HOUSTON, July 13, 2015 /PRNewswire/ -- Glori Energy Inc.
(NASDAQ: GLRI), an energy technology and oil production company
focused on enhanced oil recovery using its proprietary AERO System,
announced today that it has commenced the nutrient injection phase
of AERO implementation at its Coke Field in Wood County, Texas.
"This is a significant mile marker for our company, as we
commence AERO field deployment at our first major Glori-owned and
operated oil field," said Stuart
Page, Glori President and
Chief Executive Officer. "Based on performance data from AERO
client projects, we expect to observe the initial responses at the
Coke Field within two to four months."
Glori's patented AERO system, which was developed in
collaboration with Statoil of Norway, works by injecting a proprietary mix
of nutrients into water drive or waterflood sandstone
reservoirs. The nutrients "feed" and stimulate microorganisms
living in the reservoir, and their increased activity improves the
water sweep and the flow of oil through the reservoir to the
wellbore. AERO technology has been commercially deployed by Glori
with various exploration and production clients in the U.S. and
Canada and with Petrobras in
Brazil.
The Coke Field is part of Glori's ongoing strategy to acquire
mature producing oil properties that have significant amounts of
remaining oil and advantageous characteristics for the AERO System
to increase production and recover that residual oil. Typically
only one-third of oil discovered in a reservoir is recoverable
using conventional technologies; Glori's unique microbial enhanced
oil recovery technology can potentially recover an additional 20%
of the remaining oil at a cost of less than $10 per incremental barrel produced.
"We will initially implement AERO at the Coke Field utilizing a
recently drilled injection well. Ultimately, we expect to utilize
up to five injectors to maximize production and oil recovery," Page
said. "The next injection well is currently scheduled for the
fourth quarter, with the remaining injectors planned for 2016. Once
fully implemented, we believe AERO will ultimately yield an
additional 7 million barrels of oil over the life of the field
through a combination of decreasing the existing decline curve and
increasing production," he said.
ABOUT GLORI ENERGY INC.
Glori Energy is a Houston-based
energy technology and oil production company that deploys its
proprietary AERO technology to increase the amount of oil that can
be produced from conventional oil fields. Glori owns and operates
oil fields onshore U.S. and additionally provides its technology as
a service to E&P companies globally. Only one-third of all oil
discovered in a typical reservoir is recoverable using conventional
technologies; the rest remains trapped in the rock. Glori's
proprietary AERO System recovers residual oil by stimulating a
reservoir's native microorganisms to sustainably increase the
ultimate recovery at a low cost. For more information, visit
www.GloriEnergy.com.
Glori Energy Contact
Victor M.
Perez
Chief Financial Officer
713-237-8880
ir@glorienergy.com
Investor Relations Counsel
Lisa Elliott/ Anne
Pearson
Dennard-Lascar Associates
713-529-6600
lelliott@DennardLascar.com
apearson@DennardLascar.com
Media Contact
Meredith
Frazier
BIGfish Communications for Glori Energy
513-402-8833
Meredith@bigfishpr.com
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SOURCE Glori Energy Inc.
