HOUSTON, Sept. 9, 2014 (GLOBE NEWSWIRE) -- Glori Energy Inc. (Nasdaq:GLRI), an energy technology company focused on enhanced oil recovery using its proprietary AEROTM System, today announced that the U.S. Patent and Trade Office (USPTO) issued U.S. Patent 8,826,975, Systems and Methods of Microbial Enhanced Oil Recovery, on September 9, 2014. This patent protects the key inventions that form the basis of Glori's breakthrough AERO technology and will afford Glori decades of patent exclusivity. The AERO (Activated Environment for the Recovery of Oil) System, developed by Glori and Statoil S.A. scientists, harnesses the natural biological processes of an oil reservoir and has the potential to recover an additional 20% of the oil left behind by traditional production technologies. Globally, about two-thirds of discovered oil remains trapped in the reservoir. Development of technologies that can bring this trapped oil to the surface is considered one of the five grand challenges of the E&P industry, according to the Society of Petroleum Engineers.
Dr. Michael Pavia, Chief Technology Officer at Glori, said: "Glori is pleased to have been granted this key AERO technology patent from the U.S. Patent and Trade Office. Leveraging more than 25 years of Statoil research and Glori's IP advancements, we have worked closely with our co-inventors to develop what Glori believes to be the most advanced method for increasing the amount of oil that can be recovered from conventional oil reservoirs."
In addition, U.S. Patent 8,783,345, Microbial Enhanced Oil Recovery Delivery Systems and Methods, was issued on July 22, 2014 to Glori and provides patent coverage for additional methodologies in the successful implementation of the AERO technology. Glori owns both patents and inventors include personnel from Glori and Statoil, Norway's multinational oil and gas company.
The AERO System incorporates leading research, development and deployment in biotechnology applied to oil recovery from prominent institutions around the world. Most notably, Glori entered into a science collaboration agreement with Statoil in 2009 to build on more than two decades of work in the field. Subsequent research by Glori's scientists and engineers, in collaboration with Statoil, has resulted in the AERO System. The system and its predecessor technologies have produced significant results in fields in the U.S., Canada, Austria and Norway.
Glori has several additional patent applications under examination both in the U.S. and internationally, and will continue to file new applications.
ABOUT GLORI ENERGY INC.
Glori Energy Inc. (Nasdaq:GLRI) is a Houston-based energy technology company known for its proprietary AEROTM System, a highly efficient, biotechnology process for increasing oil recovery from existing reservoirs. Only one-third of all oil discovered in a typical reservoir is recoverable using conventional technologies; the rest remains trapped. Glori's AERO technology 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.
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.
CONTACT: Media Contact Meredith Frazier BIGfish Communications (513) 402-8833 Glori@BIGfishMarket.com