Kolibri Global Energy Inc. (TSX: KEI) (OTCQB: KGEIF): All amounts are in U.S. Dollars unless otherwise indicated: 2021 HIGHLIGHTS In December 2021, the Company completed an equity rights
Kolibri Global Energy Announces Annual 2020 Results
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TSX ticker symbol; KEI
2020 HIGHLIGHTS
Average production for 2020 was 1,151 BOEPD, compared to 2019 production of 1,395 BOEPD, a decrease of 17% due to the normal production decline of existing wells.
During 2020, Kolibri Global Energy ( the Company or KEI ) had commodity contracts in place for over 80% of its oil production at an average price of $56.62/barrel which generated realized gains of over $3.2 million. The Company has commodity contracts in place for almost 70% of its existing 2021 oil production at an average price of $47.96/barrel.
General & administrative ( G&A ) expense was reduced by over 26% from $3.9 million in 2019 to $2.9 million in 2020 due to lower payroll and related costs from employee terminations, severance costs that were recorded in 2019 and management s continued efforts to reduce G&A costs throughout the Company.