HOUSTON, Oct. 9, 2015 /PRNewswire/ -- Glori Energy Inc.
(NASDAQ: GLRI), an energy technology and oil production company
focused on enhanced oil recovery using its proprietary
AERO® System, today announced the appointment
Kevin P. Guilbeau as Executive
Chairman of the Board. Mr. Guilbeau succeeds interim Chairman
Mark Puckett, who remains on the
Board. In addition to the traditional duties of Chairman, as
Executive Chairman, Mr. Guilbeau will work directly with the
Company's management team to help further advance Glori's growth
and strategic initiatives.
Stuart Page, Glori's President
and Chief Executive Officer, commented, "We are delighted to
welcome Kevin to our Board. Kevin brings a wealth of E&P
experience and relationships in both the energy industry and the
capital markets that will be invaluable as we ramp up our efforts
to acquire long lived, mature oil production assets and deploy our
AERO technology. He will not only provide a strong bridge
between our Board and executive team, but we believe his counsel
will also help us accelerate our acquisition strategy to take
advantage of the current commodity market conditions."
"I'm excited to work with Stuart and his management team as well
as the Board of Directors to leverage the success they've had
building Glori's technology into a proven oil recovery solution,"
Mr. Guilbeau said. "In my new role as Executive Chairman, I look
forward to working with Glori to assist in identifying, funding,
and developing AERO-compatible oil field acquisitions that will
accelerate Glori's growth and shareholder value."
Mr. Guilbeau has over 34 years of oil and gas exploration and
production experience. Most recently he was President and
Chief Executive Officer of Gulf Coast Energy Resources, which he
founded in 2010 and led it from a private equity start-up through
growth via acquisitions and exploration until it merged with Talos
Energy in March 2015. Prior to
founding Gulf Coast Energy Resources, Mr. Guilbeau was Executive
Vice President and Chief Operating Officer for LLOG Exploration
Company from 2006 until 2009, with responsibility for leading
offshore E&P operations in the Gulf
of Mexico and onshore operations along the Gulf Coast.
Earlier in his career, he was Senior Vice President and
General Manager of the Gulf of
Mexico/Gulf Coast Business Unit for Dominion Exploration and
Production, which during his 10-year tenure, he grew into a
$4.7 billion business that was
sold to ENI in 2007. Mr. Guilbeau began his career as a
geologist at Shell Oil Company in 1981, where he held a variety of
technical and leadership positions. Mr. Guilbeau holds a B.S.
degree in Earth Sciences from the University
of New Orleans and an M.S. degree in Geology from the
University of New Mexico.
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 and to improve reserve
recovery and field economics. 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.
FORWARD LOOKING STATEMENTS
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Any statements
contained herein which are not statements of historical fact may be
deemed to be forward-looking statements, including, without
limitation, statements identified by or containing words like
"believes," "expects," "anticipates," "intends," "estimates,"
"projects," "predicts," "potential," "target," "goal," "plans,"
"objective," "should," "could," "will," or similar expressions. All
statements by us regarding our possible or assumed future results
of our business, financial condition, liquidity, results of
operations, models, including the ROF models, plans and objectives
and similar matters are forward-looking statements. Glori gives no
assurances that the assumptions upon which such forward-looking
statements are based will prove correct. Forward-looking
statements are not guarantees of future performance and involve
risks, uncertainties and assumptions (many of which are beyond our
control), and are based on information currently available to us.
Actual results may differ materially from those expressed herein
due to many factors, including, without limitation: the risk that
any projections, including models, earnings, revenues, expenses,
margins, or any other financial expectations are not realized; oil
production rates; the continued decline in oil prices and the
sustained low oil price environment; the efficacy of changes in oil
fields acquired or treated by us; competition and competitive
factors in the markets in which Glori operates; the expected cost
of recovering oil using the AERO System, demand for Glori's AERO
System and expectations regarding future projects; adaptability of
the AERO System and development of additional capabilities that
will expand the types of oil fields to which Glori can apply its
technology; plans to acquire and develop additional oil fields and
the availability of debt and equity financing to fund any such
acquisitions; the percentage of the world's reservoirs that are
suitable for the AERO System; Glori's ability to create positive
cash flows; the advantages of the AERO System and our refinements
thereto compared to other enhanced oil recovery methods; Glori's
ability to develop and maintain positive relationships with its
customers and prospective customers; and such other factors as are
discussed in Item 1A "Risk Factors" and Item 7 "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in our Annual Report on Form 10-K for the 2014 fiscal
year and our subsequent Quarterly Reports on Form 10-Q for 2015.
Although Glori believes that the expectations reflected in such
forward looking statements are reasonable, it can give no
assurances that such expectations will prove to be correct. These
risks are more fully discussed in Glori's filings with the
Securities and Exchange Commission. Glori undertakes no obligation
to update any forward-looking statements contained herein to
reflect events or circumstances, which arise after the date of this
document except as required by law.
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
513-402-8833
Meredith@bigfishpr.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/glori-energy-names-kevin-p-guilbeau-as-new-executive-chairman-300157232.html
SOURCE Glori Energy Inc.