Kolibri Global Energy Inc. Announces Anticipated Late Filing of Financial Statements

Kolibri Global Energy Inc. (the "Company") announced today that it will likely miss its filing deadline of April 2, 2024 to file audited annual financial statements and accompanying management's discussion and analysis and related CEO and CFO certificates for the financial year ended December 31, 2023 (collectively, the "Annual Filings"), as required under applicable Canadian securities laws.

In connection with the Company's inability to file the Annual Filings on time, the Company has applied for a Management Cease Trade Order ("MCTO") under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203") and is waiting for the British Columbia Securities Commission approval.

The Company recently engaged Marcum LLP as the Company’s new auditor due to the Company’s listing on the NASDAQ stock exchange. The Company and Marcum LLP are performing their due diligence and procedures to meet regulatory requirements. The additional time will provide its auditors with the opportunity to thoroughly perform their audit procedures. This approach underscores the Company's commitment to maintaining rigorous financial compliance and ensuring the highest levels of accuracy and transparency for its shareholders.

The Company expects to file the Annual Filings as soon as they are available and by no later than May 31, 2024. The Company will issue a news release once the Annual Filings have been filed. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed.

During the MCTO, the general investing public will continue to be able to trade in the Company's common shares listed on the Canadian Securities Exchange. However, the Company's Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities will not be able to trade in the Company's common shares, nor will the Company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company except in accordance with legally binding obligations to do so existing as of April 2, 2023, being the date of the Company’s anticipated continuous disclosure default.