Welcome back, everyone. Next, we have Kolibri Global Energy Inc., trades on the NASDAQ under the symbol KGEI, and is a North American energy company which owns and operates energy properties in the U.S., and is focused on finding and exploiting energy projects in oil and gas. Happy to welcome President, CEO, and Director. We have Wolf Regener, and we have CFO and VP, Gary Johnson. Nice to have you gentlemen on the conference today. Welcome. Thank you. Thanks for having us. Thank you. Thanks everyone for joining us today. We'll go through the slide deck here. We'll have forward-looking information, disclaimers, non-GAAP measure disclaimers, et cetera. You can find all those on our website under our corporate presentation, by the way. Kolibri Global Energy, we operate in Oklahoma. We're a shale oil operator. We operate the shale oil field called the Tishomingo Field, and we try to run our company in a prudent financial fashion. We keep our debt low. We've had really good cash flow growth, which we're looking to continue. We have high net back production, so how much we make per barrel of oil that we get out of the ground. Fully funded for our 2026 drilling program, as we were for 2025 and 2024. We're just utilizing our cash flow as well as our line of credit. We have a $75 million line of credit with Bank of Oklahoma, we have what we believe is a high-quality asset. Excuse me. About 40 million barrels of proved reserves, about 57 million barrels of proved probable reserves, that reserve report is done by Netherland, Sewell. Of those proved reserves, only about 29% are in the proved developed producing category, 71% is in the proved undeveloped category. We have a lot of running room to drill more wells. Company information wise, we trade on the NASDAQ under KGEI, on the TSX as well under KEI. Market cap or so roughly is about $190 million today, I think. Stock's been a little up and down with oil prices being up and down a bit. We had about $45 million in debt at the end of last quarter, we've been paying down debt because we brought on a number of wells at the end of last year, which really contributed a lot of production growth for the first part of this year, we're looking to continue that by drilling more wells. If you look at our metrics here, our reserves, again, done by Netherland, Sewell, reputable third-party engineering firm. The 40 million barrels of reserves were valued much, much higher, $400 million-plus, compared to where we're trading wise. Then, on the proved probable, just under $700 million or so. Mentioned that we're in Oklahoma. Originally, we drilled for the Oklahoma Woodford Shale out here. We're located about halfway between Dallas and Oklahoma City, we drilled about 40 wells originally, we had about 12,500 acres. We sold that to Exxon for $147 million back in 2013. When we drilled the Woodford, we were drilling through a formation called the Caney, then the Upper Sycamore as well, the Woodford is down below that. These formations are all down between 8,000 and 11,000 ft, then you drill horizontally and fracture stimulate it. When Exxon, you can see on the slide here that in purple, they surrounded us. We were the very last holdout to sell to them. We had just drilled a well into the formation called the Caney, which is slightly up above. The Woodford originally was about 15% oil. The balance was natural gas and natural gas liquids. The Caney was much more liquid rich. We've since developed the Caney, it's producing about 74% oil and only is 13% gas and 13% natural gas liquids. When we were selling to Exxon, we were the last holdout, we said, "You know what? We drilled one well into the Caney." We liked what we saw. It was by no means economic back then. They didn't want to pay us what we thought it would be worth, we held onto those rights. We're the only one in this trend around. They have these 280,000 some odd acres that have been able to hold onto that. That's really what has now led us to have these reserves of these 40 million barrels. Forward guidance for the year, 5,000 BOE a day midpoint or so. It's a 17%-30% growth rate for us for the year. Adjusted EBITDA, $56 million-$62 million, which is a nice 35%-47% growth potential for us on our forecast numbers here. We're doing that with a $39 million-$43 million capital expenditures, and that's all based on a $70 oil price. Right now, we're up and closer to $80, but we try to be conservative and oil will be volatile a bit, but we think that's a conservative number for us for the year. You can see from this slide here, the adjusted EBITDA has been growing really well, and you can see here for the last four years, we've been averaging around $40 million unadjusted EBITDA number. You can tell as these red boxes here, or the red lettering in the boxes, show what the average blended price was for us for the year. You can see how that's gone down, down, and now we're starting to recover that, which aside from the production growth that we've had, helps us get those numbers for this year for the adjusted EBITDA. We're also purchasing shares on our share buyback, and we'll do more of that later on this year. That'll be skewed toward the second half of the year more than the first half of the year. I mentioned that we entered 2026 with a strong 2025 exit rate. We've been paying down some debt in the first half of 2026, so we're using our cash flow. When we drill a number of wells at the same time, we will use our line of credit. The credit line will go up. We'll pay that back down on the cash flow from the existing wells and the wells we bring on production. I mentioned back to continue buying back some shares, drilling wells in the field. Currently, we're in the middle of drilling three of the Clifton Mack wells, as the name are for those three wells that are in the very southwest corner of our field. We're looking forward to testing a new bench, so a new interval that's not in the reserve report, which is called the False Caney. The rig will move over right after drilling those first three wells to this as well. If you look at this on these additional benches, all the reserves right now are in this Caney formation. The about 11,500 net acres is what makes up the 40 million barrels of proved reserves, all coming from the Caney formation. The False Caney that we have, that we have not tested up till now, but we've got enough wells drilled now where we've identified where it's thick enough in order to drill. We've identified that it's just under 10,000 acres that we have the potential to make good wells here for the False Caney as well. We have a whole core, so we actually have samples of the rock which showed good oil saturations. We have a lot of wells that we've drilled through the False Caney, which indicates on these electric logs and the analysis seismic logs that the False Caney looks very good. We have high hopes for this to make a really good well, and that'll be a big catalyst for the company because it could add a lot more locations in addition to the ones we have already. In addition, we also have the T-zone that we've tested a couple wells in. They've been good wells. We found out that when we were completing those at the same time as we were completing the Caney wells, they did interfere fracture stimulation-wise up into the Caney. We've held off on doing that. We may try a different completion technique in the future to see if we can do those at the same time, or we'll wait till the Caney Formation in a certain area has declined a bit, then we'll go ahead and drill and fracture stimulate the T-zone wells in order to get more reserves out of the ground for the company here as well. Again, reserve report doesn't include anything for the T-zone or the False Caney, only for the Caney itself. This is a verbal description or a written description of exactly, basically what I just said. Just gives you an idea of what each interval is and where the status is of those intervals. Tishomingo Field itself, we have all the infrastructures in place from those old Woodford wells as well, all the gas gathering is in place. Oil is all trucked out of here, and we get West Texas Intermediate pricing less about $1.85 a barrel. There aren't any large differentials that happen in some of these other fields across the U.S. It's been very consistent in that WTI less about $1.85. 89 locations is what NSAI has given us credit for in the Caney. 48 of those are proved, 24 have been probable, 17 possibles, and these are now mainly mile and a half to two-mile laterals. Originally, we were drilling down, going horizontal for about a mile. Now we're drilling a mile and a half, and we have plans for drilling 2 mi laterals. They just are more efficient when you do that. Built our acreage position to just under 18,000 acres. We have 45 Caney wells on production, and the acreage is 99% held by production. Between the Woodford wells that Exxon operates and the Caney wells that we operate, we have the luxury of being able to drill where we want to, when we want to, and we don't have to drill a certain area in order to hold leases or hold the acreage. Production growth, showing it on a quarter-by-quarter basis. You can see that our production has been climbing nicely. Our net operating income, same thing, has been climbing nicely. Click here. The red line is, again, that price that we get, the blended barrel of oil equivalent pricing that we've been getting in. You could tell, as I mentioned on the previous slide, that had been going down and now it's rebounded a bit. Drilling efficiencies. When you look at the table on the right-hand side, you can see back in 2016 and 2017, we were drilling these just 1 mi laterals in about 30 days. We've gotten better and better in drilling these wells, being more efficient in it, to the point that in 2024, the last 1 mi laterals we were drilling were drilled in as little as 12 days. Our cost of drilling these wells has come down as well. In 2023, our forecasted budget was for $7.2 million per well, and the wells we drilled in 2024, those 1 mi laterals, were $5.5 million each. The Lovina wells, which were a mile and a half wells, were drilled in an average of 10.5 days. We drilled those even faster than we were drilling 1 mi laterals. Our typical Caney well, our 1.5 mi long Caney well, has a budgeted cost of $7.2 million. If you think about it, we're now getting access to 50% more of the reservoir for about the same price we were budgeting in 2023 for a 1 mi lateral. Operating expenses per barrel of oil equivalent. These are numbers taken from 2025 annual reports from companies that we consider our peers. You can see that the green bar is us, that we're down at the very lower end of it. If you look and evaluate which these companies are individually, you'll see that most of the ones right around us are actually natural gas producers. Natural gas flows out of the ground naturally, where you don't need any kind of lift mechanism like you see those pumping units typical when you see an oil and gas well. They don't have to have those. Our cost of getting a barrel of oil equivalent out of the ground is very, very low. We're in the $750 range or so. That leads us to the netbacks, how much we make per barrel of oil equivalent that comes out of the ground. The green bar, again, is us. We're at the very upper end of other good operators as well that are near us as far as how much we make per barrel of oil equivalent coming out of the ground. We have an advantage out here. We're very efficient at what we do, but we also don't produce a lot of water from the field. For instance, when we were making about 1,000 bbl of oil equivalent a day, we only had about 100 bbl a day of water coming out of the field. We don't have to drill out or put in a lot of infrastructure for water disposal and things like that. Also the fact that there isn't a lot of water allows us to use what's called a gas lift, we don't have to buy any electricity. We're just using our own natural gas to power the compressors in order to get the oil out of the ground and help lift it out of the ground. That helps us be very efficient and make a lot of money per barrel of oil that we pull out of the ground. G&A has been coming down nicely year after year. Our yearly net revenue, same thing, it's coming up a lot this year with a little help from the prices, but also obviously from the production increases that we had. Again, one thing I didn't mention or make really clear, it's only four wells we're drilling this year in order to accomplish that. A little background on everyone. Myself, I've been 36, 37 years in the oil and gas business. Done everything from land acquisitions, M&A work, a lot of operations experience, financing for a lot of projects, also just generally running an oil and gas company. Gary, I don't know if your microphone's on, if you want to speak about yourself. Sure. Yeah. I'm a CPA and I also have an MBA, I've spent about 22 + years in the energy industry, including some time at Occidental Petroleum as a director of accounting. My experience has been in public companies both in Canada and the U.S. Thanks, Gary. Otherwise, on our board, Dan Simpson, Director of Engineering, 30 years of experience in the oil and gas business engineering all around the world. Allan Hemmy, over 16, 17 years, geology. Lots of oil and gas experience his entire career. Board of directors. David Neuhauser, our Chairman, runs Livermore Partners. They own a big swath of our company. They own about 16% of it. Lots of capital markets experience there. Lee Canaan is the Chair of our audit committee. She was also on the board, or is on the board of EQT, large gas producer on the East Coast that you all may be familiar with. She's been on the audit committee there as well, the Chair of the audit committee. I think she just got rotated off. Glen Brown, our Director, ex-Continental Resources, bring lots of experience from the Mid-Continent and Oklahoma, et cetera, to the company. Murray Grigg, Director as well, brings lots of on the science side of things. Shale expert everyone has been great coming on the company here and helping out. In summary, it's a pretty straightforward story. We have what we believe is an excellent asset here. We're an efficient operator. We try to keep our debt down low. Our debt to EBITDA, we keep it down below one. We've got a lot of drilling inventory left, even on just Netherland Sewell, not to mention 9,000 acres versus the 10,000 acres that we could potentially get going from the False Caney and then the T-zone as well. We've got a good team from both the board and the directors and the management as well. Cash flow has been increasing nicely year after year. Cash flowing well. We are buying back shares. We've got catalysts coming up with the new wells, which I need to change from three to four there, actually. Noticed that just now. We joined the Russell 2000 about two years ago here. We joined the NASDAQ, I should say, about two years ago, and the Russell last year. Drilling program, cash flow, utilizing debt a little bit, using debt up and down, and looking to prove up much more reserves and add even more value to the company. That's the extent of it here. With that, we'll be happy to open it up for questions. Perfect. Thank you, gentlemen. Yes. Mike asks, "What's the sustainable long-term production growth rate you believe Kolibri can achieve while remaining cash flow positive? You'll see that in our budget this year, where we had to redrill a well in an area that was tough drilling. It was the southwest corner of the property, a little higher pressure, so we had to redrill, and that was some extra cost. You can see we have positive cash flow from the company from quite substantially going back here. over the left, which still grows the company quite a bit. If you look at these numbers, our adjusted EBITDA, call it midpoint about $60 million, and yet our capital expenditure will be midpoint just over $40 million. We have the ability to ramp up further to pay back more to the shareholders by doing more share buybacks or other methods. It's just a matter of where we as a board will decide as far as how much we grow. From my personal opinion is I think we should grow a little bit still. We're returning quite a bit of capital to shareholders. We'll evaluate that as the year goes on and as the years go on. How much inventory remains within your core acreage at current drilling assumptions? Again, right now we're just drilling four wells, but let's assume we increase that to six or eight wells. We have 48 locations that are in the proved category based on Netherland, Sewell. That gives us years of drilling inventory. Hopefully, we can add to that with the False Caney that we're adding in, given 9,000 acres, even if the spacing isn't quite as tight. That's how many wells you drill per square mile. Gives us a lot of additional potential, assuming we can make that work, and that'll be years and years and years then of potential. What percentage of future production growth is already de-risked by existing drilling locations? Those would be the 48 proved locations. The proved probable would add a little bit more risk on the probable. That's how it works. The proved Netherland, Sewell gives a 90% certainty that those wells are going to perform as expected, then probable is a little higher risk, then possible is actually get into the even higher risk. If we just look at just the proved, there's 48 locations there. How much running room remains for reserve growth within your existing acreage position? Are there additional formations or benches within the acreage that remain underappreciated? Yeah. We had only 29% of our proved production that's in the PDP, proved developed producing category. The balance is in the proved undeveloped category. These other intervals that I was speaking about, which is the False Caney, and also the T-zone. Let me just fast-forward here. Those are additional potential that can add to the reserves. Hopefully add to the proved reserves. Won't get a huge increase with the first well, but as we drill a few wells, we have good well control that hopefully we can get a large chunk of the False Caney into a proved category within the next year or two. That's 9,000 acres potential, and right now our proved reserves are all coming from about 11,000. Those are net acre numbers. Yeah, a lot of potential from my point of view. Fairly low risk, even though it's a new interval, and hopefully that'll prove out here this year. At current commodity prices, how much free cash flow do you expect to generate after capital expenditures? Based on our forecast, it'll be about $20 some odd million. Would you prioritize debt reduction, share repurchases, dividends, or acquisitions if commodity prices remain strong? Let me tackle acquisitions first, to go at that a little backwards. Acquisitions, we're always looking at new acquisitions, but we've been looking at it for a few years when we think we believe we're undervalued. It's hard to do an accretive acquisition. We're not just doing an acquisition just for the sake of growing. We want to do something that makes sense for the shareholders. As much as we've been looking for the last three or four years, we haven't found anything that really made sense for the company. As far as what to do with that excess cash flow, that's a board decision that we always balance out. What is the potential? What do we think does the most for the shareholders? Whether that's drilling some additional wells, utilizing some of that cash flow, buying back shares when we believe our shares are quite undervalued, or potentially in the future, starting a dividend policy. What percentage of annual production are you replacing through drilling? We've been replacing 100%. Our production has still been growing, and it's been growing year-over-year, the same is in effect for this year that our drilling is replacing 100% of our proved developed producing production on our proved reserves. Overall, the three wells that we're drilling in the Clifton Mack wells, those are actually in the probable category. Assuming we make good wells here, which we feel comfortable that we will, that'll add to our proved reserves. The biggest impact to our proved reserves over what we're producing will be from the False Caney, assuming that that works. How much high-quality drilling inventory remains in the Tishomingo field under your current development plan? Our current development plan would be all that Netherland, Sewell laid out, just under in the high 90s as far as proved probable on production and possible for locations that they've given us credit for. Okay. Talk about how sensitive are reserves and economics to lower oil prices. From a production point of view, you saw our operating expenses are very low, down in that $7.50 range, even if we add on our G&A. Below $12 a barrel, we're still making money for the company on our existing production. New well drilling. Our plan even going into this year when we were in the high 50s, low 60s range, was to drill a minimum of three wells, and that was going to hold production flat to increasing it by about 10%. It doesn't take that many wells for us to hold it steady. If oil were to drop below those numbers, then we'd take a look and see what we do. I don't believe that oil will be down for those kind of levels for a very long period of time at any time in our future. The world is still using 100, at least before this situation here and barring us going into some kind of crisis, over 110 million barrels of oil a day. If you think about it, every year we're losing 5% or so or more because of natural decline rates. Every year the world has to find another 5 million barrels a day of crude. Down cycles in prices, I believe will recover because low prices get fixed by low prices. Yeah. That's it. I understand. Is Kolibri more likely to remain an independent producer or become possibly an acquisition target for a larger E&P company? I think the size that we are, given we're in the $200 million market cap or so in the oil and gas space, we're definitely a takeover target. We have three large shareholders that would have to say yes to that. I don't think we're up for a hostile takeover anytime soon. Everyone believes that there's a lot more value here. Given the size we are, we should either grow or at some point in time we'll be taken over. Getting taken over for the right price is not a problem for anyone, and I don't believe any of our shareholders would object to that either. You talked about the Sycamore test, but you didn't mention a False Caney bench. What made the False Caney attractive enough to replace the Sycamore for early exploration? The Sycamore has worked well in a number of wells to the north of us a bit. There's one well that's kind of closer in that has declined harder than we had expected. The False Caney with the core that we have and the information that we have, is a lower risk in our opinion to make productive wells. We've got enough wells that we've drilled, so we have good control over it. The False Caney, actually, this very similar slide has been on a presentation of ours from over 10 years ago. We've always known it's there, but I think it's the right time to go after it and we are modifying our completion techniques a little bit with some advice from our new board members, and we believe that's going to add to the productivity from the wells and make the False Caney even more attractive. Plus, in the past, we were just drilling 1 mi laterals. Now that we're drilling longer laterals, that makes it even more economic. What is the key takeaway you would like investors who are watching today to leave with regarding your company? I think we're prudently run. We don't take too many risks. Basically what we've been trying to do is develop the field itself, but then step out every once in a while to do something else like test this False Caney that we believe will have a great chance of working in order to add even more value to the company. Try to do business in just a prudent fashion. I think we're a well-run company. We've got a good team, a good board, and looking to just continue, develop, and grow the company and add more value to all the shareholders. Perfect. I'd just like to add - Absolutely. - for a small company, we have much more inventory than most companies, more PUDs than a lot of companies our size. That kind of stands out. Absolutely. Well, thank you, Gary, and thank you, Wolf, for your time and presentation today. We enjoyed having you on the conference, and we'd love to welcome you back in the future. Thank you so much. Thank you everyone for watching. All right. Perfect. Okay, everyone, we'll be right back with our next presenter