HOUSTON, Dec. 7, 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 its participation in a new joint industry project that will run a sequence of laboratory tests (core floods) to assess the potential for biotechnology to help improve the efficiency and effectiveness of heavy oil production.
The goal of the joint industry partnership is to evaluate AERO’s potential for increasing heavy oil recovery in Alberta, Canada. The partnership is funded by the Government of Alberta and Canadian E&P companies, with laboratory study support and assessment provided by Alberta Innovates – Technology Futures. The first-year work plan is focused on determining the efficacy of this novel technology in a controlled, unbiased setting.
The AERO System, developed by Houston-based Glori Energy in conjunction with Statoil A.S., is a highly efficient biotechnology process for increasing oil recovery from existing reservoirs. Currently, only one-third of all oil discovered in a typical reservoir is recoverable using conventional technologies; the rest remains trapped. Typically, this recovery factor is significantly less in heavy oil reservoirs. If successful, AERO would increase the amount of oil recovered, lower the average cost per barrel and reduce the environmental impact of producing heavy oil.
AERO 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 it also provides its AERO System as a service to third-party exploration and production companies.
“Glori is excited to work with the Government of Alberta and leading oil companies in this partnership,” said Michael R. Pavia, Ph.D., Chief Technology Officer of Glori. “We look forward to further broadening our technology platform through this collaboration and helping with the recovery of heavy oil in Canada.”
About Glori Energy
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. 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.
About Alberta Innovates – Technology Futures
Part of Alberta’s research and innovation system, Alberta Innovates – Technology Futures is helping build healthy, sustainable businesses in the province. Through a suite of programs and services for entrepreneurs, companies, researchers, post-secondary institutions and investors, AITF provides technical services and funding support to facilitate the commercialization of technologies, develop new knowledge-based industry clusters and encourage an entrepreneurial culture in Alberta. For more information, visit www.albertatechfutures.ca.
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
GLRI@DennardLascar.com
Media Contact
Meredith Frazier
BIGfish Communications for Glori Energy
513-402-8833
Meredith@bigfishpr.com
SOURCE Glori Energy Inc.
