HOUSTON, June 8, 2016 /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 of
Kevin Guilbeau as Interim Chief
Executive Officer. Mr. Guilbeau will also continue in his
current role as Executive Chairman of the Board.
In addition, Eric ("Rick") Neuman, current Glori Director, has
been appointed Co-Chairman of the Board.
Stuart Page has resigned as the
company's Chief Executive Officer and as a member of the Board of
Directors effective June 8, 2016. Mr.
Page will continue as a senior advisor to the company.
Mr. Neuman said, "We thank Stuart for his leadership since 2007
during which time he successfully raised growth capital, oversaw
the continued development of Glori's AERO technology, and built a
strong leadership team. As Glori transitions to a
full-fledged E&P company utilizing Glori's proprietary AERO EOR
technology, we appreciate Kevin agreeing to expand his
responsibilities. He brings over 30 years of E&P experience to
the position, including geo-technical, operational and M&A
expertise."
Mr. Guilbeau said, "I am pleased to step up my role in helping
Glori Energy realize its potential. We have some exciting
projects going forward, with Phase II AERO implementation at the
Coke Field, our application to the Department of Energy's Loan
Programs Office and the planned acquisition and restart of
abandoned oil fields we call Phoenix projects. Rick, myself and the
management team will focus on these projects as well as disciplined
financial management as we move the company forward."
Mr. Page said, "This is an exciting time at Glori Energy as it
is positioned for growth through the Phoenix strategy. I am pleased to be handing
the reins to Kevin who brings a deep experience base of building
E&P companies and will drive growth of the organization as the
next chapter unfolds."
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.
Mr. Neuman currently serves as a managing director of Hicks
Equity Partners LLP ("HEP"), a position he has held since he joined
the firm in 2005. During this time, he has had, and continues
to have, oversight for a number of investments made by HEP during
this period, including several investments made by HEP in energy
related businesses. Previously, Mr. Neuman was a partner of Hicks,
Muse, Tate & Furst, which he joined as a vice president in 1993
and became a partner in 2000. Mr. Neuman currently serves on the
boards of Drilling Tools International, Inc.; Just Brakes;
DirecPath, LLC; Hemisphere Media; Crossings, LLC; and Intercable.
He received a Bachelor of Arts degree from the University of South Florida and a Masters of
Business Administration, with distinction, from the Kellogg School
of Management at Northwestern
University.
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 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 potential
delisting of our common stock from NASDAQ; 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.
