Glori Energy Inc., an energy technology company, primarily provides oil and gas services to third party oil companies in the United States and internationally. The company operates through Aero Services, and Oil and Gas segments. The Aero Services segment offers enhanced oil recovery services, such as reservoir screening process that obtains and evaluates field samples through its biotechnology solutions, and field deployment services, including deploying skid mounted injection equipment in the oil fields. The Oil and Gas segment produces and sells oil and natural gas. The company was founded in 2005 and is headquartered in Houston, Texas.
4315 South Drive
Houston, TX 77053
Founded in 2005
Glori Energy, Inc. Announces the Resignation of William M. Bierhaus II as Senior Vice-President of Business Development
Dec 19 14
On December 17, 2014, Glori Energy, Inc. announced that Mr. William M. Bierhaus II, Senior Vice-President of Business Development, tendered his resignation to the company, which was accepted. His resignation is effective January 1, 2015.
Glori Energy, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 12 14
Glori Energy, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total revenues of $5,458,000 against $775,000 a year ago. The year-over-year increase in revenues is due to the acquisition of the Coke Field in East Texas, which closed in March 2014, and a 129% increase in revenues from AERO Services compared to the previous year's third quarter. Loss from operations was $1,633,000 against $1,766,000 a year ago. Net loss was $356,000 or $0.01 per basic and diluted share against $825,000 or $0.73 per basic and diluted share a year ago. Net loss before taxes on income was $305,000 against $825,000 a year ago. EBITDA was $1,725,000 compared to LBITDA of $426,000 a year ago. Adjusted LBITDA was $302,000 against $1,609,000 a year ago.
For the six months, the company reported total revenues of $12,016,000 against $2,434,000 a year ago. Loss from operations was $6,309,000 against $5,615,000 a year ago. Net loss was $7,100,000 or $0.25 per basic and diluted share against 5,207,000 or $4.76 per basic and diluted share a year ago. Net loss before taxes on income was $6,907,000 against $5,207,000 a year ago. Net cash used in operating activities was $7,153,000 against $4,790,000 a year ago. Purchase of proved oil and gas property was $41,048,000. Purchase of other property and equipment was $643,000 against $447,000 a year ago. LBITDA was $1,667,000 compared to $3,991,000 a year ago. Adjusted LBITDA was $3,357,000 compared to $5,174,000 a year ago.
GLRI Eyes Acquisitions
Nov 12 14
Glori Energy, Inc. (NasdaqCM:GLRI) is looking for acquisition opportunities. Stuart Page, Chief Executive Officer of GLRI, said, "During the third quarter, we continued to actively evaluate and pursue producing property acquisitions but remained financially disciplined not to overpay for assets during a rapidly declining commodity price environment.We believe we can be successful in a low oil price environment because we are in an acquisition mode and we provide a technology service that increases oil production at a low cost. We believe that existing market conditions will work to our advantage as we seek to acquire mature oil fields."