07:47 AM EDT, 03/13/2025 (MT Newswires) -- Kolibri Global Energy ( KGEI ) reported Thursday an increase in its proved reserves as of Dec. 31, 2024.

Total proved reserves stood at 40.2 million barrels of oil equivalent, a 24% increase from the estimate dated Dec. 31, 2023. The pretax net present value increased 11% to US$534.7 million, based on a 10% discount rate.

"This growth is a result of the wells that we drilled last year and the impact of our longer laterals," President and CEO Wolf Regener said.

Proved plus probable reserves slipped 1% to 53.6 million barrels of oil equivalent for a net present value of US$691.1 million, down 4%.

"We expect our 2025 drilling program, which currently includes drilling and completing seven longer lateral wells, as well as completing two previously drilled 1-mile laterals, to continue to significantly increase the Company's cash flow and add incremental value to our shareholders," Regener said.

Kolibri's share price gained 1.6% on Wednesday to $11.38 on the TSX.