(WO) — Kolibri Global Energy increased second-quarter 2026 production 46% year-over-year to 4,690 boed, driven primarily by new wells brought online during the second half of 2025, as the company advances its next round of drilling and completions.
The production increase helped Kolibri generate record quarterly revenue, net of royalties, of $22.5 million, up 109% from $10.8 million during the same period last year. The company also benefited from a 41% increase in average realized prices.
Net income increased to $8.5 million from $2.9 million a year earlier, while adjusted EBITDA more than doubled to $16.4 million.
Kolibri has now completed drilling the last of three Clifton Mack wells and expects to begin hydraulic fracturing operations this month. Production from the wells is targeted for the end of the third quarter.
The company encountered geological conditions that required additional casing strings during drilling, increasing costs compared with its standard Caney well design. However, Kolibri CEO Wolf Regener said pressures encountered during drilling could support strong initial production rates.
“We believe the pressures we encountered are supportive of potential high production rates from these wells,” Regener said. The conditions appear to be isolated to the southwestern portion of the company’s acreage, and Kolibri expects to return to its standard Caney well design on future wells.
Kolibri is also preparing to expand its development program beyond the Lower Caney. The company plans to drill the Lovina 8-5-1HF well to test the False Caney bench. The well will also be Kolibri’s first two-mile lateral.
Successful development of additional benches could expand the company’s inventory of future drilling locations, Regener said.
Kolibri reported an average second-quarter operating netback of $43.92/boe, up 48% year over year. Production and operating expenses increased to $8.90/boe from $7.15/boe, partly reflecting workover expenses on a non-operated well and higher temporary water-hauling costs.
The company’s borrowing capacity was increased from $65 million to $75 million following a May redetermination, leaving $30.5 million available under its credit facility as of June 30.
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