March 6, 2015

Glori Energy Inc. & Petrobras Commence Field Wide Implementation of AERO™ System in Brazil

Project Marks First Deployment of the AERO System in Latin America

HOUSTON, March 6, 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 the commencement of a full field application of its AERO System in Petrobras' Baxia do Algodao field. Located in Brazil near Mossoro in the Rio Grande do Norte state; the project marks Glori's first expansion into the Latin American market.

Ken Nimitz, Senior Vice President, at Glori, said: "We are very pleased to begin this next phase of our project with Petrobras, one of the world's leading energy companies. We believe this full field deployment of AERO will bring excellent value to our client while firmly establishing Glori's footprint in the region where we continue to build key alliances for expansion."

Claudio Furtado, Advanced Recovery Program Manager at Petrobras, said: "Glori's AERO technology offers significant potential for our portfolio of assets. This important milestone represents the continuation of our ongoing enhanced oil recovery project with Glori and we see this as an initial step with a technology that could represent huge potential across our assets."

ABOUT GLORI ENERGY INC.

Glori Energy (NASDAQ: GLRI) is a Houston-based energy technology and oil production company that utilizes its patented AERO System to increase oil recovery from mature conventional fields through a microbiological process at a substantially lower cost than traditional enhanced oil recovery methods. A customized nutrient solution is injected into the reservoir to stimulate native microorganisms that interact with residual oil, disrupting the restraining forces and allowing it to flow to producing wellbores. The AERO system can reverse production declines and significantly increase ultimate reserve recovery at a low incremental cost per barrel. Glori owns and operates oil fields onshore in the U.S. where it deploys its technology and markets the AERO system to E&P companies globally. For more information, visit www.GloriEnergy.com

ABOUT PETROBRAS

Petroleo Brasileiro or Petrobras is a publicly traded corporation, the majority stockholder of which is the Government of Brazil. It is a multinational energy corporation operating in 28 countries with headquarters in Rio de Janeiro, Brazil. Petrobras is the third largest energy company in the world and is the eighth largest company in the world ranked by market capitalization. For more information, visit: http://www.petrobras.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 Energy Contact
Victor M. Perez
Chief Financial Officer
713-237-8880
ir@glorienergy.com

Investor Relations Counsel
Dennard-Lascar Associates / 713-529-6600
Lisa Elliott / lelliott@DennardLascar.com   
Anne Pearson / apearson@DennardLascar.com

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/glori-energy-inc--petrobras-commence-field-wide-implementation-of-aero-system-in-brazil-300046582.html

SOURCE Glori Energy Inc.

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