Glori Energy 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 serves int...
10350 Richmond Avenue
Houston, TX 77042
Founded in 2005
Glori Energy Inc. Announces Board Changes
Nov 16 15
On November 11, 2015, the board of directors of Glori Energy Inc. elected and ratified Mr. Eric C. Neuman as a director of Glori Energy. Mr. Neuman succeeds Thomas O. Hicks, who is retiring from the board effective November 11, 2015. Mr. Hicks joined Glori Energy’s board in January 2014 in conjunction with an investment by Hicks Equity Partners LLP (HEP) in Glori Energy when it completed a reverse merger into a public company. Mr. Neuman has been a managing director of HEP since he joined the firm in 2005 and has closely followed Glori Energy over the last two years. Mr. Neuman will serve on the Audit Committee of the Glori Energy Board.
Glori Energy Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015
Nov 6 15
Glori Energy Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. Total revenues for the third quarter of 2015 were $2.0 million, down $3.4 million from $5.4 million in the prior-year period due primarily to the significant decline in oil prices and reduced services project activity. Oil and Gas Segment revenues decreased to $1.7 million from $4.1 million in the third quarter of 2014, reflecting a 56% decrease in average oil prices received and a 4% decrease in oil and gas volumes produced in the third quarter of 2015. AERO Services Segment revenues were $281,000, down from $1.4 million in the third quarter of 2014 as a result of the reduced level of spending by the oil industry and decreased interest in launching new projects as a result of the lower oil prices. Adjusted loss before interest, income taxes, depreciation, depletion and amortization (Adjusted LBITDA) for the third quarter was a negative $968,000, compared to $404,000 for the third quarter of 2014. Reported net loss was $1.3 million, or a net loss of $0.04 per common share, which included a gain on commodity derivatives of approximately $2.6 million, including $878,000 in realized cash settlements received. This compares to a reported third quarter 2014 net loss of $356,000, or a net loss of $0.01 per share, which included a gain from commodity derivatives of $2.0 million. Excluding the impact of the unrealized gain on commodity derivatives, adjusted net loss for the third quarter 2015 was $3.1 million or an adjusted net loss of $0.10 per common share compared to an adjusted net loss in the third quarter of 2014 of $2.6 million or an adjusted net loss of $0.08 per common share. Loss from operations was $1.633 million against $3.867 million a year ago. Net loss before taxes on income was $0.305 million against $1.300 million a year ago. EBITDA was $1.725 million against $0.413 million a year ago.
For the nine months, the company reported total revenues of $12.016 million against $7.218 million a year ago. Loss from operations was $6.309 million against $11.077 million a year ago. Net loss before taxes on income was $6.907 million against $9.371 million a year ago. Net loss was $7.100 million or $0.25 per basic and diluted share against $9.203 million or 0.29 per basic and diluted share a year ago. Net cash used in operating activities was $7.153 million against $7.703 million a year ago. Capital expenditures for the first nine months of 2015 totaled $5.5 million, of which $2.6 million was the acquisition of the Bonnie View Field, with the remainder consisting primarily of expenditures related to the implementation of AERO at the Coke field, including unitization, drilling an injector well, related surface facilities and other unproved property lease costs in East Texas. Adjusted net loss was $9.192 million or $0.33 per basic and diluted share against $9.571 million or 0.30 per basic and diluted share a year ago. LBITDA was $1.667 million against $4.306 million a year ago. Adjusted LBITDA was $3.527 million against $3.467 million a year ago.
Glori Energy Seeks Acquisitions
Nov 6 15
Glori Energy Inc. (NasdaqCM:GLRI) is looking for acquisition opportunities. Glori Energy is also continuing to seek and evaluate additional field acquisition opportunities that would be suitable candidates for AERO deployment.