 percent probability that the quantities actually recovered will equal or exceed<br> the estimated proved reserves; and |
|---|---|
| ▪ | At<br> least a 50 percent probability that the quantities actually recovered will equal or exceed<br> the sum of the estimated proved plus probable reserves. |
| --- | --- |
A quantitative measure of the certainty levels pertaining to estimates prepared for the various reserves categories is desirable to provide a clearer understanding of the associated risks and uncertainties. However, the majority of reserves estimates will be prepared using deterministic methods that do not provide a mathematically derived quantitative measure of probability. In principle, there should be no difference between estimates prepared using probabilistic or deterministic methods.
Forecast prices and costs
Future prices and costs that are:
| (a) | Generally<br> accepted as being a reasonable outlook of the future; and |
|---|---|
| (b) | If,<br> and only to the extent that, there are fixed or presently determinable future prices or costs<br> to which the Company is legally bound by a contractual or other obligation to supply a physical<br> product, including those for an extension period of a contract that is likely to be extended,<br> those prices or costs rather than the prices and costs referred to in paragraph (a). |
| --- | --- |
The forecast summary pricing table identifies benchmark reference pricing that apply to the Company.
Product Type Disclosure
This statement 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 statement in BOEs, consists of mainly oil and associated wet gas. The wet gas is delivered via gathering system and then pipelines to processing plant where it is treated and sold as natural gas and NGLs.
| -16- |
| --- |
Exhibit99.3
FORM 51-101F2
REPORT ON RESERVES DATA
BY
INDEPENDENT QUALIFIED RESERVES
EVALUATOR OR AUDITOR
To the board of directors of Kolibri Global Energy Inc. (the “Company”):
| 1. | We<br> have evaluated the Company’s reserves data as at December 31, 2025. The reserves data<br> are estimates of proved reserves and probable reserves and related future net revenue as<br> at December 31, 2025, estimated using forecast prices and costs. | ||||
|---|---|---|---|---|---|
| 2. | The<br> reserves data are the responsibility of the Company’s management. Our responsibility<br> is to express an opinion on the reserves data based on our evaluation. | ||||
| 3. | We<br> carried out our evaluation in accordance with standards set out in the Canadian Oil and Gas<br> Evaluation Handbook as amended from time to time (the “COGE Handbook”) maintained<br> by the Society of Petroleum Evaluation Engineers (Calgary Chapter). | ||||
| 4. | Those<br> standards require that we plan and perform an evaluation to obtain reasonable assurance as<br> to whether the reserves data are free of material misstatement. An evaluation also includes<br> assessing whether the reserves data are in accordance with principles and definitions presented<br> in the COGE Handbook. | ||||
| 5. | The<br> following table shows the net present value of future net revenue (before deduction of income<br> taxes) attributed to proved plus probable reserves, estimated using forecast prices and costs<br> and calculated using a discount rate of 10 percent, included in the reserves data of the<br> Company evaluated for the year ended December 31, 2025, and identifies the respective portions<br> thereof that we have evaluated and reported on to the Company’s management: | ||||
| Independent<br> Qualified Reserves Evaluator | Effective<br> Date of | Location<br> of Reserves (Country or Foreign | Net Present Value of Future Net Revenue<br> (before income taxes, 10% discount rate) [(US)] | ||
| --- | --- | --- | --- | --- | --- |
| or<br> Auditor | Evaluation<br> Report | Geographic<br> Area) | Audited | Reviewed | Total |
| Netherland,<br> Sewell & Associates, Inc. | December<br> 31, 2025 | United<br> States | nil | nil | 583,859,100 |
All values are in US Dollars.
| 6. | In<br> our opinion, the reserves data respectively evaluated by us have, in all material respects,<br> been determined and are in accordance with the COGE Handbook, consistently applied. We express<br> no opinion on the reserves data that we reviewed but did not audit or evaluate. |
|---|---|
| 7. | We<br> have no responsibility to update our report referred to in paragraph 5 for events and circumstances<br> occurring after the effective date of our report. |
| 8. | Because<br> the reserves data are based on judgments regarding future events, actual results will vary<br> and the variations may be material. |
Executed as to our report referred to above:
| NETHERLAND,<br> SEWELL & ASSOCIATES, INC. | |
|---|---|
| Texas<br> Registered Engineering Firm F-2699 | |
| Dallas,<br> Texas, USA | |
| March<br> 6, 2026 | |
| By: | /s/ Richard B. Talley, Jr. |
| Richard<br> B. Talley, Jr., P.E. | |
| Chairman<br> and Chief Executive Officer |
CBR:CDK
Exhibit99.4
FORM51-101F3
REPORTOF MANAGEMENT AND DIRECTORS ON RESERVES DATA AND OTHER INFORMATION
Management of Kolibri Global Energy Inc. (the “Company”) is responsible for the preparation and disclosure of information with respect to the Company’s oil and gas activities in accordance with securities regulatory requirements. This information includes reserve data.
An independent qualified reserve evaluator has evaluated and reviewed the Company’s reserves data. The report of the independent qualified reserves evaluators will be filed with securities regulatory authorities concurrently with this report.
The Reserves Committee of the Board of Directors of the Company has:
| 1. | a)<br> reviewed the Company’s procedures for providing information to the independent qualified<br> reserves evaluator. |
|---|---|
| 2. | b)<br> met with the independent qualified reserves evaluator to determine whether any restrictions<br> affected the ability of the independent qualified reserves evaluator to report without reservation;<br> and |
| 3. | c)<br> reviewed the reserves data with management and the independent qualified reserves evaluator. |
The Reserves Committee of the Board of Directors has reviewed the Company’s procedures for assembling and reporting other information associated with oil and gas activities and has reviewed that information with management. The Board of Directors has, on the recommendation of the Reserves Committee, approved:
| 1. | a)<br> the content and filing with securities regulatory authorities of Form 51-101F1 containing<br> reserves data and other oil and gas information. |
|---|---|
| 2. | b)<br> the filing of Form 51-101F2, which is the report of the independent qualified reserves evaluators<br> on the reserves data; and |
| 3. | c)<br> the content and filing of this report. |
Because the reserves data are based on judgments regarding future events, actual results will vary and the variations may be material.
| /s/ Wolf Regener |
|---|
| WOLF REGENER, |
| President<br> & Chief Executive Officer |
| /s/ Gary Johnson |
| GARY JOHNSON, |
| Chief<br> Financial Officer & Vice President |
| /s/ Leslie O’Connor |
| LESLIE O’CONNOR, |
| Director |
| /s/ Evan Templeton |
| EVAN TEMPLETON, |
| Director |
| Dated<br> this 17^th^ day of March, 2026 |