08:07 AM EDT, 05/14/2025 (MT Newswires) -- Kolibri Global Energy ( KGEI ) reported Wednesday a 72% increase in net income for the first quarter.

The company booked net income of US$5.8 million, or US$0.16 per share, rising from US$3.3 million, or US$0.09 per share, and exceeding the analyst consensus forecast of US$0.13 compiled by FactSet.

Kolibri attributed the increase to higher revenue from the increase in production and lower realized and unrealized commodity contract losses.

Net revenue climbed to US$16.4 million from US$14.2 million and average production rose to 4,077 barrels of oil equivalent per day (boe/d) from 3,305 boe/d.

Adjusted EBITDA jumped to US$12.8 million from US$10.4 million.

"Our field operations team are drilling the longer lateral wells very quickly, reducing our costs per well, which further improves our internal rates of return," said Wolf Regener, Kolibri's president and CEO. "We are now drilling 1.5-mile lateral wells in less time than we were drilling 1-mile lateral wells last year."

The company's share price gained 3% on Tuesday to $8.64 on the TSX.