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May 29, 2015 11:26 PM ET

Energy Equipment and Services

Company Overview of Glori Energy Technology Inc.

Company Overview

Glori Energy Technology Inc., an energy technology and oil production company, provides services to third party oil companies. The company operates through Aero Services, and Oil and Gas segments. The AERO Services segment provides biotechnology solutions of enhanced oil recovery through a two-step process, including analysis phase, a reservoir analysis and treatment design phase that represents oil and water samples from the reservoir as part of its screening process to evaluate AERO system potential; and field deployment phase that mobilizes skid-mounted injection equipment to the field location. The Oil and Gas segment engages in the production and sale of oil and natural gas. The company...

10350 Richmond Avenue

Suite 850

Houston, TX 77042

United States

Founded in 2005

42 Employees

Phone:

713-237-8880

Key Executives for Glori Energy Technology Inc.

Chief Executive Officer, President, Director and Member of Risk Committee
Age: 51
Total Annual Compensation: $494.3K
Chief Financial Officer
Age: 61
Total Annual Compensation: $329.1K
Compensation as of Fiscal Year 2014.

Glori Energy Technology Inc. Key Developments

Glori Energy Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

Glori Energy Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenues of $1,002,000 against $2,567,000 for the same period a year ago. Loss from operations was $2,796,000 against $3,606,000 for the same period a year ago. Net loss before taxes on income was $684,000 against $2,967,000 for the same period a year ago. Net loss was $684,000 or $0.60 per basic and diluted share against $2,984,000 or $0.09 per basic and diluted share for the same period a year ago. Reported net loss for the first quarter of 2015 included a gain on commodity derivatives of approximately $1.4 million, of which $1.1 million was received as a cash settlement. Net cash used in operating activities was $2,780,000 against $3,928,000 for the same period a year ago. Purchase of proved oil and gas property was $38,988,000 against $204,000 for the same period a year ago. Purchase of other property and equipment was $82,000 against $220,000 for the same period a year ago. Adjusted net loss was $3,138,000 or $2.76 per share against $3,207,000 or $0.10 per share for the same period a year ago. EBITDA was $111,000 against LBITDA of $1,184,000 for the same period a year ago. Adjusted LBITDA was $2,266,000 against $975,000 for the same period a year ago.

Glori Energy Inc. Proposes Amendment to Bylaws

Glori Energy Inc. at its Annual Meeting of stockholders to be held on June 25, 2015, proposed amendment to Section 2.2 of company's bylaws to eliminate the two separate classes of directors and two year terms in order to transition to a single class of directors who are elected annually, with such change applicable to all directors beginning with the 2016 Annual Meeting of stockholders.

Glori Energy Technology Inc. to Report Q1, 2015 Results on May 08, 2015

Glori Energy Technology Inc. announced that they will report Q1, 2015 results at 10:00 AM, GMT Standard Time on May 08, 2015

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