Kolibri Global Energy (KGEI) said Wednesday its Kolibri Energy US unit secured a 30% increase to its revolving credit facility, raising the total to $65 million.
The company said it has drawn $30.5 million on the facility, which is held by a group of banks led by BOK Financial (BOKF) and now includes Arvest Bank. No changes were made to the other terms of the credit facility, the company added.
Kolibri also said it will be added to the Russell 2000 Index after the market opens on Friday.
Additionally, the company said four Lovina wells are currently being fracture stimulated and are expected to begin production in July. A fifth well, Forguson 17-20-3H, has been drilled and will be completed after the Lovina wells, Kolibri said.
Shares of the company were up more than 3% in recent premarket activity.
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