Source: Glori Energy
HOUSTON, Oct. 14, 2014 (GLOBE NEWSWIRE) -- Glori Energy Inc. (Nasdaq:GLRI), an oil production and technology company focused on enhanced oil recovery with its proprietary AEROTM System, today announced the addition of Mr. James (Jim) C. Musselman to its board of directors. Mr. Musselman has led various successful E&P ventures, including Kosmos Energy, where he and his team discovered the Jubilee Field offshore the Republic of Ghana in 2007. This field is regarded as one of the most important oil discoveries offshore West Africa during the last decade and was one of the largest finds in the world in 2007.
Stuart Page, CEO of Glori, said: "Jim has an extraordinary record of success and is one of the true 'greats' of the oil industry. I am privileged to welcome him to Glori's board and look forward to his support, advice and counsel as we seek to acquire oil producing properties that are ripe for our AERO System technology. We believe the recent decline in oil price creates an extraordinary opportunity for Glori and we anticipate moving aggressively to take advantage of this."
Mr. Musselman added: "I am excited to join Glori's board of directors and look forward to contributing to the company's success alongside its impressive board members and talented leadership team."
Mr. Musselman is currently the President and Chief Executive Officer of Caelus Energy LLC where he and his team have been evaluating new exploration and development opportunities across Alaska since acquiring Pioneer Natural Resources' Alaska subsidiary in April 2014. Prior to Caelus, Mr. Musselman was one of five founding partners of Kosmos Energy, where he served as Chairman and CEO from 2003-2010. Before Kosmos, Mr. Musselman was President and Chief Executive Officer of Triton Energy, an independent international oil and gas exploration and production company. While at Triton, he secured a $350 million private equity infusion that enabled the company to make several significant oil discoveries offshore West Africa. In 2001, Triton was sold to Hess Corporation for $3.2 billion and Mr. Musselman became a senior advisor to Hess' Chairman and Chief Executive Officer John Hess.
Mr. Musselman also founded and operated JM Petroleum Corporation, a crude oil gathering and purchasing company with more than $1 billion in annual sales, which he sold to Wesray Capital Group. He began his career practicing law at Strother, Davis, Musselman and Hill, with responsibility for oil and gas financing. Mr. Musselman is a graduate of Duke University and the University of Texas School of Law.
ABOUT GLORI ENERGY INC.
Glori Energy Inc. (Nasdaq:GLRI) is a Houston-based oil production and technology company known for its proprietary AEROTM System, a highly efficient, biotechnology process for increasing oil recovery from existing reservoirs. Only one-third of all oil discovered in a typical reservoir is recoverable using conventional technologies; the rest remains trapped. Glori's AERO technology recovers trapped oil by stimulating a reservoir's native microorganisms to sustainably increase the ultimate incremental recovery. Glori applies its technology to fields the company acquires and redevelops onshore in the U.S., and also provides its AERO System as a service to third party E&P companies. For more information, visit www.GloriEnergy.com.
FORWARD LOOKING STATEMENTS
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," "potential," "target," "goal," "plans," "objective," "should", or similar expressions. All statements by us regarding our possible or assumed future results of our business, financial condition, liquidity, results of operations, 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 earnings, revenues, expenses, margins, or any other financial expectations are not realized; oil production rates; oil prices; the efficacy of changes in oil fields acquired; 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; the advantages of the AERO System compared to other enhanced oil recovery methods; and Glori's ability to develop and maintain positive relationships with its customers and prospective customers. 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.
Media Contact Meredith Frazier BIGfish Communications (513) 402-8833