HOUSTON, Sept. 30, 2016 /PRNewswire/ -- Glori Energy
Inc. (OTCQB: GLRI), an energy technology and oil production
company focused on enhanced oil recovery using its proprietary
AERO® System, today announced that its common stock is
expected to begin trading on the OTCQB Venture Market on
September 30, 2016 under the
Company's current trading symbol "GLRI." As previously announced,
Glori's common stock suspended trading on the Nasdaq Stock Market
LLC ("Nasdaq") effective on September
29, 2016. Investors will be able to view real-time
best bid and ask quotes for "GLRI"
at http://www.otcmarkets.com and through most online
broker websites.
As previously reported, the Company voluntarily filed Form 25,
Notification of Removal from Listing and/or Registration under
Section 12(b) of the Securities Exchange Act of 1934 on
September 20, 2016 to initiate the
delisting and deregistration process. Glori's Board of
Directors had determined that delisting and deregistration are in
the best interests of the Company and its stockholders due to its
non-compliance with Nasdaq's continued listing requirements; the
likely expenses and uncertainty associated with seeking to regain
compliance and raise capital while subject to Nasdaq's Listing
Rules and the ongoing listing, legal, administrative and additional
accounting costs associated with being a publicly listed company
and maintaining such compliance.
Kevin Guilbeau, Glori's Executive
Co-Chairman and Interim CEO stated, "Although Glori's Common Stock
is moving to the Over-The-Counter Market, we remain committed to
positioning the company for future growth and a stronger financial
position. We are continuing to execute on our Phoenix initiative to selectively lease
acreage in a currently non-producing oil field that we believe has
excellent reservoir qualities and contains significant amounts of
unrecovered oil. We plan to apply a standard waterflood operation
coupled with our AERO technology to unlock these left-behind
reserves."
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.
FORWARD LOOKING STATEMENTS
This news 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: whether trading
in the Company's common stock will continue OTC or otherwise;
whether the Company will continue filing periodic reports with the
SEC; 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 2015 fiscal year and our subsequent Quarterly Reports on Form
10-Q for 2016. 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
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SOURCE Glori Energy Inc.
