Dallas, Texas 07/07/2015 (Financialstrend) – Mark Puckett is to take over as the chairman of the board of directors at Glori Energy Inc (NASDAQ:GLRI) after John U. Clarke stepped down after four years of service. Clarke steps down to pursue other business commitments having expanded the company’s scope of operation and seeing it transition to a public company.
Puckett takes over having served as a member of the board since April 2011 in a career that has seen him work at Chevron Corporation. He stepped down as Chevron’s Energy Technology President in 2008 having managed the company’s technology resources across a number of business segments.
He takes over as chairman as Glori Energy Inc (NASDAQ:GLRI) tries to consolidate an oil field in South Texas that it acquired an 84% working interest. The oil field was acquired because of its strategic location and because it is perfect for the Aero Technology. The oil field is believed to contain 50 million worth of barrels of oil 19 million having been retrieved.
The acquisition of the Bonnie View Field rhymes with Glori Energy Inc (NASDAQ:GLRI) strategy of acquiring producing oil properties that have a significant amount of oil with characteristics that can allow for the deployment of the Aero System.
Glori’s Aero System
Glori Energy Inc (NASDAQ:GLRI)’s innovative technology has been found to be reliable for recovering additional 20% of any remaining oil at a much lesser cost. Deployment of the system in the field should result in incremental growth in production according to the company’s estimates.
Glori Energy Inc (NASDAQ:GLRI) saw its production capacity increase by a whopping 256% in the first quarter attributed to Aero project. First quarter revenues were up by $1.6 million a 156% increase from last year’s levels. Aero Services revenues were also up to $567,000 compared to $260,000 reported in the first quarter of 2014. Glori Energy Inc (NASDAQ:GLRI) expects the AERO system to fund existing cash balances and borrowings.