September 25, 2017 2:00 PM 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: 65
Total Annual Compensation: $260.0K
Senior Advisor
Age: 54
Total Annual Compensation: $360.0K
Compensation as of Fiscal Year 2015.

Glori Energy Inc. Key Developments

Glori Energy Inc. Files Form 15

Glori Energy Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's common stock was $0.0001 per share.

Glori Energy Inc. Announces Board Resignations

On December 16, 2016, December 19, 2016, and December 20, 2016, respectively, Rocky L. Duckworth, Mark Chess, and Ganesh Kishore resigned from the board of directors of Glori Energy Inc.

Glori Energy Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months and Production Results for the Third Quarter Ended September 30, 2016

Glori Energy Inc. announced unaudited consolidated earnings results for the third quarter and nine months and production results for the third quarter ended September 30, 2016. Total revenues for the third quarter were $1.1 million, down from $2.0 million in the prior-year period due to the decline in oil prices, lower oil production and the absence of AERO Services Segment project revenues. Reported net loss was $2.5 million, or a loss of $0.08 per basic and diluted common share. This compares to a reported third quarter 2015 net loss of $1.3 million, or a loss of $0.04 per basic and diluted common share reported last year. The reduced net loss was driven by a 43% decline in overall operating expenses between the periods. Adjusted EBITDA for the third quarter was a negative $748,000, compared to a negative $968,000 for the third quarter of 2015. EBITDA loss was $1.6 million against EBITDA of $0.4 million reported last year. Adjusted net loss was $1.9 million or $0.06 per share against $3.05 million or $1.10 per share reported last year. Loss from operations was $2.2 million against $3.9 million reported last year. Net loss before taxes on income was $2.5 million against $1.3 million reported last year. For the nine months, the company reported net loss of $9.1 million or $0.28 per basic and diluted share on total revenue of $3.55 million compared to net loss of $9.2 million or $0.29 per basic and diluted share on total revenue of $7.2 million reported in the same period last year. Adjusted net loss was $6.35 million or $0.20 per share against $9.6 million or $0.30 per share reported last year. Loss from operations was $7.9 million against $11.1 million reported last year. Net loss before taxes on income was $9.1 million against $9.4 million reported last year. EBITDA loss was $6.5 million against EBITDA of $4.3 million reported last year. Adjusted EBITDA loss was $2.9 million against $3.5 million reported last year. Net cash used in operating activities was $4.2 million against $7.7 million reported last year. Purchase of and additions to proved oil and gas property was $1.3 million against $5 million reported last year. Purchase of other property and equipment was $0.2 million against $0.6 million reported last year. Total production in the third quarter of 2016 was 27,688 BOE, a decrease of 4.5% from second quarter 2016 production, primarily due to production down-time due to periodic field maintenance. Third quarter 2015 production was 483 net BOE/D, with an average realized oil price of $42.44. Total oil production in the third quarter of 2016 decreased versus a year ago due primarily to shutting in certain uneconomic wells in order to reduce operating expenses.

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