August 25, 2016 5:37 AM ET

Energy Equipment and Services

Company Overview of Glori Energy Inc.

Company Overview

Glori Energy Inc., an energy technology and oil production company, provides services to third party exploration and production companies in North America and Brazil. It operates through Oil and Gas, and AERO Services segments. The Oil and Gas segment produces and develops oil and natural gas interests. The AERO Services segment offers biotechnology solutions of enhanced oil recovery through a two-step process, including analysis phase, reservoir screening process that obtains field samples and evaluates potential of AERO system; and field deployment phase that deploys skid mounted injection equipment. Glori Energy Inc. was founded in 2005 and is headquartered in Houston, Texas.

4315 South Drive

Houston, TX 77053

United States

Founded in 2005

35 Employees

Phone:

713-237-8880

Key Executives for Glori Energy Inc.

Chief Financial Officer
Age: 64
Total Annual Compensation: $260.0K
Chief Technology Officer and Member of Science Advisory Board
Age: 60
Total Annual Compensation: $246.2K
Senior Advisor
Age: 53
Total Annual Compensation: $360.0K
Compensation as of Fiscal Year 2015.

Glori Energy Inc. Key Developments

Glori Energy Receives Non-Compliance Notice From NASDAQ

On August 18, 2016, Glori Energy Inc. (the “Company”) received a deficiency letter (the “Notice”) from The NASDAQ Stock Market LLC (“Nasdaq”) indicating that the Company’s stockholders’ equity as of June 30, 2016 did not meet the minimum $2.5 million requirement of Listing Rule 5550(b)(1) that is necessary to maintain continued listing on the Nasdaq Capital Market. The Notice states that the Company also does not, at this time, meet the market value of listed securities or net income from continuing operations standards that are alternatives to the stockholders’ equity requirement. The Company has 45 days from the date of the Notice to submit a plan to regain compliance. The Company is currently evaluating whether to submit a plan to regain compliance. If the Company submits a plan and Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company a 180-day extension from the date of the Notice to evidence compliance. If the Company’s plan in not accepted by Nasdaq, the Company would have an opportunity to appeal the decision to a hearing panel. There can be no assurance that the Company will submit a plan, or that it will be successful in obtaining approval of any plan to regain compliance, or in receiving a 180-day extension to regain compliance or in maintaining the Company’s listing on the Nasdaq Capital Market. As previously reported, the Company is also not in compliance with the minimum $1.00 bid price per share requirement under NASDAQ Listing Rule 5550(a)(2).

Glori Energy Inc. Reports Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2016

Glori Energy Inc. reported unaudited consolidated financial results for the second quarter and six months ended June 30, 2016. Net loss for the quarter of $3.2 million, or a loss of $0.10 per common share, which includes the impact of a $1.2 million unrealized loss on commodity derivatives, versus net loss of $4.9 million, or a loss of $0.15 per common share in the 2015 quarter, which included the impact of a $1.6 million unrealized loss on commodity derivatives. Adjusted net loss for the quarter was $2.1 million, or a loss of $0.07 per common share, a 30% improvement versus an adjusted net loss of $3.3 million, or a loss of $0.10 per common share in the 2015 quarter. Adjusted EBITDA improved to a negative $838,000 in the quarter compared to a negative $1.5 million in the second quarter of 2015. Total revenues for the second quarter were $1.2 million, down from $2.6 million in the prior-year period due to the significant decline in oil prices, lower production and reduced services project activity. Loss from operations was $3.604 million against $2.426 million a year ago. Net loss before taxes on income was $5.104 million against $3.253 million a year ago. LBITDA was $3.535 million against $2.365 million a year ago. For the six-month period, the company reported total revenues were $5.199 million against $2.433 million a year ago. Loss from operations was $7.210 million against $5.650 million a year ago. Net loss before taxes on income was $8.071 million against $6.654 million a year ago. Net loss was $7.900 million or $0.25 diluted per share against $6.648 million or $0.21 diluted per share a year ago. Net cash used in operating activities was $5.834 million against $3.264 million a year ago. Purchase of and additions to proved oil and gas property was $4.403 million against $1.305 million a year ago. Purchase of other property and equipment was $0.312 million against $0.083 million a year ago. Adjusted net loss was $6.518 million or $0.21 diluted per share against $4.480 million or $0.14 diluted per share a year ago. LBITDA was $4.719 million against $4.917 million a year ago. Adjusted LBITDA was $2.499 million against $2.150 million a year ago.

Glori Energy Mulls Acquisitions

Glori Energy Inc. (NasdaqCM:GLRI) is looking for acquiring oil fields. "Our current focus is on acquiring an identified abandoned field that has significant remaining oil reserves in order to implement a waterflood operation and deploy AERO", said, Kevin Guilbeau, Executive Co-Chairman and Interim Chief Executive Officer of Glori Energy.

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Recent Private Companies Transactions

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