07:17 AM EDT, 05/14/2024 (MT Newswires) -- Kolibri Global Energy Inc. ( KGEI ) , which lost 2.7% in Canada yesterday when it reported its first quarter results, announced Tuesday that the borrowing base of its indirect wholly owned subsidiary BNK Petroleum (US) Inc. was increased from US$40 million to US$50 million on its revolving line of credit from BOK Financial, an increase of 25%. It noted the current outstanding amount drawn on the Credit Facility is US$32 million.

Wolf Regener, President and CEO, in a statement said the increase will support the company while it continues the development of its Tishomingo project. "The 25% increase in our borrowing base provides us with more flexibility and supports our production and cash flow growth initiatives and demonstrates the value of the field," he added.

The other terms of the credit facility remain the same, Tuesday's statement noted.