HOUSTON, Oct. 28, 2014 (GLOBE NEWSWIRE) -- Glori Energy Inc. (Nasdaq:GLRI), a specialty oil company that deploys its breakthrough technology to recover more oil from existing reservoirs at a lower cost, today announced it has signed an extended collaborative research and development agreement with Statoil S.A., Norway's multinational oil and gas company (NYSE:STO). Under the agreement, Glori and Statoil will continue their existing joint research program while embarking on new initiatives to characterize, optimize and expand Glori's enhanced oil recovery technology, the AEROTM System, in both the laboratory and the field.
Stuart Page, CEO of Glori, said: "We are pleased to continue our long-standing relationship with Statoil, a recognized global leader in oilfield technology. It has been a pleasure to work with Statoil's well-respected and impressive team over the past five years to develop and commercialize AERO and we look forward to broadening our technology platform through this productive collaboration." Mr. Page added, "The low cost, low capital investment and speed of field deployment of AERO has the potential to significantly decrease the average cost per barrel of oil produced, making it especially attractive in today's lower oil price environment. This R&D collaboration will help further optimize and expand the market applicability of our technology."
The expanded Glori-Statoil research collaboration is a direct result of the success both parties have achieved through technology collaborations since 2009. Glori's AERO System, developed through this collaboration and patented in 2011, has been honored by several industry awards. In 2013, it won the Energy Institute's "Innovation Award" and was a finalist in the World Oil Awards' "New Horizon Idea" category. In 2014, it was a finalist in the World Petroleum Council's "Excellence in Innovation - Technological Development" awards, which are selected once every three years.
In September 2014, Glori was awarded U.S. Patent 8,826,975, Systems and Methods of Microbial Enhanced Oil Recovery, which affords key intellectual property protection for Glori's AERO technology. In addition, two other joint applications provide patent coverage for additional methodologies in the successful implementation of the AERO System. Glori owns the intellectual property (IP) rights of these patents and inventors include personnel from both Glori and Statoil. This renewed research agreement continues the IP terms of the previous Glori-Statoil collaboration.
ABOUT GLORI ENERGY INC.
Glori Energy Inc. (Nasdaq:GLRI) is a Houston-based specialty oil company that deploys its breakthrough technology to recover more oil from existing reservoirs at a lower cost. Only one-third of all oil discovered in a typical reservoir is recoverable using conventional technologies; the rest remains trapped. Glori's proprietary AERO System 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.
Glori Investor Contact Victor M. Perez Chief Financial Officer 713-237-8880 Glori Media Contact Meredith Frazier BIGfish Communications (513) 402-8833