# EDGAR Filing Document

**Accession Number:** 0001477081
**File Stem:** 0001493152-26-022860
**Filing Date:** 2026-5
**Character Count:** 118918
**Document Hash:** 80786c87e06e0a86a332c41be01a42b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-022860.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001493152-26-022860

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20260514

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kolibri Global Energy Inc.
- **CENTRAL INDEX KEY:** 0001477081
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41824
- **FILM NUMBER:** 26975750

**BUSINESS ADDRESS:**
- **STREET 1:** 925 BROADBECK DR
- **STREET 2:** SUITE 220
- **CITY:** THOUSAND OAKS
- **STATE:** CA
- **ZIP:** 91320
- **BUSINESS PHONE:** 805-484-3613

**MAIL ADDRESS:**
- **STREET 1:** 925 BROADBECK DR
- **STREET 2:** SUITE 220
- **CITY:** THOUSAND OAKS
- **STATE:** CA
- **ZIP:** 91320

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BNK Petroleum Inc.
- **DATE OF NAME CHANGE:** 20091119

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**Report of Foreign Private Issuer**

**Pursuant to Rule 13** **a-16 or 15d-16**

**UNDER the Securities Exchange Act of 1934**

For the month of May 2026

Commission File No.: 001-41824

**Kolibri Global Energy Inc.**

(Translation of registrant's name into English)

**925 Broadbeck Drive, Suite 220**

**Thousand Oaks, CA 91320**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F ☐ Form 40-F ☒

**INCORPORATION BY REFERENCE**

THE INFORMATION IN THIS FORM 6-K, INCLUDING EXHIBIT 99.1 AND EXHIBIT 99.2, EACH INCLUDED WITH THIS REPORT (EXCLUDING EXHIBITS 99.3, 99.4 AND 99.5), IS HEREBY INCORPORATED BY REFERENCE TO THE REGISTRANT'S REGISTRATION STATEMENTS ON FORM F-10, AS AMENDED (REGISTRATION NO. 333-288298) AND FORM S-8 (REGISTRATION NOS. 333-279955 AND 333-295444) AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED**.**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1 | [Condensed Consolidated Unaudited Interim Financial Statements for the three months ended March 31, 2026](ex99-1.htm) |
| 99.2 | [Management's Discussion and Analysis for the three months ended March 31, 2026](ex99-2.htm) |
| 99.3 | [Certification of Interim Filings (Form 52-109F2) – Chief Executive Officer](ex99-3.htm) |
| 99.4 | [Certification of Interim Filings (Form 52-109F2) – Chief Financial Officer](ex99-4.htm) |
| 99.5 | [Press Release dated May 14, 2026](ex99-5.htm) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Kolibri Global Energy Inc.** | **Kolibri Global Energy Inc.** |
| Date: May 14, 2026 | By: | */s/ Gary Johnson* |
|  | Name: | Gary Johnson |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**UNAUDITED CONDENSED**

**CONSOLIDATED INTERIM**

**FINANCIAL STATEMENTS**

**MARCH 31, 2026**

**KOLIBRI GLOBAL ENERGY INC.**

**CONDENSED CONSOLIDATED INTERIM**

**STATEMENTS OF FINANCIAL POSITION**

**(Unaudited, expressed in Thousands of United States Dollars)**

---

| | | |
|:---|:---|:---|
|  | March 31,<br>2026 | December 31,<br>2025 |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2692 | $2797 |
| &nbsp;&nbsp;&nbsp;Accounts receivable and other receivables | 11929 | 8070 |
| &nbsp;&nbsp;&nbsp;Deposits and prepaid expenses | 574 | 769 |
| &nbsp;&nbsp;&nbsp;Fair value of commodity contracts (Note 3) | - | 393 |
|  | 15195 | 12029 |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net (Note 5) | 277447 | 280172 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets (Note 6) | 1663 | 1741 |
|  | 279110 | 281913 |
| **Total Assets** | $294305 | $293942 |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and other payables | $16754 | $23183 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 1367 | 1419 |
| &nbsp;&nbsp;&nbsp;Fair value of commodity contracts (Note 3) | 2156 | - |
|  | 20277 | 24602 |
| **Non-current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Loans and borrowings (Note 8) | 47794 | 48757 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations, net | 2286 | 2259 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 14220 | 14083 |
| &nbsp;&nbsp;&nbsp;Lease liabilities (Note 6) | 349 | 365 |
| &nbsp;&nbsp;&nbsp;Fair value of commodity contracts (Note 3) | 127 | - |
|  | 64776 | 65464 |
| **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Shareholders' capital | 294689 | 294300 |
| &nbsp;&nbsp;&nbsp;Treasury stock |  | (202) |
| &nbsp;&nbsp;&nbsp;Contributed surplus | 26941 | 26183 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (112378) | (116405) |
|  | 209252 | 203876 |
| **Total Equity and Liabilities** | $294305 | $293942 |

---

***See accompanying notes to unaudited condensed consolidated interim financial statements.***

 ****

 ****

**KOLIBRI GLOBAL ENERGY INC.**

**CONDENSED CONSOLIDATED INTERIM STATEMENTS OF**

**OPERATIONS AND COMPREHENSIVE INCOME**

**THREE MONTHS ENDED MARCH 31**

***(Unaudited, expressed in Thousands of United States Dollars)***

---

| | | |
|:---|:---|:---|
|  | 2026 | 2025 |
| **Revenue** |  |  |
| Oil and natural gas revenue, net of royalties (Note 10) | $**19569** | $16372 |
| Other income | - | 1 |
|  | 19569 | 16373 |
| **Expenses** |  |  |
| Production and operating expenses | 2934 | 2227 |
| Depletion, depreciation and amortization (Note 5,6) | 5045 | 4063 |
| General and administrative expenses | 1523 | 1325 |
| Stock based compensation (Note 9) | 365 | 237 |
|  | 9867 | 7852 |
| **Finance income** |  |  |
| Interest income | 2 | 8 |
|  | 2 | 8 |
| **Finance expense** |  |  |
| Realized loss on financial commodity contracts (Note 3) | 294 |  |
| Unrealized loss on financial commodity contracts (Note 3) | 2877 | 35 |
| Interest on loans and borrowings (Note 8) | 1057 | 696 |
| Foreign exchange loss | 1 | 1 |
| Interest on lease liability | 40 | 26 |
| Accretion expense | 27 | 25 |
|  | 4296 | 783 |
| Net income before income taxes | 5408 | 7746 |
| Income tax expense | 1381 | 1981 |
| **Net income and comprehensive income** | $**4027** | $5765 |
| **Basic net income per share (Note 7)** | $0.11 | $0.16 |
| **Diluted net income per share (Note 7)** | $0.11 | $0.16 |

---

 **

***See accompanying notes to unaudited condensed consolidated interim financial statements.***

 **

**KOLIBRI GLOBAL ENERGY INC.**

**CONDENSED CONSOLIDATED INTERIM STATEMENTS OF**

**CHANGES IN SHAREHOLDERS' EQUITY**

***(Unaudited, expressed in Thousands of United States dollars)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Share Capital** | **Treasury Stock** | **Treasury Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Contributed**<br> **Surplus** |<br>**Deficit** | **Total**<br> **Equity** |
| Balance at January 1, 2026 | 35471833 | $294300 | (44075) | $(202) | $26183 | $(116405) | $203876 |
| Stock based compensation |  |  |  |  | 404 |  | 404 |
| Stock options exercised (Note 9) | 5000 | 6 |  |  | (3) |  | 3 |
| Restricted stock issued (Note 9) | 95232 | 787 |  |  | (787) |  |  |
| Treasury share purchases |  |  | (53684) | (202) |  |  | (202) |
| Retirement of treasury shares | (97759) | (404) | 97759 | 404 |  |  |  |
| Stock based compensation reserve for income taxes |  |  |  |  | 1144 |  | 1144 |
| Net income | - | - | - | - | - | 4027 | 4027 |
| Balance at March 31, 2026 | 35474306 | $294689 | - | $- | $26941 | $(112378) | $209252 |
| Balance at January 1, 2025 | 35460309 | $295309 |  | $- | $25380 | $(131882) | $188807 |
| Stock based compensation |  |  |  |  | 277 |  | 277 |
| Stock options exercised | 40500 | 167 |  |  | (82) |  | 85 |
| Treasury share purchases |  |  | (16000) | (130) |  |  | (130) |
| Retirement of treasury shares | (12000) | (97) | 12000 | 97 |  |  |  |
| Stock based compensation reserve for income taxes |  |  |  |  | 452 |  | 452 |
| Net income | - | - | - | - | - | 5765 | 5765 |
| Balance at <br>March 31, 2025 | 35488809 | $295379 | (4000) | $(33) | $26027 | $(126117) | $195256 |

---

***See accompanying notes to unaudited condensed consolidated interim financial statements.***

 ****

**KOLIBRI GLOBAL ENERGY INC.**

**CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS**

**THREE MONTHS ENDED MARCH 31**

***(Unaudited, expressed in Thousands of United States Dollars)***

---

| | | |
|:---|:---|:---|
|  | 2026 | 2025 |
| ***Cash flows from operating activities*** |  |  |
| Net income | $4027 | $5765 |
| &nbsp;&nbsp;&nbsp;Adjustments for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depletion, depreciation and amortization | 5045 | 4063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion expense | 67 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1057 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 1381 | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on financial commodity contracts (Note 3) | 2877 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation (Note 9) | 365 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan acquisition costs | 37 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | (1232) | (1032) |
| Change in non-cash working capital (Note 4) | (2533) | 1174 |
| &nbsp;&nbsp;&nbsp;**Net cash from operating activities** | 11091 | 13007 |
| ***Cash flows from investing activities*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to property, plant and equipment (Note 5) | (1872) | (9953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in non-cash working capital (Note 4) | (7684) | 3934 |
| **Net cash used in investing activities** | (9556) | (6019) |
| ***Cash flows from financing activities*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of loans and borrowings | (4000) | (6000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from loans and borrowings | 3000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of treasury stock | (202) | (130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal paid on lease payments | (401) | (353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid on lease payments | (40) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from stock option exercises | 3 | 85 |
| **Net cash used in financing activities** | (1640) | (6424) |
| ***Change in cash and cash equivalents*** | (105) | 564 |
| Cash and cash equivalents, beginning of period | 2797 | 4314 |
| ***Cash and cash equivalents, end of period*** | $2692 | $4878 |

---

***See accompanying notes to unaudited condensed consolidated interim financial statements.***

 ****

**Notes to the Unaudited**

**Condensed Consolidated Interim Financial Statements**

**For the three months ended March 31, 2026**

***(Unaudited, expressed in Thousands of United States dollars except per share information)***

**1.** **NATURE OF OPERATIONS** 

Kolibri Global Energy Inc. (the "Company" or "KEI") was incorporated under the Business Corporations Act (British Columbia) on May 6, 2008. KEI is a North American energy company focused on finding and exploiting energy projects in oil and gas. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects in oil and gas. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI.

The unaudited condensed consolidated interim financial statements were approved by the Company's Board of Directors on May 13, 2026.

**2.** **BASIS OF PRESENTATION** 

These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards and International Accounting Standards as issued by the International Accounting Standards Board (IASB) and Interpretations (collectively "IFRS Accounting Standards") applicable to the preparation of interim consolidated financial statements, including International Accounting Standard ("IAS") 34, Interim Financial Reporting ("IAS 34"), on a basis consistent with those accounting policies, except as described below, and methods of computation as the annual consolidated financial statements of the Company for the year ended December 31, 2025. The disclosures provided below are incremental to those included with the annual consolidated financial statements and certain disclosures, which are normally required to be included in the notes to the annual consolidated financial statements, have been condensed or omitted. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto in the Company's annual filings for the year ended December 31, 2025.

**Notes to the Unaudited**

**Condensed Consolidated Interim Financial Statements**

**For the three months ended March 31, 2026**

***(Unaudited, expressed in Thousands of United States dollars except per share information)***

**3.** **COMMODITY CONTRACTS** 

At March 31, 2026 the following financial commodity contracts were outstanding and recorded at estimated fair value:

---

| | | | |
|:---|:---|:---|:---|
|  |  | Total Volume Hedged | Price |
| Commodity | Period | (BBLS) | ($/BBL) |
| Oil – Fixed Price Swap | April 2026 | 16000 | 94.05 |
| Oil – WTI Costless Collars | April 1, 2026 to June 30, 2026 | 48300 | $57.00 - $75.25 |
| Oil – WTI Deferred Put | April 1, 2026 to June 30, 2026 | 9900 | $52.70 |
| Oil – WTI Deferred Put | April 1, 2026 to June 30, 2026 | 3900 | $49.50 |
| Oil – Fixed Price Swap | May 2026 | 15000 | 82.60 |
| Oil – Fixed Price Swap | June 2026 | 14000 | 84.60 |
| Oil – WTI Costless Collars | July 1, 2026 to September 30, 2026 | 48300 | $50.25 - $66.75 |
| Oil – WTI Deferred Put | July 1, 2026 to September 30, 2026 | 13800 | $49.50 |
| Oil – WTI Costless Collars | July 1, 2026 to December 31, 2026 | 84000 | $61.50 - $91.00 |
| Oil – WTI Costless Collars | October 1, 2026 to December 31, 2026 | 24000 | $52.25 - $69.00 |
| Oil – WTI Costless Collars | October 1, 2026 to December 31, 2026 | 5100 | $52.60 - $70.00 |
| Oil – WTI Deferred Put | October 1, 2026 to December 31, 2026 | 14400 | $49.75 |
| Oil – WTI Deferred Put | October 1, 2026 to December 31, 2026 | 18600 | $50.50 |
| Oil – WTI Deferred Put | January 1, 2027 to March 31, 2027 | 36000 | $49.75 |
| Oil – WTI Costless Collars | January 1, 2027 to March 31, 2027 | 18000 | $57.50 - $80.25 |
| Oil – WTI Costless Collars | January 1, 2027 to September 30, 2027 | 54000 | $57.00 - $77.50 |
| Oil – WTI Deferred Put | April 1, 2027 to June 30, 2027 | 36000 | $50.40 |
| Oil – WTI Costless Collars | July 1, 2027 to September 30, 2027 | 36000 | $56.00 - $75.50 |

---

The estimated fair value results in a $2.3 million liability as of March 31, 2026 (December 31, 2025: $0.4 million asset) for the financial oil and gas contracts which has been determined based on the prospective amounts that the Company would receive or pay to terminate the contracts, consisting of a current liability of $2.2 million and a long-term liability of $0.1 million (December 31, 2025: current asset of $0.4 million). The Company's commodity derivative contracts are classified as Level 2 fair value measurements which are based on valuation models and techniques where the significant inputs are derived from quoted indices.

The realized and unrealized gains/losses from the financial commodity contracts are as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended <br> March 31,** | **Three months ended <br> March 31,** |
| <br>**($000s)** | **2026** | **2025** |
| Realized loss on financial commodity contracts | $(294) | - |
| Unrealized loss on financial commodity contracts | $(2877) | (35) |

---

**Notes to the Unaudited**

**Condensed Consolidated Interim Financial Statements**

**For the three months ended March 31, 2026**

***(Unaudited, expressed in Thousands of United States dollars except per share information)***

**4.** **SUPPLEMENTAL CASH FLOW INFORMATION** 

Changes in non-cash flow working capital is comprised of:

---

| | | |
|:---|:---|:---|
|  | Three months ended <br>March 31, | Three months ended <br>March 31, |
|  | 2026 | 2025 |
| Accounts receivables and other receivables | $(3859) | $1994 |
| Deposits and prepaid expenses | 195 | 87 |
| Accounts payable and other payables | (6553) | 3027 |
|  | $(10217) | $5108 |
| Related to operating activities | $(2533) | $1174 |
| Related to investing activities | $(7684) | $3934 |

---

**5.** **PROPERTY, PLANT AND EQUIPMENT, NET** 

---

| | | | |
|:---|:---|:---|:---|
|  | Development and Production Assets | Processing and Other Equipment | Total |
| **Cost or deemed cost** |  |  |  |
| Balance at January 1, 2025 | $319355 | $1447 | $320802 |
| Additions (a) | 63000 | 22 | 63022 |
| Balance at December 31, 2025 | $382355 | $1469 | $383824 |
| Additions (b) | 1908 | - | 1908 |
| Balance at March 31, 2026 | $384263 | $1469 | $385732 |
| **Accumulated depletion and depreciation** |  |  |  |
| Balance at January 1, 2025 | $86448 | $1392 | $87840 |
| Depletion and depreciation | 15789 | 23 | 15812 |
| Balance at December 31, 2025 | $102237 | $1415 | $103652 |
| Depletion and depreciation | 4629 | 4 | 4633 |
| Balance at March 31, 2026 | $106866 | $1419 | $108285 |
| **Net carrying amounts** |  |  |  |
| At December 31, 2025 | $280118 | $54 | $280172 |
| At March 31, 2026 | $277397 | $50 | $277447 |

---

(a) Includes
non-cash additions of $226 from capitalized stock-based compensation and $198 from assets related to ARO liabilities.

(b) Includes non-cash additions
 of $39 from capitalized stock-based compensation and $- from assets related to ARO liabilities.

**Notes to the Unaudited**

**Condensed Consolidated Interim Financial Statements**

**For the three months ended March 31, 2026**

***(Unaudited, expressed in Thousands of United States dollars except per share information)***

**6.** **RIGHT OF USE ASSETS** 

---

| | |
|:---|:---|
|  | Right of Use Assets |
| Balance at January 1, 2025 | $748 |
| Additions | 2219 |
| Amortization | (1226) |
| Balance at December 31, 2025 | $1741 |
| Additions | 336 |
| Amortization | (414) |
| Balance at March 31, 2026 | $1663 |

---

**7.** **EARNINGS PER SHARE** 

---

| | | |
|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, |
|  | 2026 | 2025 |
| **Basic earnings per share** |  |  |
| Net income | $4027 | $5765 |
| Weighted average number of common shares - basic | 35479 | 35485 |
| Net income per share – basic | $0.11 | $0.16 |
| **Diluted earnings per share** |  |  |
| Net income | $4027 | $5765 |
| Effect of outstanding options, RSUs and future service | 573 | 919 |
| Weighted average number of common shares - diluted | 36052 | 36404 |
| Net income per share – diluted | $0.11 | $0.16 |

---

**8.** **LOANS AND BORROWINGS** 

In June 2025, the Company's US subsidiary amended the credit facility, which is secured by the US subsidiary's interests in the Tishomingo Field. The credit facility, which is now held by a bank syndicate that includes both BOK Financial and Arvest Bank, expires in June 2029 and is intended to fund the drilling of the Caney wells in the Tishomingo Field. The payments on the credit facility are interest only until the June 2029 maturity.

The borrowing base of the credit facility is $65.0 million and the Company has an available borrowing capacity of $16.5 million at March 31, 2026. The credit facility is subject to a semi-annual review and redetermination of the borrowing base. The credit facility was redetermined in October 2025 at the same $65 million borrowing capacity. In May 2026, the credit facility was redetermined with an increase in borrowing capacity to $75 million. Future commitment amounts will be subject to new reserve evaluations and there is no guarantee that the size and terms of the credit facility will remain the same after the borrowing base redetermination. Any redetermination of the borrowing base is effective immediately and if the borrowing base is reduced, the Company has six months to repay any shortfall.

**Notes to the Unaudited**

**Condensed Consolidated Interim Financial Statements**

**For the three months ended March 31, 2026**

***(Unaudited, expressed in Thousands of United States dollars except per share information)***

The credit facility has two primary quarterly debt covenants. One covenant requires the US subsidiary to maintain a positive working capital balance which includes any unused excess borrowing capacity and excludes the fair value of commodity contracts, the current portion of long-term debt (the "Current Ratio"). The second covenant ensures the ratio of outstanding debt and long-term liabilities to a trailing twelve month adjusted EBITDAX amount (the "Maximum Leverage Ratio") be no greater than 3 to 1 at any quarter end. Adjusted EBITDAX is defined as net income excluding interest expense, depreciation, depletion and amortization expense, and other non-cash and non-recurring charges including severance, share based compensation expense and unrealized gains or losses on commodity contracts. If a covenant is not met, this would be an event of default and the loan would be repayable on demand.

The Company was in compliance with both covenants for the quarter ended March 31, 2026. At March 31, 2026, the Current Ratio of the US Subsidiary was 1.76 to 1.0 and the Maximum Leverage Ratio was 1.17 to 1.0 for the three months ended March 31, 2026.

At March 31, 2026, loans and borrowings of $48.5 million (December 31, 2025: $49.5 million) are presented net of loan acquisition costs of $0.7 million (December 31, 2025: $0.7 million).

**9.** **STOCK BASED COMPENSATION** 

The number and weighted average exercise prices of stock options are as follows (in Canadian dollars):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended <br>March 31, 2026 | Three months ended <br>March 31, 2026 | Three months ended <br>March 31, 2025 | Three months ended <br>March 31, 2025 |
|  | Number of options | Weighted average exercise price | Number of options | Weighted average exercise price |
| Outstanding at January 1 | 882621 | 3.28 | 1073924 | 2.94 |
| Exercised | (5000 | 0.80 | (40500 | 3.00 |
| Outstanding at March 31 | 877621 | 3.29 | 1033424 | 2.94 |
| Exercisable at March 31 | 784908 | 3.18 | 756011 | 2.33 |
| Weighted average share price on date of exercise | 5000 | 5.17 | 40500 | 11.09 |

---

**Notes to the Unaudited**

**Condensed Consolidated Interim Financial Statements**

**For the three months ended March 31, 2026**

***(Unaudited, expressed in Thousands of United States dollars except per share information)***

The range of exercise prices for the outstanding stock options is as follows (in Canadian dollars):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of outstanding stock options |  | Weighted average exercise price | Weighted average contractual life (years) |
| C$4.90 to C$6.04 | 242234 | C$ | 5.48 | 7.2 |
| C$1.80 to C$4.90 | 357190 |  | 3.74 | 6.6 |
| C$0.80 to C$1.80 | 278197 |  | 0.80 | 0.8 |
|  | 877621 | C$ | 2.94 | 4.9 |

---

The number and weighted average fair value of restricted stock units (RSUs) are as follows (in Canadian dollars):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three months ended <br>March 31, 2026 | Three months ended <br>March 31, 2026 | Three months ended <br>March 31, 2025 | Three months ended <br>March 31, 2025 | Three months ended <br>March 31, 2025 |
|  | Number of RSUs | Weighted average fair value | Number of RSUs |  | Weighted average fair value |
| Outstanding at January 1 | 509959 | 9.36 | 232125 | C$ | 4.53 |
| Granted | 377390 | 6.26 | 285692 |  | 11.74 |
| Vested | (99375 | 11.45 | - |  | - |
| Outstanding at March 31 | 787974 | 7.61 | 517817 | C$ | 8.51 |

---

The fair value at grant date for the RSUs was the closing share price on the date of grant.

Share based compensation was recorded as follows:

---

| | | |
|:---|:---|:---|
|  | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | 2026 | 2025 |
| Expensed | $365 | $237 |
| Capitalized | $39 | $40 |

---

**Notes to the Unaudited**

**Condensed Consolidated Interim Financial Statements**

**For the three months ended March 31, 2026**

***(Unaudited, expressed in Thousands of United States dollars except per share information)***

**10.** **REVENUES** 

The following table presents the Company's gross oil and gas revenue disaggregated by revenue source:

---

| | | |
|:---|:---|:---|
|  | Three months ended<br> March 31, | Three months ended<br> March 31, |
|  | 2026 | 2025 |
| Oil revenue | $21844 | $18048 |
| Natural gas revenue | 1562 | 1318 |
| NGL revenue | 1258 | 1654 |
|  | $24664 | $21020 |
| Royalties | (5095) | (4648) |
|  | 19569 | 16372 |

---

**11.** **INCOME TAXES** 

Income tax expense is charged at 25.5% and 25.7% for the three months ended March 31, 2026 and 2025, respectively, representing the best estimate of the average annual effective tax rate expected to apply for the full year, applied to the pre-tax income of the three-month period.

**12.** **CONTINGENT LIABILITIES** 

From time to time, the Company may be involved in various legal matters. Management believes that as of March 31, 2026, there are no legal matters whose resolution could have a material adverse effect on the unaudited condensed consolidated financial statements.

At March 31, 2026 the Company has entered into a drilling agreement with a cancellation provision requiring the Company to make a payment of approximately $0.5 million in the event the contract is terminated or canceled by the Company. Management does not consider it probable that a payment obligation will arise and no liability has been recognized in the unaudited condensed consolidated financial statements.

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**MARCH 31, 2026**

***Kolibri Global Energy Inc.*** \| 1 \| First Quarter 2026<br>

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

The following is management's discussion and analysis ("MD&A") of Kolibri Global Energy Inc.'s ("KEI" or the "Company") operating and financial results for the three months ended March 31, 2026, compared to the corresponding period in the prior year, as well as information and expectations concerning the Company's outlook based on currently available information. The MD&A should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and the audited consolidated financial statements and MD&A for the year ended December 31, 2025. The condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards and International Accounting Standards as issued by the International Accounting Standards Board (IASB) and Interpretations (collectively "IFRS Accounting Standards"). The reporting and measurement currency is the United States dollar. Additional information relating to KEI including its Annual Information Form is filed on SEDAR at www.sedarplus.ca and on the Company's website at www.kolibrienergy.com.

Netback from operations, netback including commodity contracts, net operating income and adjusted EBITDA (collectively, the "Company's Non-GAAP Measures") are not measures or ratios recognized under International Financial Reporting Standards and International Accounting Standards as issued by the International Accounting Standards Board (IASB) and Interpretations (collectively "IFRS Accounting Standards") and do not have any standardized meanings prescribed by IFRS Accounting Standards. Management of the Company believes that such measures and ratios are relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole. The Company's Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures and ratios as reported by such organizations. The Company's Non-GAAP Measures should not be construed as alternatives to net income, cash flows from operating activities, working capital or other financial measures and ratios determined in accordance with IFRS, as an indicator of the Company's performance.

This report is prepared as of May 13, 2026. Please read carefully the important cautionary notes regarding technical information, forward-looking statements and other matters set out in this report.

**Description of Business**

KEI is a North American energy company focused on finding and exploiting energy projects in oil and gas. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects in oil and gas. The common shares of the Company trade on the Toronto Stock Exchange ("TSX") under the symbol "KEI" and on the NASDAQ under the symbol "KGEI".

**Operating Summary**

The Company's results of operations are dependent on production volumes of natural gas, crude oil and natural gas liquids and the prices received for the production. Prices for these commodities have shown significant volatility during recent years and are determined by supply and demand factors, including weather and general economic conditions.

***Kolibri Global Energy Inc.*** \| 2 \| First Quarter 2026<br>

**OVERVIEW**

**Results at a Glance**

---

| | | |
|:---|:---|:---|
|  | Three Months ended | Three Months ended |
|  | March 31, | March 31, |
|  | 2026 | 2025 |
| **Financial (US $000 except per share)** |  |  |
| Oil and gas net revenues | 19569 | 16372 |
| Oil and gas gross revenues | 24664 | 21020 |
| Net income and comprehensive income | 4027 | 5765 |
| Basic net income per share | 0.11 | 0.16 |
| Diluted net income per share | 0.11 | 0.16 |
| Cash flows from operating activities | 11091 | 13007 |
| Net operating income<sup>(1)</sup> | 16635 | 14145 |
| Adjusted EBITDA<sup>(2)</sup> | 14818 | 12820 |
| Additions to property, plant and equipment | 1872 | 9953 |
| **Operating** |  |  |
| Average production (Boepd) | 4685 | 4077 |
| Average price ($/BOE) | 58.49 | 57.28 |
| Netback from operations ($/BOE)<sup>(3)</sup> | 38.41 | 37.55 |
| Netback including commodity contracts ($/BOE)<sup>(3)</sup> | 37.72 | 37.55 |

---

---

| | | |
|:---|:---|:---|
|  | March 31,<br>2026 | December 31,<br>2025 |
| **Balance Sheet (US $000)** |  |  |
| Cash and cash equivalents | 2692 | 2797 |
| Total assets | 294305 | 293942 |
| Working capital (deficiency) | (5082) | (12573) |
| Available borrowing capacity | 16542 | 15542 |
| Total non-current liabilities | 64776 | 65464 |

---

(1) Net operating income is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&A.

(2) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&A.

(3) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&A.

***Highlights***

The average production for the first quarter of 2026 was 4,685 BOEPD, an increase of 15% compared to first quarter 2025 production of 4,077 BOEPD. The increase is due to production from the wells that were drilled and completed during 2025.

Net revenues for the first quarter of 2026 increased by 20% compared to the first quarter of 2025. The increase was due to a 15% increase in production and a 2% increase in average prices.

***Kolibri Global Energy Inc.*** \| 3 \| First Quarter 2026<br>

Net income in the first quarter of 2026 was $4.0 million, compared to net income of $5.8 million in the same period of 2025. The decrease was due to a mark-to-market unrealized loss on commodity contracts of $2.9 million in the first quarter of 2026 due to the significant increase in oil prices in 2026.

Adjusted EBITDA<sup>(1)</sup> was $14.8 million for the first quarter of 2026 compared to $12.8 million for the first quarter of 2025, an increase of 16%. The increase was primarily due to the increase in revenue partially offset by higher operating expenses from the higher production in the first quarter of 2026.

Production and operating expense per barrel averaged $8.00 per BOE in the first quarter of 2026 compared to $7.07 per BOE in the first quarter of 2025. The increase was due to workover costs on a non-operated well, as well as a smaller amount due to the Company's gas purchaser reassessing prior year gathering and processing fees, which together totaled $0.2 million in the first quarter of 2026. This added $0.48 per BOE to the first quarter 2026 operating expenses. The increase was also due to higher water hauling costs compared to the prior year first quarter.

Netback from operations<sup>(2)</sup> increased to $38.41 per BOE in the first quarter of 2026 compared to $37.55 per BOE in the same period of 2025, an increase of 2%. Netback including commodity contracts<sup>(2)</sup> for the first quarter of 2026 was $37.72 per BOE compared to $37.55 per BOE in 2025. The increases were due to higher average prices in the first quarter of 2026 compared to the prior year quarter.

At March 31, 2026, the Company had $16.5 million of available borrowing capacity on the credit facility and was in compliance with both of its debt covenants. In May 2026, the credit facility was redetermined and the borrowing capacity was increased from $65 million to $75 million.

(1) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&A.

(2) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&A.

**OPERATIONS UPDATE**

**Tishomingo Field, Ardmore Basin, Oklahoma**

The average production for the first quarter of 2026 was 4,685 BOEPD, an increase of 15% compared to first quarter 2025 production of 4,077 BOEPD. The increase is due to production from the wells that were drilled and completed in 2025.

The Company is currently drilling three 1.5 mile lateral wells, the Clifton Mack 11-14-1H, 11-14-2H and the 11-14-3H wells (88.1% working interest). After drilling is complete, the Company plans to perform fracture stimulation operations on the wells with production currently expected in the third quarter of 2026.

***Kolibri Global Energy Inc.*** \| 4 \| First Quarter 2026<br>

**Production and Revenue**

---

| | | | |
|:---|:---|:---|:---|
|  | Three months ended March 31 | Three months ended March 31 | Three months ended March 31 |
|  | 2026 | 2025 | % |
| Average oil production (BOPD) | 3452 | 2844 | 21 |
| Average natural gas production (mcf/d) | 3624 | 3803 | (5) |
| Average NGL production (BOEPD) | 629 | 599 | 5 |
| Average production (BOEPD) | 4685 | 4077 | 15 |
| Average oil price ($/bbl) | 70.31 | 70.51 |  |
| Average natural gas price ($/mcf) | 4.79 | 3.85 | 24 |
| Average NGL price ($/bbl) | 22.21 | 30.67 | (28) |
| Average price ($/BOE) | 58.49 | 57.28 | 2 |
| Oil revenue ($000) | 21844 | 18047 | 21 |
| Natural gas revenue ($000) | 1562 | 1318 | 19 |
| NGL revenue ($000) | 1258 | 1654 | (24) |

---

**DISCUSSION OF OPERATING RESULTS**

Oil production for the first quarter of 2026 was 3,452 BOPD compared to 2,844 BOPD for the same period of 2025, an increase of 21% due to the production from the wells drilled during 2025. Oil revenue increased by 21% in the first quarter of 2026 versus the same period of 2025 due to the increase in oil production.

For the first quarter of 2026, average natural gas production was 3,624 MCFPD compared to 3,803 MCFPD for the same period of 2025, a decrease of 5%. Natural gas revenue increased by 19% in the first quarter of 2026 versus the same period in 2025 due to the increase in natural gas prices of 24% partially offset by the decrease in production.

Natural gas liquids (NGL) production in the first quarter of 2026 increased to 629 BOEPD from 599 BOEPD in the comparable period of 2025, an increase of 5%. NGL revenue decreased by 24% in the first quarter of 2026 compared to the same period in 2025 due to a decrease in NGL prices of 28% partially offset by the production increase.

Average production on a per BOE basis was 4,685 BOEPD in the first quarter of 2026 compared to 4,077 BOEPD in the same period of 2025, an increase of 15%. The increase is due to the factors discussed above. Gross revenue for the first quarter of 2026 increased by 17% compared to the first quarter of 2025 due to an increase in production and an increase in average prices.

**Royalties, Operating Expenses and Netback** 

---

| | | | |
|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Three months ended |
|  | March 31, | March 31, | March 31, |
| ($/BOE) | 2026 | 2025 | % |
| Average price | 58.49 | 57.28 | 2 |
| Less: Royalties | 12.08 | 12.66 | (4) |
| Less: Operating expenses<sup>(3)</sup> | 8.00 | 7.07 | (13) |
| Netback from operations<sup>(1)</sup> | 38.41 | 37.55 | 2 |
| Price adjustment from commodity contracts<sup>(2)</sup> | (0.69) | - | - |
| Netback including commodity contracts<sup>(1)</sup> | 37.72 | 37.55 | - |

---

(1) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&A.

***Kolibri Global Energy Inc.*** \| 5 \| First Quarter 2026<br>

(2) Price adjustment from commodity contracts includes the positive or negative adjustment to the average price per barrel that the Company realized from its commodity contracts.

(3) Operating expenses include compressor costs of $0.4 million in the first quarter of 2026 and $0.4 million in the first quarter of 2025 that are accounted for as a lease under IFRS 16.

Average prices increased by 2% in the first quarter of 2026, compared to the same period in the prior year, due to a price increase in gas, partially offset by price decreases in oil and NGLs discussed above. Oil made up 74% of the production mix in the first quarter of 2026 compared to 70% for the same period in 2025.

Royalties on Tishomingo production averaged approximately 20.7% for the first quarter of 2026 versus 22.1% in the first quarter of 2025. The percentage differences are due to different royalty burdens on the wells produced by the Company.

Major production and operating expenses are related to the gathering and processing of natural gas and NGLs as well as periodic well repairs and maintenance. Operating expenses averaged $8.00 per BOE for the first quarter of 2026 compared to $7.07 per BOE for the same period in 2025. The increase was due to workover costs on a non-operated well and the Company's gas purchaser reassessing prior year gathering and processing fees which together totaled $0.2 million, or $0.48 per BOE, in the first quarter of 2026. The increase was also due to higher water hauling costs compared to the prior year first quarter.

**Realized and Unrealized Gains and Losses from Risk Management Contracts**

As part of our normal operations, the Company is exposed to movements in commodity prices. In an effort to manage this exposure, the Company utilizes financial commodity contracts. The Company's strategy focuses on the use of costless collars, fixed price contracts and deferred put contracts to limit exposure to fluctuations in commodity prices, while allowing for participation in spot commodity prices. Contracts settled in the period result in realized gains or losses based on the market price compared to the contract price and volume. Changes in the fair value of unsettled contracts are reported as unrealized gains or losses in the period as the forward markets fluctuate and as new contracts are executed.

At March 31, 2026 the Company had the financial commodity contracts as discussed in note 3 of the Company's condensed consolidated financial statements to meet hedging requirements on its credit facility.

The estimated fair value for the financial oil contracts was a $2.3 million liability as of March 31, 2026 (December 31, 2025: $0.4 million asset) which has been determined based on the prospective amounts that the Company would receive or pay to terminate the contracts, consisting of a current liability of $2.2 million and a long term liability of $0.1 million. (December 31, 2025: current asset of $0.4 million).

The realized and unrealized gains/losses from the financial commodity contracts are as follows:

---

| | | |
|:---|:---|:---|
|  | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
| ($000s) | 2026 | 2025 |
| Realized gain (loss) on financial commodity contracts | $(294) | - |
| Unrealized gain (loss) on financial commodity contracts | $(2877) | (35) |

---

***Kolibri Global Energy Inc.*** \| 6 \| First Quarter 2026<br>

**Production and Operating Expenses**

Production and operating expenses were at $2.9 million for the first quarter of 2026 compared to $2.2 million in the first quarter of 2025. The increase was due to the increase in production and higher water hauling costs in the first quarter of 2026 compared to first quarter of 2025.

**General and Administrative Expenses**

G&A expense for the first quarter of 2026 was $1.5 million compared to $1.3 million in the first quarter of 2025, an increase of 15% compared to the prior year quarter due to an increase in consulting and legal costs.

**Depletion, Depreciation and Amortization**

Depletion, depreciation and amortization expense for the first quarter of 2026 was $5.0 million compared to $4.1 million in the same period of 2025. The increase was due to the increase in production in the first quarter of 2026 compared to the prior year first quarter. Depletion and depreciation expense on a per barrel basis was $11.96 for the first quarter of 2026 compared to $11.07 for the first quarter of 2025.

**Interest on loans and borrowings**

Interest on loans and borrowings were $1.1 million for the first quarter of 2026 compared to $0.7 million in the prior period first quarter, which was an increase of 24%. The increase is due to an increase in the outstanding loan balance in the first quarter of 2026 compared to the first quarter of 2025 partially offset by lower interest rates.

**Income tax expense**

Income tax expense decreased from $2.0 million in the first quarter of 2025 to $1.4 million in the same period of 2026 due to lower pre-tax income.

**Net income for the period** 

The Company had net income of $4.0 million ($0.11 per basic share) in the first quarter of 2026 compared to net income of $5.8 million ($0.16 per basic share) for the same period of 2025. The change in net income in 2026 compared to the same period in 2025 is due to higher realized and unrealized losses in financial commodity contracts in the first quarter of 2026 of $3.1 million, an increase in depletion, depreciation and accretion of $1.0 million, an increase in operating expenses of $0.7 million, an increase in interest expense of $0.4 million and an increase in general and administrative expense of $0.2 million, partially offset by an increase in revenue net of royalties of $3.2 million and a decrease in income tax expense of $0.6 million.

**Cash from operating activities**

Cash flows from operating activities for the first quarter of 2026 was $11.1 million compared to cash flows from continuing operating activities of $13.0 million in the same period of 2025. The decrease is due to the difference in timing of working capital changes between 2026 and 2025.

**Cash used in investing activities**

Cash flows used in investing activities for the first quarter of 2026 was $9.6 million compared to cash flows used in investing activities of $6.0 million in the same period of 2025. The increase was due to the difference in timing of working capital changes between 2026 and 2025 partially offset by higher capital expenditures in the first quarter of 2025 compared to 2026.

***Kolibri Global Energy Inc.*** \| 7 \| First Quarter 2026<br>

**Cash flows from financing activities**

Cash flows used in financing activities for the first quarter of 2026 was $1.6 million compared to cash flows used in financing activities of $6.4 million in the first quarter of 2025. The decrease is due to a net repayment of $1.0 million on loans and borrowings in 2026 compared to net repayments on loans and borrowings of $6.0 million in 2025.

**CAPITAL EXPENDITURES**

Capital expenditures were for the wells drilled and completed in the Tishomingo field located in Oklahoma.

---

| | | |
|:---|:---|:---|
| *($000)* | 2026 | 2025 |
| Additions to oil and gas properties | $**1872** | $9953 |
|  | $**1872** | $9953 |

---

**LIQUIDITY AND CAPITAL RESOURCES**

---

| | | |
|:---|:---|:---|
| (000s; other than number of shares and per share amounts) | March 31, 2026 | December 31, 2025 |
| Working Capital (Deficiency) (US$) | $(5082) | $(12573) |
| Loans and Borrowings (US$) | $48458 | $49458 |
| Shares Outstanding, end of period | 35474306 | 35471833 |
| Market Price per share (in Canadian $) | $7.68 | $5.41 |
| Market Value of Shares (in Canadian $) | $272443 | $191903 |

---

In June 2025, the Company's US subsidiary amended the credit facility, which is secured by the US subsidiary's interests in the Tishomingo Field. The credit facility, which is now held by a bank syndicate that includes both BOK Financial and Arvest Bank, expires in June 2029 and is being used to provide working capital for drilling wells in the Tishomingo Field.

The borrowing base of the credit facility is $65.0 million and the Company has an available borrowing capacity of $16.5 million at March 31, 2026. The credit facility is subject to a semi-annual review and redetermination of the borrowing base. The credit facility was redetermined in October 2025 at the same $65 million borrowing capacity. In May 2026, the credit facility was redetermined with an increase in borrowing capacity to $75 million . Future commitment amounts will be subject to new reserve evaluations and there is no guarantee that the size and terms of the credit facility will remain the same after the borrowing base redetermination. Any redetermination of the borrowing base is effective immediately and if the borrowing base is reduced, the Company has six months to repay any shortfall.

***Kolibri Global Energy Inc.*** \| 8 \| First Quarter 2026<br>

The credit facility has two primary debt covenants. One covenant requires the US subsidiary to maintain a positive working capital balance which includes any unused excess borrowing capacity and excludes the fair value of commodity contracts and the current portion of long-term debt (the "Current Ratio"). The second covenant ensures the ratio of outstanding debt and long-term liabilities to a trailing twelve month adjusted EBITDAX amount (the "Maximum Leverage Ratio") be no greater than 3 to 1 at any quarter end. Adjusted EBITDAX is defined as net income excluding interest expense, depreciation, depletion and amortization expense, and other non-cash and non-recurring charges including severance, stock based compensation expense and unrealized gains or losses on commodity contracts.

The Company was in compliance with both covenants for the quarter ended March 31, 2026. At March 31, 2026, the Current Ratio of the US Subsidiary was 1.76 to 1.0 and the Maximum Leverage Ratio was 1.17 to 1.0 for the three months ended March 31, 2026.

At March 31, 2026, loans and borrowings of $48.5 million (December 31, 2025: $49.5 million) are presented net of loan acquisition costs of $0.7 million (December 31, 2025: $0.7 million).

At March 31, 2026, the Company had a working capital deficit of $5.1 million compared to a working capital deficit of $12.6 million at December 31, 2025. The Company had available borrowing capacity of $16.5 million at March 31, 2026. The Company closely monitors its working capital and borrowing capacity to ensure adequate funds are available to finance its administrative and operating requirements. Planned drilling activity can be adjusted if adequate funds are not available, and the Company has available borrowing capacity to manage its working capital requirements.

The Company has entered into financial commodity contracts as part of its risk management strategy to manage its cash flows for future activity and to offset commodity price fluctuations. Other potential sources of cash flows include proceeds from additional debt or equity offerings but there is no guarantee that additional financing will be available when needed.

The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Typically, the Company ensures that it has sufficient cash on demand and cash flows from operating activities to meet expected operational expenses for a one-year period, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. To achieve this objective, the Company prepares annual capital expenditure budgets, which are regularly monitored and updated as considered necessary. Further, the Company utilizes authorizations for expenditures on both operated and non-operated projects to further manage capital expenditure. The Company also attempts to match its payment cycle with collection of oil revenue on the 20th of each month.

The Company monitors its expected cash inflows from trade and other receivables and its expected cash outflows on trade and other payables and principal debt payments. The current volatile economic climate may lead to adverse changes in cash flows and working capital levels, which may also have a direct impact on the Company's results and financial position and which may adversely affect the Company's liquidity.

***Kolibri Global Energy Inc.*** \| 9 \| First Quarter 2026<br>

**CONTRACTUAL OBLIGATIONS**

The following are the undiscounted contractual maturities of financial liabilities at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total | 2026 | 2027 | Thereafter |
| **Liabilities ($000s)** |  |  |  |  |
| Lease payable | $1808 | $1179 | $622 | $7 |
| Loans and borrowings\* | 48458 | 2762 | 3683 | 53983 |
| Accounts payable and other payables | 16754 | 16754 |  |  |
| Fair value of commodity contracts | 2283 | 2087 | 196 |  |
|  | $81273 | $22782 | $4501 | $53990 |

---

\*The Credit Facility provides for interest only payments until the June 2029 maturity date which are included in the table. The average interest rate at March 31, 2026 was 7.6% The Company is required to repay amounts owing under the Credit Facility in full on the June 2029 maturity date. See "Liquidity and Capital Resources" and "Principal Business Risks" for discussion of events that would require early repayment of the Credit Facility.

***Kolibri Global Energy Inc.*** \| 10 \| First Quarter 2026<br>

**QUARTERLY SUMMARY**

Below is a summary of the Company's performance over the last eight quarters:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2026** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Q1** | **Q4** | **Q3** | **Q2** | **Q1** | **Q4** | **Q3** | **Q2** |
| ***Daily Production*** |  |  |  |  |  |  |  |  |
| Oil (BOPD) | 3452 | 3131 | 2809 | 2115 | 2844 | 3097 | 2247 | 2309 |
| Natural gas (MCFPD) | 3624 | 3639 | 3861 | 2880 | 3803 | 3615 | 1948 | 1916 |
| NGLs (BOEPD) | 629 | 755 | 801 | 625 | 599 | 740 | 460 | 500 |
| Average production (BOEPD) | 4685 | 4493 | 4254 | 3220 | 4077 | 4440 | 3032 | 3128 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2026** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Q1** | **Q4** | **Q3** | **Q2** | **Q1** | **Q4** | **Q3** | **Q2** |
| ***Average Price*** |  |  |  |  |  |  |  |  |
| Oil ($/bbl) | 70.31 | 57.11 | 63.93 | 62.25 | 70.51 | 69.00 | 74.48 | 79.48 |
| Natural gas ($/mcf) | 4.79 | 2.56 | 2.71 | 3.09 | 3.85 | 2.82 | 1.21 | 0.84 |
| NGL ($/bbl) | 22.21 | 15.05 | 19.74 | 17.59 | 30.67 | 23.38 | 20.60 | 18.24 |
| Average price ($/BOE) | 58.49 | 44.39 | 48.38 | 47.06 | 57.28 | 54.32 | 59.09 | 62.10 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2026** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>*($/BOE)* | **Q1** | **Q4** | **Q3** | **Q2** | **Q1** | **Q4** | **Q3** | **Q2** |
| ***Netback<sup>(1)</sup>*** |  |  |  |  |  |  |  |  |
| Average price ($/BOE) | 58.49 | 44.39 | 48.38 | 47.06 | 57.28 | 54.32 | 59.09 | 62.10 |
| Royalties | 12.08 | 8.73 | 10.17 | 10.25 | 12.66 | 11.79 | 12.45 | 13.22 |
| Operating expenses<sup>(4)</sup> | 8.00 | 7.67 | 7.37 | 7.15 | 7.07 | 6.59 | 6.63 | 8.48 |
| Netback from operations<sup>(1)</sup> | 38.41 | 27.99 | 30.84 | 29.66 | 37.55 | 35.94 | 40.01 | 40.40 |
| Price adjustment from commodity contracts | (0.69) | 0.32 | 0.05 | 0.13 | - | (0.04) | (0.06) | (0.84) |
| Netback including commodity contracts<sup>(1)</sup> | 37.72 | 28.31 | 30.89 | 29.79 | 37.55 | 35.9 | 39.95 | 39.54 |

---

***Kolibri Global Energy Inc.*** \| 11 \| First Quarter 2026<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2026** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>*($000, except as noted)* | **Q1** | **Q4** | **Q3** | **Q2** | **Q1** | **Q4** | **Q3** | **Q2** |
| ***Net operating income<sup>(2)</sup>*** |  |  |  |  |  |  |  |  |
| Oil and gas gross revenue | 24664 | 18349 | 18935 | 13790 | 21020 | 22185 | 16485 | 17678 |
| Royalties | 5095 | 3609 | 3980 | 3002 | 4648 | 4812 | 3476 | 3762 |
| Operating expenses | 2934 | 2778 | 2500 | 1738 | 2227 | 2354 | 1524 | 2109 |
|  | 16635 | 11962 | 12455 | 9050 | 14145 | 15019 | 11485 | 11807 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2026** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>*($000, except as noted)* | **Q1** | **Q4** | **Q3** | **Q2** | **Q1** | **Q4** | **Q3** | **Q2** |
| ***Net income*** | 4027 | 3261 | 3598 | 2853 | 5765 | 5643 | 5066 | 4061 |
| ***Basic net income ($/share)*** | 0.11 | 0.09 | 0.10 | 0.08 | 0.16 | 0.16 | 0.14 | 0.11 |
| ***Adjusted EBITDA<sup>(3)</sup>*** | 14818 | 10542 | 10064 | 7681 | 12820 | 13493 | 10136 | 10036 |
| ***Cash flows from operating activities*** | 11091 | 12360 | 6681 | 9487 | 13007 | 10093 | 11783 | 7318 |
| ***Bank debt*** | 47794 | 48757 | 45732 | 29702 | 27277 | 33240 | 30711 | 33678 |
| ***Total assets*** | 294305 | 293942 | 282087 | 262817 | 254620 | 248759 | 237438 | 230975 |

---

(1) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&A.

(2) Net operating income is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&A.

(3) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&A.

(4) Operating expenses includes compressor costs of $0.4 million in 2026, $1.5 million in 2025 and $1.2 million in 2024 that are accounted for as a lease under IFRS Accounting Standards 16.

**Quarterly Variability**

The results of the previous eight quarters reflect the Company's development of the Tishomingo field with production increasing from 3,128 BOEPD in the second quarter of 2024 to 4,685 BOEPD in the first quarter of 2026. Changes in production have occurred between quarters due to the timing of drilling and completion operations and the temporary shut-in of wells.

***Kolibri Global Energy Inc.*** \| 12 \| First Quarter 2026<br>

Commodity prices decreased throughout 2025 but increased significantly during the first quarter of 2026. Oil prices decreased from $70.51 in the first quarter of 2025 down to $57.11 in the fourth quarter of 2025 before recovering to $70.31 in the first quarter of 2026.

Adjusted EBITDA<sup>(1)</sup> is impacted by the Company's quarterly production and the changes in commodity prices. As our field development has resulted in increased production since 2024, adjusted EBITDA has reflected this increase, although lower oil prices have impacted some quarters more than the production increase. Adjusted EBITDA was $10.0 million in the second quarter of 2024 and has generally increased or remained constant in subsequent quarters. The first quarter of 2026 adjusted EBITDA increased to $14.8 million due to higher production as well as higher prices during the quarter.

Net income, as well as basic earnings per share, is impacted by the Company's production and average prices, but it is also impacted by quarterly unrealized gains or losses on the Company's commodity contracts, which fluctuate from quarter to quarter, as well as increases in depletion expense. Net income was generally higher in 2024 due to higher oil prices. In 2025, net income fluctuated as the increase in production was offset by the decrease in average prices throughout the year. In the first quarter of 2026 net income was $4.0 million due to a $2.9 million mark-to-market unrealized loss on commodity contracts due to the significant increase in oil prices.

Total assets have increased over this period as the Company has continued to incur capital expenditures to develop the field and increase production since 2024.

The Company's net bank debt has increased from $33.7 million to $47.8 million to fund capital expenditures and has fluctuated depending on the timing of field development activities between quarters. Although debt has increased over the last eight quarters, the Company has consistently maintained a low leverage ratio. The first quarter 2026 leverage ratio was 1.17 to 1.

(1) Adjusted EBITDA is considered a Non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" at the end of this MD&A.

**CRITICAL ACCOUNTING ESTIMATES**

The preparation of the consolidated financial statements requires management to make estimates and use judgment regarding the reported amounts of assets and liabilities, the disclosures of contingencies at the date of the condensed consolidated interim financial statements and the reported amounts of revenues and expenses during the period. By their nature, estimates are subject to measurement uncertainty and changes in such estimates in future years could require a material change in the financial statements. Accordingly, actual results may differ from the estimated amounts. Significant estimates and judgments made by management in the preparation of the condensed consolidated interim financial statements are as follows:

<u>Oil and gas assets</u>

Development and production assets are assessed for recoverability at the cash generating unit ("CGU") level. The determination of CGUs is subject to management judgments. Recoverability is assessed by comparing the carrying value of the asset to its estimated recoverable amount, which is based on the higher of fair value of the assets less the cost to sell ("FVLCS") or value in use ("VIU"). The significant estimates used in the determination of the estimated recoverable amount include the following:

● Proved and probable oil and gas reserves – Significant assumptions that are valid at the time of oil and gas reserve estimation may change significantly when additional information becomes available. Estimates of economically recoverable proved and probable oil and gas reserves are based upon a number of significant assumptions, such as forecasted production, forecasted oil and gas commodity prices, forecasted operating costs, forecasted royalty costs, and forecasted future development costs. Changes in forecasted oil and gas commodity price assumptions, costs or recovery rates may change the economic status of proved and probable oil and gas reserves and may ultimately result in a restatement of proved and probable oil and gas reserves. Independent third-party reserve evaluators are engaged at least annually to estimate proved and probable oil and gas reserves.

***Kolibri Global Energy Inc.*** \| 13 \| First Quarter 2026<br>

● Discount rate – The discount rate used to calculate the net present value of cash flows is based on estimates of an industry peer group weighted average cost of capital. Changes in the economic environment could result in significant changes to this estimate.

<u>Depletion of oil and gas assets</u>

Depletion of development and production assets is determined based on proved and probable oil and gas reserves and includes forecasted future development costs as estimated by the Company's independent third-party reserve evaluators. By their nature, the estimates of proved and probable oil and gas reserves are subject to measurement uncertainty. Accordingly, the impact to the consolidated financial statements in future periods could be material.

<u>Asset retirement obligations</u>

The provision for site restoration and abandonment is based on current legal requirements, technology, price levels and expected plans and are based on significant assumptions such as inflation rate and discount rate. Actual costs and cash outflows can differ from estimates because of changes in laws or regulations, market conditions and changes in technology.

<u>Income taxes</u>

Tax interpretations, regulations and legislation in the various jurisdictions in which the Company operates are subject to change. As such income taxes are subject to measurement uncertainty. Deferred income tax assets are assessed by management at the end of the reporting period to determine the likelihood that they will be realized from future taxable earnings.

**OUTSTANDING SHARE DATA**

There were 35,630,862, 35,474,306 and 35,471,833 common shares outstanding as of May 13, 2026, March 31, 2026 and December 31, 2025, respectively. The Company had 859,954, 877,621 and 882,621 stock options outstanding as of May 13, 2026, March 31, 2026 and December 31, 2025, respectively. The Company had 672,896, 787,974, and 509,959 restricted share units (RSUs) outstanding as of May 13, 2026, March 31, 2026 and December 31, 2025, respectively.

**NORMAL COURSE ISSUER BID**

On September 19, 2025, the Company announced that the Toronto Stock Exchange (TSX) accepted a notice filed by the Company of its intention to make a normal course issuer bid (the "Bid") to purchase up to an aggregate of 1,768,841 common shares, being approximately 5% of the total number of 35,376,833 common shares issued and outstanding as at September 10, 2025, through the facilities of the TSX and the Nasdaq Capital Market or through alternative Canadian trading platforms. The actual number of shares which may be purchased pursuant to the Bid will be determined by management of the Company. The price the Company will pay for any such common shares will be the prevailing market price at the time of purchase, and any such repurchased shares will be cancelled. Since September 19, 2025, the Company has purchased 97,759 common shares at an average price of US$4.10 per share under the Bid.

***Kolibri Global Energy Inc.*** \| 14 \| First Quarter 2026<br>

During its previous normal course issuer bid which began in September 2024 and ended in September 2025, the Company repurchased 548,293 common shares at an average price of US$5.27 per share.

**PRINCIPAL BUSINESS RISKS** 

KEI's business and results of operations are subject to a number of risks and uncertainties, including but not limited to the following:

● the uncertainty of finding oil and gas in commercial quantities

● risks related to the threat or imposition of tariffs which could impact the cost of capital expenditures and disrupt supply chains in the future

● securing markets for existing and future production

● commodity price fluctuations due to market forces

● volatile market conditions related to current ongoing global conflicts, including the war in Iran, which could affect global supply dynamics and lead to heightened price volatility. Increases in oil prices will benefit revenues in the short term but sustained geopolitical instability could lead to abrupt price swings and a potential global economic slowdown

● financial risk due to foreign exchange rates and interest rate exposure

● changes to government regulations in the United States, including regulations relating to prices, taxes, royalties and environmental protection

● changing government policies and regulations, social instability and other political, economic or diplomatic developments in the countries in which the Company operates

● uncertainty regarding the Company's ability to fund wells drilled in non-operated sections of the Tishomingo field

● production-related risks leading to temporary shutting-in of wells, including, but not limited to, weather related risks and field conditions, completion activities of other operators in close proximity to the Company's wells, adverse conditions affecting production, transportation or processing, and the uncertainty of pipeline repairs

● availability of equity or debt financing is affected by many factors many of which are beyond the control of the Company

● uncertainties inherent in estimating quantities of oil and natural gas reserves and cash flows to be derived therefrom

● the oil and gas industry is intensely competitive and the Company competes with a large number of companies with greater resources

● risks related to evolving emissions, carbon and other regulations impacting climate change and the advancement of alternative sources of renewable energy

● risks related to the limit on the number of common shares that the Company is authorized to issue being 37,367,894 (the "Share Limit"), without approval by the shareholders of the Company, which limit was passed at a requisitioned special meeting of the Company's shareholders on November 25, 2025

● risks related to the Credit Facility, including the risk that the Company could be required under the terms of the Credit Facility to prepay the outstanding principal amount and other amounts owing under the Credit Facility in certain circumstances, some of which are out of the Company's control, including failure to comply with financial ratio tests, borrowing base redeterminations, Mr. Wolf Regener ceasing to be the President of Kolibri Global Energy Inc., certain changes to the board of directors of the Company and the acquisition by any person or persons acting jointly or in concert of 25% or more of the Company's shares. There can be no assurance that the Company will be able to obtain sufficient capital to repay the Credit Facility. A failure by the Company to perform its obligations under the Credit Facility could result in, among other adverse effects, the loss of the Company's Tishomingo Field assets. See "Liquidity and Capital Resources" and "Contractual Obligations" above and the "Risk Factors" section in the Company's most recent Annual Information Form.

● the other risks identified in the Company's most recent Annual Information Form under the "Risk Factors" section and the Company's other public disclosure, available under the Company's profile on SEDAR at www.sedarplus.ca.

***Kolibri Global Energy Inc.*** \| 15 \| First Quarter 2026<br>

The Company seeks to mitigate these risks by:

● maintaining product mix to manage exposure to commodity price risk

● monitoring the impact of tariffs on prices and supply chains to ensure the Company can execute its drilling program

● monitoring production trends to maximize the potential of its capital spending program

● from time to time, entering into financial commodity contracts to hedge against commodity price risk

● ensuring strong third-party operators for non-operated properties

● transacting with creditworthy counterparties

● monitoring commodity prices and capital programs to manage cash flows

● reviewing proposed changes in applicable government regulations and laws to assess the impact on the Company's operations

**DISCLOSURE CONTROLS AND PROCEDURES**

The Chief Executive Officer ("CEO") and the Chief Financial Officer ("CFO") have designed, or caused to be designed under their supervision, disclosure controls and procedures ("DC&P") and internal controls over financial reporting ("ICOFR") as defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings in order to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements in accordance with IFRS Accounting Standards.

The DC&P have been designed to provide reasonable assurance that material information relating to KEI is made known to the CEO and CFO by others and that information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted by KEI under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation. The Company's CEO and CFO have concluded, based on their evaluation that the Company's DC&P and ICOFR are effective at March 31, 2026 to provide reasonable assurance that material information related to the Company is made known to them by others within the Company.

The CEO and CFO are required to cause the Company to disclose any change in the Company's ICOFR and DC&P that occurred during the most recent interim period that has materially affected, or is reasonably likely to materially affect, the Company's ICOFR. No changes in ICOFR and DC&P were identified during such period that have materially affected, or are reasonably likely to materially affect, the Company's ICOFR during the quarter ended March 31, 2026.

It should be noted that a control system, including the Company's DC&P and ICOFR, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objective of the control system will be met and it should not be expected that DC&P and ICOFR will prevent all errors or fraud.

**OUTLOOK**

In the United States, the Company intends to drill and complete additional wells in the Caney/Sycamore formations on its Oklahoma field as it generates sufficient cash flow, financing becomes available and within a favorable economic environment. In addition, the Company continues to utilize its technical and operational expertise to identify and acquire additional oil and gas projects. The Company expects to continue drilling additional wells utilizing cash flows from operating activities and potentially its available borrowing capacity under its credit facility. Current global conflicts, including the war in Iran, have caused volatility in the energy markets and a significant short term increase in oil prices but these factors have not impacted the Company's current development plan for the field.

***Kolibri Global Energy Inc.*** \| 16 \| First Quarter 2026<br>

**NON-GAAP MEASURES**

The Company's Non-GAAP Measures are not measures or ratios recognized under IFRS Accounting Standards and do not have any standardized meanings prescribed by IFRS Accounting Standards. Management of the Company believes that such measures and ratios are relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole. The Company's Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures and ratios as reported by such organizations. The Company's Non-GAAP Measures should not be construed as alternatives to net income, cash flows from operating activities, working capital or other financial measures and ratios determined in accordance with IFRS Accounting Standards, as an indicator of the Company's performance.

Netback from operations per barrel and its components are calculated by dividing revenue, less royalties and operating expenses by the Company's sales volume during the period. Netback including commodity contracts is calculated by adjusting netback from operations by the realized gains or losses received from commodity contracts during the period. Netback is a non-GAAP ratio but it is commonly used by oil and gas companies to illustrate the unit contribution of each barrel produced. The Company believes that the netback is a useful supplemental measure of the cash flows generated on each barrel of oil equivalent that is produced in its operations. However, non-GAAP measures and non-GAAP ratios do not have any standardized meaning prescribed by IFRS Accounting Standards and therefore, may not be comparable to similar measures or ratios used by other companies and should not be used to make comparisons.

The following is the reconciliation of the non-GAAP ratio netback from operations:

---

| | | |
|:---|:---|:---|
| *(US $000)* | For the three months ended March 31, | For the three months ended March 31, |
|  | 2026 | 2025 |
| Net income | 4027 | 5765 |
| Adjustments: |  |  |
| Income tax expense | 1381 | 1981 |
| Finance income | (2) | (8) |
| Finance expense | 4296 | 783 |
| Share based compensation | 365 | 237 |
| General and administrative expenses | 1523 | 1325 |
| Depletion, depreciation and amortization | 5045 | 4063 |
| Other income | - | (1) |
| Operating netback | 16635 | 14145 |
| Netback from operations | $38.41 | $37.55 |

---

Net operating income is similarly a non-GAAP measure that represents revenue net of royalties and operating expenses. The Company believes that net operating income is a useful supplemental measure to analyze operating performance and provides an indication of the results generated by the Company's principal business activities prior to the consideration of other income and expenses.

***Kolibri Global Energy Inc.*** \| 17 \| First Quarter 2026<br>

The following is the reconciliation of the non-GAAP measure net operating income:

---

| | | |
|:---|:---|:---|
| *(US $000)* | For the three months ended March 31, | For the three months ended March 31, |
|  | 2026 | 2025 |
| Oil and gas revenue, net of royalties | 19569 | 16372 |
| Less: production and operating expenses | 2934 | 2227 |
| Net operating income | 16635 | 14145 |

---

Adjusted EBITDA is calculated as net income before interest, taxes, depletion and depreciation and other non-cash and non-operating gains and losses. The Company considers this a key measure as it demonstrates its ability to generate cash from operations necessary for future growth excluding non-cash items, gains and losses that are not part of the normal operations of the Company and financing costs.

The following is the reconciliation of the non-GAAP measure adjusted EBITDA:

---

| | | |
|:---|:---|:---|
| ***(US $000)*** | Three months ended <br>March 31, | Three months ended <br>March 31, |
|  | 2026 | 2025 |
| Net income | 4027 | 5765 |
| Depletion, depreciation and amortization | 5045 | 4063 |
| Accretion | 67 | 51 |
| Interest expense | 1057 | 696 |
| Unrealized loss on commodity contracts | 2877 | 35 |
| Share based compensation | 365 | 237 |
| Other income |  | (1) |
| Income tax expense | 1381 | 1981 |
| Interest income | (2) | (8) |
| Foreign currency loss | 1 | 1 |
| Adjusted EBITDA | 14818 | 12820 |

---

**Product Type Disclosure**

This MD&A includes references to sales volumes of "oil", "natural gas", and "barrels of oil equivalent" or "BOEs". "Oil" refers to light crude oil and medium crude oil combined, and "natural gas" refers to shale gas, in each case as defined by NI 51-101. Production from our wells, primarily disclosed in this MD&A in BOEs, consists of mainly oil and associated wet gas. The wet gas is delivered via gathering system and then pipelines to processing plants where it is treated and sold as natural gas and NGLs.

**Cautionary Statements**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company's natural gas production is reported in thousands of cubic feet ("Mcfs").
 The Company also uses references to barrels ("Bbls") and barrels of oil equivalent
 ("BOEs") to reflect natural gas liquids and oil production and sales. BOEs may
 be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 Bbl is
 based on an energy equivalency conversion method primarily applicable at the burner tip and
 does not represent a value equivalency at the wellhead. Given that the value ratio based
 on the current price of crude oil as compared to natural gas is significantly different from
 the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as
 an indication of value.

***Kolibri Global Energy Inc.*** \| 18 \| First Quarter 2026<br>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Discounted
 and undiscounted net present value of future net revenues attributable to reserves do not
 represent fair market value.

(c) Possible
 reserves are those additional reserves that are less certain to be recovered than probable
 reserves. There is a 10% probability that the quantities actually recovered will equal or
 exceed the sum of proved plus probable plus possible reserves.

(d) This
 MD&A and the Company's other public disclosure contains peak and 30-day initial
 production rates and other short-term production rates. Readers are cautioned that initial
 production rates are preliminary in nature and are not necessarily indicative of long-term
 performance or of ultimate recovery.

**CAUTION REGARDING FORWARD-LOOKING INFORMATION**

This MD&A contains forward-looking information including expectations regarding proposed timing and expected results of development work in the Company's Tishomingo Field, expected productivity from current and future wells, planned capital expenditure programs and cost estimates, the effect of design and performance improvements on future productivity, planned use and sufficiency of proceeds from the Company's debt and equity financings, compliance with debt covenants under the Company's credit facility, cash on hand and cash flows from operating activities and the Company's strategy and objectives. The use of any of the words "target", "plans", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "intend" and similar expressions are intended to identify forward-looking statements.

Such forward-looking information is based on management's expectations and assumptions, including that the Company's geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, declines will match the modeling, future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management's expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that well shut-ins will not materially reduce production or adversely affect future productivity, that anticipated results and estimated costs will be consistent with managements' expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained, that the combination of cash on hand and cash flows from operating activities will be sufficient to finance the Company's cash requirements through 2026, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserve-based loan facility and that the borrowing base will not be reduced, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business and its ability to advance its business strategy.

Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company's geologic and reservoir models or analysis are not validated, anticipated results and estimated costs will not be consistent with managements' expectations, that the Company will not achieve a comparable level of hedging going forward in respect of its existing production, that the Company will not achieve the results anticipated by management from the Company's cost reduction measures, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), well shut-ins and the potential for damage to the affected wells, the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that completion techniques require further optimization, that production rates do not match the Company's assumptions, that very low or no production rates are achieved, that the Company will cease to be in compliance with the covenants under its reserve-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base redetermination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve and the other risks identified in the Company's most recent Annual Information Form under the "Risk Factors" section and the Company's other public disclosure, available under the Company's profile on SEDAR+ at www.sedarplus.ca.

Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this MD&A is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

***Kolibri Global Energy Inc.*** \| 19 \| First Quarter 2026<br>

**CORPORATE INFORMATION**

**DIRECTORS AND OFFICERS**

<sub></sub>

---

| | |
|:---|:---|
| **David Neuhauser <sup>1,3,4</sup>** |  |
| Director, Chairman of the Board |  |
|  | **AUDITORS** |
| **Glen Brown <sup>1,2,3,4,5</sup>** | BDO USA, P.C. |
| Director | Houston, TX, USA |
| **Lee Canaan <sup>1,2,5</sup>** **** | **BANKERS** |
| Director | BOK Financial |
|  | Denver, CO, USA |
| **Murray Grigg <sup>2,3,5</sup>** |  |
| Director | Arvest Bank |
|  | Oklahoma City, OK |
| **Wolf Regener <sup>4</sup>** |  |
| Director, President and Chief Executive Officer | Royal Bank of Canada |
|  | Calgary, AB |
| **Gary Johnson** |  |
| Chief Financial Officer and Vice President | **CONSULTING ENGINEERS** |
|  | Netherland, Sewell & Associates, Inc. |
| *1 Member of the Audit Committee* | Houston, TX, USA |
| *2 Member of the Corporate Governance Committee* |  |
| *3 Member of the Compensation Committee* | **TRANSFER AGENT AND REGISTRAR** |
| *4 Member of the HS&E Committee* | Computershare Trust Company |
| *5 Member of the Reserves Committee* | Calgary, AB |
| **STOCK EXCHANGE LISTING** | **HEAD OFFICE** |
| The Toronto Stock Exchange | Suite 220, 925 Broadbeck Drive |
| Trading Symbol: KEI | Thousand Oaks, CA, USA 91320 |
| NASDAQ | Telephone: (805) 484-3613 |
| Trading Symbol: KGEI | Fax: (805) 484-9649 |
| **LEGAL COUNSEL** | **CANADIAN OFFICE** |
| DuMoulin Black LLP | 15th Floor, 1111 West Hastings St. |
| Vancouver, BC | Vancouver, BC, Canada V6E 2J3 |
|  | Telephone (604) 687-1224 |
| Haynes Boone, LLP | Fax: (604) 687-3635 |
| New York, NY, USA |  |

---

***Kolibri Global Energy Inc.*** \| 20 \| First Quarter 2026<br>

## Exhibit 99.3

**Exhibit 99.3**

**FORM 52-109F2**

**CERTIFICATION OF INTERIM FILINGS**

**FULL CERTIFICATE**

I, Wolf Regener the Chief Executive Officer of Kolibri Global Energy Inc., certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Kolibri Global Energy Inc. (the "issuer") for the interim period ended March 31, 2026.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5. ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

A. designed
 DC&P, or caused it to be designed under our supervision, to provide reasonable assurance
 that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. material
 information relating to the issuer is made known to us by others, particularly during the
 period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. information
 required to be disclosed by the issuer in its annual filings, interim filings or other reports
 filed or submitted by it under securities legislation is recorded, processed, summarized
 and reported within the time periods specified in securities legislation; and

B. designed
 ICFR, or caused it to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with the issuer's GAAP.

5.1 ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is the Internal Control – Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

**5.2 N/A**

**5.3 N/A**

6. ***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on January 1, 2026 and ended on March 31, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

---

| |
|:---|
| Date: May 14, 2026 |
| **"Wolf Regener"** |
| **Wolf Regener** |
| **Chief Executive Officer** |

---

## Exhibit 99.4

**Exhibit 99.4**

**FORM 52-109F2**

**CERTIFICATION OF INTERIM FILINGS**

**FULL CERTIFICATE**

I, Gary Johnson the Chief Financial Officer of Kolibri Global Energy Inc., certify the following:<br>

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Kolibri Global Energy Inc. (the "issuer") for the interim period ended March 31, 2026.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. ***Responsibility:*** The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5. ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

A. designed
 DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;I. material information
 relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared;
 and

II. information required to
 be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation
 is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

B. designed ICFR,
 or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
 and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 ***Control framework:*** The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is the Internal Control – Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

**5.2 N/A**

**5.3 N/A**

6. ***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on January 1, 2026 and ended on March 31, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

---

| |
|:---|
| Date: May 14, 2026 |
| **"Gary Johnson"** |
| **Gary Johnson** |
| **Chief Financial Officer** |

---

## Exhibit 99.5

**Exhibit 99.5**

---

| | |
|:---|:---|
| ![](ex99-5_001.jpg) | 925 Broadbeck Drive, Suite 220,<br> Thousand Oaks, California 91320<br> Phone: (805) 484-3613<br>TSX ticker symbol; KEI<br> NASDAQ ticker symbol; KGEI |

---

*For Immediate Release*

 

**KOLIBRI GLOBAL ENERGY INC. ANNOUNCES HIGHEST QUARTERLY NET REVENUE IN COMPANY HISTORY OF $19.6 MILLION AND A 15% INCREASE IN AVERAGE PRODUCTION**

**THOUSAND OAKS, CALIFORNIA**, May 14, 2026

All amounts are in U.S. Dollars unless otherwise indicated:

FIRST QUARTER HIGHLIGHTS

● Revenue, net of royalties was $19.6 million in the first quarter of 2026 compared to $16.4 million for the first quarter of 2025 due to 15% higher production and 2% higher average prices

● Average production for the first quarter of 2026 was 4,685 BOEPD, an increase of 15% compared to first quarter of 2025 average production of 4,077 BOEPD. The production increase is due to the additional production from the wells that were drilled and completed in 2025

● Net income for the first quarter of 2026 was $4.0 million, or $0.11 per basic share, compared to the first quarter of 2025 net income of $5.8 million, or $0.16 per basic share. The decrease was due to a mark-to-market unrealized loss on commodity contracts of $2.9 million in the first quarter of 2026 due to the significant increase in oil prices in 2026

● Adjusted EBITDA<sup>(1)</sup> was $14.8 million in the first quarter of 2026 compared to $12.8 million in the first quarter of 2025, an increase of 16% due to higher revenue partially offset by higher operating expenses from the higher production in the first quarter of 2026

● Production and operating expense per barrel averaged $8.00 per BOE in the first quarter of 2026 compared to $7.07 per BOE in the first quarter of 2025. The increase was primarily due to the costs of a workover on a non-operated well, as well as a smaller amount due to the Company's gas purchaser reassessing prior year gathering and processing fees, which together totaled $0.2 million in the first quarter of 2026. This added $0.48 per BOE to our first quarter operating expenses. The increase was also due to higher water hauling costs compared to the prior year first quarter

● Average netback from operations<sup>(2)</sup> for the first quarter of 2026 was $38.41 per BOE, an increase of 2% from the prior year first quarter of $37.55 per BOE. Netback including commodity contracts<sup>(2)</sup> for the first quarter of 2026 was $37.72 per BOE compared to $37.55 per BOE in the first quarter of 2025. The increases were due to higher average prices

● At March 31, 2026, the Company had $16.5 million of available borrowing capacity on the credit facility. In May 2026, the credit facility was redetermined and the borrowing capacity was increased from $65 million to $75 million.

(1) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" of this earnings release.

(2) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled "Non-GAAP Measures" of this earnings release.

Kolibri's President and Chief Executive Officer, Wolf Regener commented:

"We are very happy with the first quarter performance of the Company as we had the highest quarterly revenue and Adjusted EBITDA in the Company's history even though our average oil price was only $70.31 per barrel in the quarter. First quarter 2026 revenue was $19.6 million with average production increasing by 15% and average prices increasing 2% from the prior year first quarter. With the significant oil price increase only being realized in the final month of the first quarter, we are excited about the Company's continued growth for the rest of the year. We generated Adjusted EBITDA<sup>(1)</sup> of $14.8 million in the first quarter of 2026, which was a 16% increase from the prior year first quarter.

"Our net debt at the end of the first quarter was $45 million which was down from $46 million at the end of 2025. We made an additional debt paydown of $4 million in April 2026 with another $4 million paydown expected in May 2026 and, with our annual capital expenditures forecasted to be significantly less than last year, we plan to reduce our debt level down to our forecasted net debt of $25 to $30 million by the end of 2026.

"We are currently drilling the three 1.5 mile lateral wells, the Clifton Mack 11-14-1H, 11-14-2H and the 11-14-3H wells (88.1% working interest). After drilling is complete, the Company plans to perform fracture stimulation operations on the wells with production currently expected in the third quarter of 2026."

---

| | | | |
|:---|:---|:---|:---|
| ($000's) | First Quarter<br> 2026 | First Quarter<br> 2025 | % |
| Gross revenue | $24664 | $21020 | 17% |
| Net revenue | $19569 | $16372 | 20% |
| Net income | $4027 | $5765 | (30)% |
| Net income per basic common share | $0.11 | $0.16 | (31)% |
| Capital Expenditures | $1872 | $9953 | (81)% |
| Adjusted EBITDA<sup>(1)</sup> | $14818 | $12820 | 16% |
| Average production (BOEPD) | 4685 | 4077 | 15% |
| Average price per BOE | $58.49 | $57.39 | 2% |
| Netback from operations per BOE<sup>(2)</sup> | $38.41 | $37.55 | 2% |
| Netback including commodity contracts per BOE<sup>(2)</sup> | $37.72 | $37.55 | -% |

---

---

| | | |
|:---|:---|:---|
|  | March 31,<br> 2026 | December 31,<br> 2025 |
| Cash and Cash Equivalents | $2692 | $2797 |
| Working Capital | $(5082) | $(12573) |
| Borrowing Capacity | $16542 | $15542 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Adjusted EBITDA
 is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" of this earnings release.

(2) Netback from operations
 and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled "Non-GAAP Measures"
 of this earnings release.

<u>First Quarter 2026 versus First Quarter 2025</u>

Oil and gas gross revenues totaled $24.7 million in the first quarter of 2026 versus $21.0 million in the first quarter of 2025. Oil revenues increased $3.8 million or 21% to $21.8 million as oil production increased 21% with average oil prices flat between quarters. Natural gas revenues increased $0.2 million, or 19%, to $1.6 million as natural gas prices increased by 24% partially offset by a production decrease of 5%. Natural gas liquids (NGLs) revenues decreased $0.4 million, or 24%, as NGL prices decreased by 28% partially offset by a production increase of 5%.

Average production for the first quarter of 2026 was 4,685 BOEPD, an increase of 15% compared to first quarter of 2025 average production of 4,077 BOEPD. The production increase is due to the additional production from the wells drilled in 2025.

Production and operating expense per barrel averaged $8.00 per BOE in the first quarter of 2026 compared to $7.07 per BOE in the first quarter of 2025. The increase was due to the costs of a workover on a non-operated well, as well as a smaller amount due to the Company's gas purchaser reassessing prior year gathering and processing fees, which together totaled $0.2 million in the first quarter of 2026. This added $0.48 per BOE to our first quarter operating expenses. The increase was also due to higher water hauling costs compared to the prior year first quarter.

General and administrative expenses for the first quarter of 2026 increased by 15% from the prior year quarter due to an increase in consulting and legal costs.

Finance expense increased $3.5 million in the first quarter of 2026 compared to the prior year quarter due primarily due to a mark-to-market unrealized loss on commodity contracts of $2.9 million in the first quarter of 2026 due to the significant increase in oil prices in 2026.

**KOLIBRI GLOBAL ENERGY INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

**(Unaudited, expressed in Thousands of United States Dollars)**

---

| | | |
|:---|:---|:---|
|  | March 31<br>2026 | December 31<br>2025 |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2692 | $2797 |
| &nbsp;&nbsp;&nbsp;Accounts receivables and other receivables | 11929 | 8070 |
| &nbsp;&nbsp;&nbsp;Deposits and prepaid expenses | 574 | 769 |
| &nbsp;&nbsp;&nbsp;Fair value of commodity contracts | - | 393 |
|  | 15195 | 12029 |
| Non-current assets |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment | 277447 | 280172 |
| &nbsp;&nbsp;&nbsp;Right of use assets | 1663 | 1741 |
| Total Assets | $294305 | $293942 |
| Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and other payables | $16754 | $23183 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 1367 | 1419 |
| &nbsp;&nbsp;&nbsp;Fair value of commodity contracts | 2156 | - |
|  | 20277 | 24602 |
| Non-current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Loans and borrowings | 47794 | 48757 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | 2286 | 2259 |
| &nbsp;&nbsp;&nbsp;Deferred taxes | 14220 | 14083 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 349 | 365 |
| &nbsp;&nbsp;&nbsp;Fair value of commodity contracts | 127 | - |
|  | 64776 | 65464 |
| Equity |  |  |
| &nbsp;&nbsp;&nbsp;Shareholders' capital | 294689 | 294300 |
| &nbsp;&nbsp;&nbsp;Treasury stock |  | (202) |
| &nbsp;&nbsp;&nbsp;Contributed surplus | 26941 | 26183 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (112378) | (116405) |
|  | 209252 | 203876 |
| Total Equity and Liabilities | $294305 | $293942 |

---

**KOLIBRI GLOBAL ENERGY INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

***(Unaudited, expressed in Thousands of United States dollars, except per share amounts)***

---

| | | |
|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, |
| ($000's) | 2026 | 2025 |
| Revenue: |  |  |
| Oil and gas revenue, net of royalties | $19569 | $16372 |
| Other income | - | 1 |
|  | 19569 | 16373 |
| Expenses: |  |  |
| Production and operating expenses | 2934 | 2227 |
| Depletion, depreciation and amortization | 5045 | 4063 |
| General and administrative expenses | 1523 | 1325 |
| Share based compensation | 365 | 237 |
|  | 9867 | 7852 |
| Finance Income | 2 | 8 |
| Finance Expense | (4296) | (783) |
| Income tax expense | (1381) | (1981) |
| Net income | 4027 | 5765 |
| Basic and diluted net income per share | $0.11 | $0.16 |

---

**KOLIBRI GLOBAL ENERGY INC.**

**FIRST QUARTER 2026**

***(Unaudited, expressed in Thousands of United States dollars, except as noted)***

---

| | | |
|:---|:---|:---|
|  | Three Months Ended March 31, | Three Months Ended March 31, |
|  | 2026 | 2025 |
| Oil gross revenue | $21844 | $18048 |
| Natural gas gross revenue | 1562 | 1318 |
| NGL gross revenue | 1258 | 1654 |
| Oil and Gas gross revenue | 24664 | 21020 |
| Adjusted EBITDA<sup>(1)</sup> | 14818 | 12820 |
| Capital expenditures | 1872 | 9953 |
| **Statistics:** |  |  |
| Average oil production (BOPD) | 3452 | 2844 |
| Average natural gas production (MCFPD) | 3624 | 3803 |
| Average NGL production (BOEPD) | 629 | 599 |
| Average production (BOEPD) | 4685 | 4077 |
| Average oil price ($/Bbl) | $70.31 | $70.51 |
| Average natural gas price ($/mcf) | 4.79 | 3.85 |
| Average NGL price ($/Bbl) | 22.21 | 30.67 |
| Average price per barrel | $58.49 | $57.28 |
| Royalties per barrel | 12.08 | 12.66 |
| Operating expenses per barrel<sup>(3)</sup> | 8.00 | 7.07 |
| Netback from operations<sup>(2)</sup> | 38.41 | 37.55 |
| Price adjustment from commodity contracts (BOE) | (0.69) | - |
| Netback including commodity contracts (BOE)<sup>(2)</sup> | $37.72 | $37.81 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Adjusted EBITDA
 is considered a non-GAAP measure. Refer to the section entitled "Non-GAAP Measures" of this earnings release.

(2) Netback from operations
 and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled "Non-GAAP Measures"
 of this earnings release.

(3) Operating expenses include
 compressor costs of $0.4 million in the first quarter of 2026 and $0.4 million in the first quarter of 2025 that are accounted for
 as a lease under IFRS 16.

The information outlined above is extracted from and should be read in conjunction with the Company's unaudited financial statements for the three months ended March 31, 2026 and the related management's discussion and analysis thereof, copies of which are available under the Company's profile on SEDAR+ at www.sedarplus.ca.

**NON-GAAP MEASURES**

Netback from operations, netback including commodity contracts and adjusted EBITDA (collectively, the "Company's Non-GAAP Measures") are not measures or ratios recognized under Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by IFRS. Management of the Company believes that such measures and ratios are relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole. The Company's Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures and ratios as reported by such organizations. The Company's Non-GAAP Measures should not be construed as alternatives to net income, cash flows related to operating activities, working capital or other financial measures and ratios determined in accordance with IFRS, as an indicator of the Company's performance.

An explanation of how the Company's Non-GAAP Measures provide useful information to an investor and the purposes for which the Company's management uses the Non-GAAP Measures is set out in the management's discussion and analysis under the heading "Non-GAAP Measures" which is available under the Company's profile at www.sedarplus.ca and is incorporated by reference into this earnings release.

The following is the reconciliation of the non-GAAP ratio netback from operations to net income, which the Company considers to be the most directly comparable financial measure that is disclosed in the Company's financial statements:

---

| | | |
|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, |
| *(US $000)* | 2026 | 2025 |
| Net income | 4027 | 5765 |
| Adjustments: |  |  |
| Income tax expense | 1381 | 1981 |
| Finance income | (2) | (8) |
| Finance expense | 4296 | 783 |
| Share based compensation | 365 | 237 |
| General and administrative expenses | 1523 | 1325 |
| Depletion, depreciation and amortization | 5045 | 4063 |
| Other income | - | (1) |
| Operating netback | 16635 | 14145 |
| Netback from operations | $38.41 | $37.55 |

---

The following is the reconciliation of the non-GAAP measure adjusted EBITDA to the comparable financial measures disclosed in the Company's financial statements:

---

| | | |
|:---|:---|:---|
|  | Three months ended March 31, | Three months ended March 31, |
| *(US $000)* | 2026 | 2025 |
| Net income | 4027 | 5765 |
| Depletion, depreciation and amortization | 5045 | 4063 |
| Accretion | 67 | 51 |
| Interest expense | 1057 | 696 |
| Unrealized (gain) loss on commodity contracts | 2877 | 35 |
| Share based compensation | 365 | 237 |
| Other income |  | (1) |
| Income tax expense | 1381 | 1981 |
| Interest income | (2) | (8) |
| Foreign currency loss | 1 | 1 |
| Adjusted EBITDA | 14818 | 12820 |

---

**Product Type Disclosure**

This news release includes references to sales volumes of "oil", "natural gas", and "barrels of oil equivalent" or "BOEs". "Oil" refers to tight oil, and "natural gas" refers to shale gas, in each case as defined by NI 51-101. Production from our wells, primarily disclosed in this news release in BOEs, consists of mainly oil and associated wet gas. The wet gas is delivered via gathering system and then pipelines to processing plants where it is treated and sold as natural gas and NGLs.

**Cautionary Statements**

In this news release and the Company's other public disclosure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company's
 natural gas production is reported in thousands of cubic feet ()"**Mcfs** "). The Company also uses references to barrels
 ()"**Bbls**") and barrels of oil equivalent ()"**BOEs**") to reflect natural gas liquids and oil production
 and sales. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 Bbl is based on an energy
 equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
 Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the
 energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

(b) Discounted and undiscounted
 net present value of future net revenues attributable to reserves do not represent fair market value.

(c) Possible reserves are those
 additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities
 actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

(d) The Company discloses peak
 and 30-day initial production rates and other short-term production rates. Readers are cautioned that such production rates are preliminary
 in nature and are not necessarily indicative of long-term performance or of ultimate recovery.

***Caution Regarding Forward-Looking Information***

 ****

This release contains forward-looking information including information regarding the proposed timing and expected results of exploratory and development work including production from the Company's Tishomingo field, Oklahoma acreage, projected increases in production and cash flow, the Company's reserves based loan facility, expected hedging levels and the Company's strategy and objectives. The use of any of the words "target", "plans", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements.

Such forward-looking information is based on management's expectations and assumptions, including that the Company's geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, that declines will match the modeling, that future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management's expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that anticipated results and estimated costs will be consistent with management's expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained or increase, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserves-based loan facility and that the borrowing base will not be reduced, that funds will be available from the Company's reserves based loan facility when required to fund planned operations, that the Company will reduce its debt level down to its forecasted net debt of $25 to $30 million by the end of 2026, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business and its ability to advance its business strategy.

Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company's geologic and reservoir models or analysis are not validated, that anticipated results and estimated costs will not be consistent with management's expectations, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks including flooding and extended interruptions due to inclement or hazardous weather), the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, the risk that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that completion techniques require further optimization, that production rates do not match the Company's assumptions, that very low or no production rates are achieved, that the Company will cease to be in compliance with the covenants under its reserves-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base re-determination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, that funding is not available from the Company's reserves based loan facility at the times or in the amounts required for planned operations, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve and the other risks identified in the Company's most recent Annual Information Form under the "Risk Factors" section, the Company's most recent management's discussion and analysis and the Company's other public disclosure, available under the Company's profile on SEDAR at www.sedarplus.ca.

Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

 ****

***About Kolibri Global Energy Inc.***

 

*Kolibri Global Energy Inc. is a North American energy company focused on finding and exploiting energy projects in oil and gas. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects in oil and gas. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI.*

**For further information, contact:**

Wolf E. Regener, President and Chief Executive Officer +1 (805) 484-3613

Email: investorrelations@kolibrienergy.com

Website: www.kolibrienergy.com