Kolibri Global Energy Inc. – Extension of Term of Credit Facility
NEWBURY PARK, California, September 30, 2021 / PRNewswire / – Kolibri Global Energy Inc. (the “Society” Where “KEI“) (TSX: KEI), announces that its indirect wholly owned subsidiary BNK Petroleum (US) Inc. (” BNK US “) has received an extension to the maturity date of its credit facility with BOK Financial (” BOKF “) of June 2022 until June 2023. BOKF granted the extension after completion of the latest borrowing base review.
The Company is also pleased to announce that BNK US will make capital reduction payments totaling US $ 1.55 million, to reduce the principal overdue to US $ 16.0 million, through April 1st, 2022. These principal reduction payments are expected to be funded from cash and adjusted operating cash flows and will further reduce interest expense.
Regenerating wolf, commented the President and CEO. “We are very pleased to get the maturity date extended and that our property continues to perform well. Once we have made the additional principal payments that end in April 2022, we will have repaid almost 50% of the credit facility since its peak in $ 30 million. “
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is an international energy company focused on the research and operation of energy projects in the fields of oil, gas and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in United States. The Company continues to use its technical and operational expertise to identify and acquire additional projects. The Company’s shares trade on the Toronto Stock Exchange under the ticker symbol KEI and on the OTCQB under the ticker symbol KGEIF.
Caution regarding forward-looking information
Certain statements contained in this press release constitute “forward-looking information” as that term is used in applicable Canadian securities laws, including statements concerning payments under the credit facility and the plans and objectives of the Company. Forward-looking information is based on management’s plans and estimates and the interpretations of the data by the Company’s technical team as of the date the data is provided and is subject to several management factors and assumptions, including that this early results indications are reasonably accurate predictors of the prospective shale intervals, that the required regulatory approvals will be available when needed, that no unforeseen delays, unexpected geological effects or otherwise, including flooding and prolonged outages due to adverse or hazardous weather conditions, equipment failures, authorization delays or labor or contractual disputes are encountered, that the necessary manpower and equipment will be obtained, that development plans of the Company and its joint venture partners will not change, whether the operations of the clearing operator will proceed as planned by management, that demand for oil and gas will be sustained, that the Company will continue to be able to access sufficient capital through financing, farm-out or other participation agreements to maintain its projects, and that global economic conditions will not deteriorate in a way that negatively impacts the business of the Company, its ability to advance its business strategy and the industry as a whole. Forward-looking information is subject to various risks and uncertainties and other factors that could cause actual plans, estimates and results to differ materially from those projected in such forward-looking information. Factors which could cause the forward-looking information contained in this press release to be modified or inaccurate include, without limitation, the risk that any of the assumptions on which such forward-looking information is based will vary or prove to be invalid, including that the Company or its subsidiaries are unable, for whatever reason, to obtain and provide the information necessary to obtain the required approvals or that the required regulatory approvals are not otherwise available when necessary , that unexpected geological results are encountered, that equipment failures, allowing delays, labor or contract disputes or equipment or manpower shortages are encountered, risks associated with the oil and gas industry (for example, operational risks associated with development, exploration and production; delays or changes in plans regarding exploration and development projects or expenditures capital; the uncertainty of estimates and projections of reserves and resources relating to production, costs and expenditures, and risks to health, safety and the environment, including floods and prolonged disruptions due to adverse or dangerous weather conditions), the risk of fluctuations in commodity prices and exchange rates, that the operations of the clearing operator have unexpected negative effects on the operations of the Company, that the completion techniques require additional optimization, that the production rates do not match the Company’s assumptions, that very low or zero production rates are achieved, that the Company is unable to access the required capital, that events such as those which are assumed will not occur, will not actually occur, and conditions which are expected to continue or improve, not continue or improve, and other applicable risks and uncertainties exploration and development activities and the activities of the Company, as indicated in the management report of the Company and its annual report information form, which can be consulted under the profile of the Company at the address www.sedar.com, either of which could lead to delays, the stoppage of planned work or the loss of one or more concessions and have an adverse effect on the Company and its financial position. The Company assumes no obligation to update these forward-looking statements, except as required by applicable law.
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SOURCE Kolibri Global Energy Inc.