UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16
or 15d-16
UNDER
the Securities Exchange Act of 1934
For
the month of November 2023
Commission
File No.: 001-41824
Kolibri
Global Energy Inc.
(Translation
of registrant’s name into English)
925
Broadbeck Drive, Suite 220
Thousand
Oaks, 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 ☒
EXHIBIT
INDEX
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:
November 1, 2023 |
By: |
/s/
Gary Johnson |
|
Name: |
Gary Johnson |
|
Title: |
Chief Financial Officer |
Exhibit 99.1
|
925
Broadbeck Drive, Suite 220
Thousand Oaks, California 91320
Phone:
(805) 484-3613
TSX
ticker symbol: KEI
NASDAQ ticker symbol: KGEI |
For
Immediate Release
KOLIBRI
GLOBAL ENERGY INC. ANNOUNCES BANK LINE REDETERMINATION
Thousand
Oaks, CALIFORNIA, November 1, 2023 – Kolibri Global Energy Inc. (the “Company” or “KEI”)
(TSX: KEI, NASDAQ: KGEI) is pleased to announce the Borrowing Base of its indirect wholly owned subsidiary BNK Petroleum (US) Inc. (“BNK
US”) was reaffirmed at US$40 million on its revolving line of credit (“Credit Facility”) from BOK Financial
(“BOKF”). The current outstanding amount drawn on the Credit Facility is US$29 million.
The
Credit Facility was also amended to allow cash distributions from BNK US to KEI, subject to certain conditions which include: (1) 70%
or less of the Borrowing Base of the loan remains outstanding after the distribution; and (2) the maximum leverage ratio on a pro forma
basis immediately before and after the distribution is less than or equal to 1.25 to 1.00. The amendments also reduced the minimum term
of the hedging contracts the Company is required to put in place from 24 months to 18 months.
Wolf
Regener, President and CEO, commented, “We are very pleased to have BOKF’s continued support as we continue to accelerate
the development of our Tishomingo project. These changes would allow the Company to potentially return capital to shareholders in the
future and provide us with greater flexibility for our hedging strategy.”
The
Credit Facility provides for interest-only payments until the June 2026 maturity date, with bi-annual scheduled reserve redeterminations.
About
Kolibri Global Energy Inc.
Kolibri
Global Energy Inc. is a North American energy company focused on finding and exploiting energy projects in oil and gas. Through various
subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and
operational expertise to identify and acquire additional projects in oil, gas and clean and sustainable energy. The Company’s shares
are traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI.
For
further information, contact:
Wolf
E. Regener +1 (805) 484-3613
Email:
wregener@kolibrienergy.com
Website:
www.kolibrienergy.com
Caution
Regarding Forward-Looking Information
Certain
statements contained in this news release constitute “forward-looking information” as such term is used in applicable Canadian
securities laws and “forward-looking statements” within the meaning of United States securities laws (collectively, “forward
looking information”), including statements regarding the Credit Facility, the Company’s operations and the potential return
of capital to shareholders in the future.
Forward-looking
information is based on plans and estimates of management and interpretations of data by the Company’s technical team at the date
the data is provided and is subject to several factors and assumptions of management, including future operating costs, forecast prices
and costs, estimated production, capital and other expenditures, plans for expected results of drilling activity, that anticipated results
and estimated costs will be consistent with management’s expectations, that required regulatory approvals will be available when
required, that no unforeseen delays, unexpected geological or other effects, including flooding and extended interruptions due to inclement
or hazardous weather conditions, equipment failures, permitting delays or labor or contract disputes are encountered, that the necessary
labor and equipment will be obtained, that the development plans of the Company and its co-venturers will not change, that the offset
operator’s operations will proceed as expected by management, that the demand for oil and gas will be sustained, that the price
of oil will be sustained or increase, that the Company will continue to be able to access sufficient capital through cash flow, debt,
financings, farm-ins or other participation arrangements to maintain its projects, and that global economic conditions will not deteriorate
in a manner that has an adverse impact on the Company’s business, its ability to advance its business strategy and the industry
as a whole.
Forward-looking
information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results
to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information
in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions on which such
forward looking information is based vary or prove to be invalid, including that the Company 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 equipment failures, permitting delays, labor or
contract disputes or shortages of equipment or labor or materials are encountered, 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), the risk of commodity price and foreign exchange rate fluctuations, that the offset operator’s operations have unexpected
adverse effects on the Company’s operations, 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 price of oil will decline, 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 and uncertainties applicable
to exploration and development activities and the Company’s business as set forth in the Company’s management discussion
and analysis and its annual information form, both of which are available for viewing under the Company’s profile at www.sedarplus.com,
any of which could result in delays, cessation in planned work or loss of one or more concessions and have an adverse effect on the Company
and its financial condition. The Company undertakes no obligation to update these forward-looking statements, other than as required
by applicable law.
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