Glori Energy Inc.
Glori Energy previously operated as a Houston-based energy technology and an oil production company that deployed a proprietary technology to increase the amount of oil that can be produced from conventional oil fields which it marketed to third party exploration and production companies. Glori also owned and operated its own oil fields where it deployed its technology.
Glori has implemented a wind-down and asset sale program. The company’s recent focus has been to sell assets to maximize cash for its creditors and potentially its stockholders. In January 2017, the company completed the disposition of its oil and gas assets thereby eliminating its related debt. In March 2017, Glori completed the sale of its intellectual property related to its microbial enhanced oil recovery technology and other assets previously associated with its technology service business. These transactions result in the termination of continuing operations. Glori’s remaining assets are comprised solely of a profits interest in an abandoned oil field and other undeveloped acreage.
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