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    Garrett King • Truffle Hound Capital

    Garrett King is an Equity Analyst at Truffle Hound Capital, specializing in long-short equity research across sectors including finance, consumer services, energy, industrials, and aerospace. He has actively covered companies such as MPTI, KGEI, and Collectors Universe, participating in earnings calls and providing in-depth analysis on key financial and operational drivers. King began his tenure at Truffle Hound Capital in August 2009 and held the analyst role until at least May 2012, following his undergraduate education at Vassar College. While known for insightful company coverage and detailed questioning of management, no public data is available regarding specific performance metrics, securities licenses, or formal professional rankings.

    Garrett King's questions to Kolibri Global Energy Inc (KGEI) leadership

    Garrett King's questions to Kolibri Global Energy Inc (KGEI) leadership • Q2 2024

    Question

    Inquired about the company's capital allocation framework for deciding between production growth and share repurchases, their general hedging strategy, and their current stance on M&A versus organic growth.

    Answer

    The company's capital allocation is a fluid decision based on returns from drilling, the stock's perceived undervaluation (which favors buybacks), and debt management. Their hedging strategy uses costless collars to protect the downside while retaining upside, covering 50-75% of near-term production as required by their lender. While the primary focus is on organic growth, they remain open to all strategic opportunities, including accretive M&A.

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    Garrett King's questions to Kolibri Global Energy Inc (KGEI) leadership • Q2 2024

    Question

    Garrett King of Truffle Hound Capital questioned the capital allocation strategy between production growth and share repurchases, the company's hedging policy, and its current stance on M&A versus organic growth.

    Answer

    Executive Wolf E. Regener stated his personal view, pending Board approval, is to allocate funds to share buybacks due to the stock's perceived undervaluation, while also drilling wells and managing debt. He confirmed the decision involves comparing the NPV of drilling projects against the valuation gap of the stock. On hedging, Regener explained they use costless collars to protect the downside while allowing for upside participation, a strategy partly driven by bank requirements. CFO Gary W. Johnson added that the bank requires hedging on approximately 50-75% of production for the first year, depending on debt utilization. Regener concluded that while the focus is on organic growth, the company remains open to all M&A possibilities.

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