Kolibri Global Energy Launches Share Buyback Plan

Kolibri Global Energy Announces Share Repurchase Program

Kolibri Global Energy Inc. (TSX: KEI) ("Kolibri" or the "Company") today announced that its board of directors has approved a share buyback plan (the "Buyback Plan") pursuant to which the Company may repurchase for cancellation up to 10% of its issued and outstanding common shares ("Common Shares").

Details of the Buyback Plan

The Buyback Plan will be effective for a period of 12 months, commencing on January 1, 2023 and expiring on December 31, 2023 (the "Buyback Period"). During the Buyback Period, the Company may repurchase Common Shares through open market purchases on the Toronto Stock Exchange (the "TSX") or by such other means as may be permitted by the TSX.

The actual number of Common Shares that the Company may repurchase will be subject to market conditions, applicable regulatory requirements and other factors. The Company may not repurchase any Common Shares under the Buyback Plan that would result in the Company owning more than 10% of its issued and outstanding Common Shares.

The price that the Company will pay for Common Shares repurchased under the Buyback Plan will be the prevailing market price at the time of purchase. The Company intends to fund the Buyback Plan through its available cash resources.

Purpose of the Buyback Plan

The Company's board of directors believes that the Buyback Plan is in the best interests of the Company and its shareholders. The Buyback Plan will allow the Company to return capital to shareholders while maintaining a strong financial position.

The Buyback Plan is consistent with the Company's strategic objective of optimizing its capital structure and maximizing shareholder value.

About Kolibri Global Energy Inc.

Kolibri Global Energy Inc. is a Canadian-based oil and gas exploration and production company with operations in Argentina and Trinidad and Tobago. The Company's mission is to create value for shareholders by exploring for, developing and producing oil and gas reserves in a safe and environmentally responsible manner.