Kolibri lifts 2026 outlook as it expands Tishomingo drilling plan

Kolibri Global Energy updated its long-term strategy on June 29, 2026, saying it will target additional benches in its Tishomingo field in Oklahoma while continuing Lower Caney development. The company also raised its 2026 forecast, citing a new False Caney well, revised Clifton Mack drilling plans and stronger expected cash generation.

Why it matters: - Kolibri is broadening its drilling inventory beyond the Lower Caney, which could add future locations and increase reserves if the additional benches prove economic. - The updated 2026 outlook points to stronger production and cash flow even at a lower oil assumption than the company’s prior forecast. - The strategy shift could expand value from acreage that is not yet fully reflected in the reserve report.

What happened: - Kolibri Global Energy said it is updating its long-term strategy and 2026 drilling plan. - The company is adding one well to its 2026 program to target the False Caney. - Kolibri said the Upper Caney is likely the next bench to be tested, with drilling possible in late 2026 or early 2027. - The company said it will continue drilling one-and-a-half-mile and two-mile Lower Caney development wells while also testing longer laterals in other benches. - Kolibri said the current drilling program includes the three previously announced Clifton Mack wells. - After those wells are drilled, the rig is scheduled to move to the Lovina 5-8-1H well, a two-mile lateral False Caney well with 98.5% working interest.

The details: - Kolibri’s expanded targets include the False Caney, Upper Caney, T-zone and Sycamore. - The company said these benches are not currently reflected in its reserve report. - Kolibri believes modifications to its completion techniques could make those benches economic. - The Clifton Mack 11-14-1HR well was drilled and cased after being redrilled with a redesigned casing program. - The first Clifton Mack well ran into unexpected geologic conditions, forcing the company to redrill and add extra casing strings. - Kolibri is batch drilling the Clifton Mack 11-14-2HR and 11-14-3HR wells using lessons from the first well. - The Clifton Mack wells are in the southwest corner of Kolibri’s acreage block and were probable locations in the company’s December 2025 reserve report. - The Clifton Mack wells are planned to be completed in the third quarter. - The 2026 base forecast assumes $70 oil for the rest of the year, plus $3.50 Henry Hub natural gas and $28.00 per boe NGL pricing. - The forecast also includes the impact of existing hedges and a 100% working interest in the Clifton Mack wells. - Kolibri’s 2026 base forecast calls for average production of 4,700 to 5,200 boepd, up 17% to 30% from fiscal 2025. - The company projects revenue of $78 million to $84 million, up 37% to 48%. - Kolibri forecast adjusted EBITDA of $56 million to $62 million, up 33% to 47%. - Capital expenditures are forecast at $39 million to $43 million. - Net debt at December 2026 is forecast at $38 million to $42 million. - CEO Wolf Regener said the revised forecast reflects stronger cash generation and the start of the company’s updated strategy to target other benches in the Tishomingo field. - Regener said the forecast is based on $70 oil, down from the company’s previous $74 assumption. - Regener said the forecast includes extra costs tied to drilling and redrilling the first Clifton Mack well and redesigning the second and third wells. - Regener said the higher pressures encountered in the first Clifton Mack well support high production rates from the area. - Regener said Kolibri’s standard Caney design will continue to be used in other parts of the field.

Between the lines: - The move signals that Kolibri is trying to turn a single-bench development story into a broader multi-bench growth plan. - If the False Caney and other benches work, Kolibri could add drilling locations that are not yet booked in reserves. - The company is also telegraphing that near-term well costs may stay elevated in the Clifton Mack area because of extra casing requirements. - Management is framing the stock as undervalued relative to its production profile and reserve-growth potential, but that remains an opinion.

What's next: - Kolibri plans to finish the Clifton Mack wells in the third quarter. - The company expects to drill the Lovina 5-8-1H False Caney well next. - The Upper Caney may be drilled in late 2026 or early 2027. - Kolibri said it will later decide when to test the T-zone and whether to try the Sycamore. - The first False Caney well should provide an early read on whether the new bench can be developed economically.

The bottom line: - Kolibri is betting that its Tishomingo field holds more than one productive layer, and that proving up those layers can lift production, reserves and shareholder value.