Kolibri Global Energy Inc.

Good day and welcome to the Calibre Global Energy's fourth quarter 2025 financials conference call. All participants will be in a 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 to not quote remarks from any other participant without that participant's permission. If anyone has trouble and 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 then one on your touchstone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I advise participants that this conference is being recorded today, March 19th, 2026, 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 flow, 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 forward future oriented financial information and financial outlook information which Calibri discloses in order to provide readers with a more complete perspective on Calibri's potential future operations and such information may not be appropriate for other purposes. For a description of the assumptions on which such forward-looking information is based and the applicable risks and uncertainties in Calibri's policy for updating such statements, we direct you to Calibri's most recent annual information form. and management's discussion and analysis for the period under discussion, as well as Calibri's most recent corporate presentation, all of which are available on Calibri's website. Listeners should not place undue reliance on forward-looking information. Calibri undertakes no obligation to update any forward-looking future-oriented financial or financial outlook information other than as required by applicable law. I would now like to turn the call over to Mr. Wolf Regener, the President and CEO of Cleabring Global Energy Inc. Please go ahead, sir.

Hi, thank you, Dave, and thank you, everyone, for joining us today. With me on today's call is Gary Johnson, our Chief Financial Officer. I'm sure you're all aware we released our fourth quarter 25 results this morning and have released our reserve report two days ago and we're very pleased with what we achieved this last year which continues to build on our last few years and results in multiple ways. Production from the field has been going well with our production over 4,000 DOE a day which is up 15% over 2024. This production rate calculates up to having a 35% compound annual production growth rate over the last three years, which is great. Our operating expenses remain low, with just over $7.33 of DOE, which is even lower than last year's $7.44 of DOE. Our drilling program last year resulted in our approved adults producing reserves increasing by 30%. And even though the oil price used by our reserve evaluators is down substantially this year, our net present value is up 10%. The example of how significant the drop is, the first year's price used in the evaluation is down 18% to $58 a barrel. This is obviously way out of line with the current oil prices, which have been averaging in the 90s right now. Things are going well for us, and with that, I will turn the company, the call over to Gary to discuss our financial results.

Thanks, Wolf, and thanks, everyone, for joining the call. I'm just going to go over a few highlights of our annual results for 2025, and then you can take questions at the end of the call. All amounts are U.S. dollars, unless otherwise stated. As we mentioned in our earnings release this morning, we reported a 50% increase in our production to 4,013 BOE per day in 2025. The increase was due to the new wells we drilled that completed during 2025, including four at the end of the year, which increased our December production to over 5,600 BOE per day. The production and cash flow impact of the last four wells will primarily be reflected in our 2026 results. Our net revenue for 2025 was $56.9 million, which was a decrease of 3% compared to the prior year, as prices declined by 60% in 2025, which more than offset the increase in production. Adjusted EBITDA decreased 4% to $42.1 million compared to $44 million last year due to the decrease in revenue. Net income of $15.5 million in basic EPS was $0.44 per share in 2025. compared to 18.1 million with basic EPS of 51 cents per share in 2024. The decrease was due to the lower revenue and higher operating expenses due to the production increase. Our operating expense per BOE was $7.33 for 2025 compared to $7.44 for BOE in 2024, a decrease of 1%. Our net back from operations decreased to $31.49 for BOE compared to $38.54 in the prior year, a decrease of 18% due to the lower prices. Net debt at the end of 2025 was $46 million. We've tried to pay down on the set level in the first half of the year as we achieve higher production from the wells grown at the end of the year. And we also benefit from the recently elevated oil prices. And then the last time I want to mention was our share buyback program. We have purchased almost 650,000 shares since we started buying back shares for a total of 3.2 million. And we will continue to repurchase additional shares to enhance shareholder value as our working capital and credit disability allows.