Kolibri Global Energy Inc.

Good day and welcome to the Colibri Global Energy's third quarter 2025 financial conference call. All participants will be in the listen-only mode. Media may monitor this call in a listen-only mode. They are free to quote any member of management but are asked not to quote remarks from any other participant without the participant's permission. If anyone has any trouble or needs assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then 1 on your touchtone phone. To withdraw your question, you may press star and then 2. Please note this event is being recorded. It is advised that participants that this conference is being recorded today on November 12, 2025. This call will be available on the company's website at www.colibrienergy.com. Here is a disclaimer. This call may include forward-looking information regarding Colibri's strategic plans, anticipated production, capital expenditures, exit rates and cash flows, reserves, and other estimates and forecasts. Forward-looking information is subject to risks and uncertainties, and actual results will vary from the forward-looking statements. This call may include future-oriented financial information and financial outlook information, which Colibri discloses in order to provide readers with a more complete perspective on Colibri's potential future operations and such information may not be appropriate for other purposes. For a description of the assumptions on which forward-looking information is based and the applicable risks and uncertainties and Colibri's policy for updating such statements, we direct you to Colibri's most recent annual information form and management's discussion and analysis for the period under discussion, as well as the Colibri's most recent corporate presentation, all of which are available on Colibri's website. Listeners should not place undue reliance on forward-looking information. Colibri undertakes no obligation to update any forward-looking future-oriented financial or financial outlook information other than as required by the applicable law. I would now like to turn the call over to Mr. Wolf Regner, the President and CEO of Colibri Global Incorporation. Thank you, and over to you.

Thank you, Myron, and thank you, everyone, for joining us today. With me on today's call is also Gary Johnson, our Chief Financial Officer. As I'm sure you're aware, we released our third quarter 2025 results this morning, and I'm happy to say that we're very pleased with what we achieved this quarter, where we continue to build on our last few years of great results in multiple ways. Construction from the field has been going well with our third quarter of over 4,250 barrels of oil equivalent per day. That's up from the second quarter of this year of 3,200 DOE per day, and also an increase over 40% from the third quarter of 2024. Their operating expenses remaining low with just over $7.15 a BOE. These would have been even lower at $6.57 a BOE if we exclude the one-time production tax adjustments from the prior periods. In spite of the oil prices being lower, our line of credit was reaffirmed at $65 million from our banking syndicate led by Bank of Oklahoma. And we're in the middle of fracture stimulating the four new wells that we expect to come on production in early December, which are expected to further increase our production. We're expecting to exit the year at an all-time high production rate. So things are going very well. With that, now I'll turn the call over to Gary to discuss our financial results.

Gary? Thanks, Wolf. And thanks to everyone for joining the call. I'm going to go over a few highs of the quarter and September year-to-date results, and then we'll take questions at the end. All amounts are in U.S. dollars unless otherwise stated. As you will see from the results, we continue to increase our revenue and cash flow year over year, despite the price declines we have experienced in 2025. I'll start with the third quarter comparisons. Average production was up 40%. to 4,254 BOE per day compared to 3,032 BOE per day in the prior year quarter. The increase was due to production from the wells that were drilled in 2025. Revenue was up 15% to 15 million in the third quarter of 2025 due to the higher production, which was partially offset by lower prices, which were down 18%. Adjusted EBITDA reached 11.1 million compared to 10.1 million in the prior quarter, which was an increase of 9% to the higher revenue, which was partially offset by an increase in operating expenses due to the increase in production. Our net income was 3.6 million and basic EPS was 10 cents per share in the third quarter of 2025, compared to 5.1 million of 14 cents per share, basic share, in the prior quarter. This decrease was due to a $1.8 million negative swing in the non-cash, unrealized mark-to-market adjustments on our hedges between the third quarter of 2025 and the third quarter of last year. The increase we had in revenues was offset by the increase in depreciation expense and operating expense due to the increase in production. Netbacks for the quarter decreased 23% to $30.84 per BOE, compared to $40.01 per BOE in the prior year quarter. due primarily to the lower prices. Operating expense was $7.37 per BOE for the quarter compared to $6.63 per BOE in the prior year third quarter, which was an increase of 11%, which was due to reassessed production tax adjustments, which added $0.80 per BOE to the third quarter 2025 number. Excluding those adjustments, operating costs would have been $6.57 per BOE, which was a 1% decrease from the prior year. Now moving on to the year-to-date September results. Average production was up 22% to 3,851 BOE per day for the nine months into September 30th, compared to 3,154 BOE per day in the comparable prior year period. Revenue was up 2% to 42.1 million compared to 41.2 million in 2024. due to the higher production which was partially offset by lower prices which decreased by 16%. Adjusted EBITDA increased by 3% to 31.6 million compared to 30.5 million in 2024 due to the increase in revenues which were partially offset by higher operating expense due to the increase in production. That income was 12.2 million with basic EPS of 34 cents per share which compares to 12.5 million and basic EPS of 35% per share last year. As the higher depreciation operating expense from the increase in production offset the increase in revenue. Net back some operations decreased 17% to 32.86 per BOE compared to 39.78 per BOE last year due to lower average prices. Operating expense was $7.20 per BOE for the year to date September. compared to $7.84 per BOE in the prior year period, which was a decrease of 8%. In October, our credit facility was redetermined at the same $65 million borrowing base. Our net debt at the end of September was 42.8 million, and we had 18.5 million of available borrowing capacity. Since we started our stock buyback program in September of last year, we have repurchased a total of about 568,000 shares. we will continue to repurchase additional shares to enhance shareholder value as our working capital allows. And looking back over the last several years, our average production has increased by almost 300% since the end of 2021, as we continue to demonstrate the value of our field. As Will said, when the last four wells of our 2025 drilling program start production in December, we expect to exit the year with record high production, which should lead to a further increase in production in the first quarter of 2026. And with that, I'll hand it back to Wolf. Thanks, Gary.