Kolibri Global Energy Inc.

Performance Analysis

The following graph compares the yearly change in the cumulative total shareholder return for the Company’s five most recently completed financial years, assuming an investment of C$100 was made on January 1, 2021 in the Shares, with the cumulative total return of the S&P/TSX Composite Index for the comparable period.

The trend in the Company’s share price shown in the above graph corresponds approximately to the Company’s compensation to its Named Executive Officers during the same periods.

The Compensation Committee reviews and recommends to the Board the remuneration of the Company’s Named Executive Officers. The Compensation Committee’s recommendations are based on a number of factors, including the Company’s performance as measured by the advancement of business objectives, which performance is not necessarily reflected in the trading price of the Shares on the Toronto Stock Exchange (the “TSX”). See “Compensation Discussion and Analysis” above. The trading price of the Shares on the TSX is subject to fluctuation based on a number of factors, many of which are outside the control of the Company. These include, but are not limited to, fluctuations and volatility in commodity prices for crude oil, natural gas and natural gas liquids, fluctuations and volatility in foreign exchange rates, global economic conditions, changes in government, environmental policies, legislation and royalty regimes, and other factors, some of which are disclosed and discussed under the heading “Principal Business Risks” in the Company’s most recently filed annual and interim Management’s Discussion and Analysis and under the heading “Risk Factors” in the most recently filed Annual Information Form of the Company, all of which are available for viewing under the Company’s profile on SEDAR+ atwww.sedarplus.ca.