Glori Energy, Inc. (GLRI)

[DocLevi]

At Abraxas’ Portilla Field, in San Patricio County, Texas, the Company is commencing a pilot program to test Glori Energy’s (NASDAQ: GLRI) microbial enhanced oil recovery (EOR) technology known as AERO. Glori Energy estimates that the deployment of the technology can potentially recover an additional 9-12% of the original oil in place or up to 20% of the remaining oil in analogous fields. As a reminder, Portilla Field was discovered by the Superior Oil Company in 1950 and has cumulative production of approximately 80 million barrels of oil from various sandstone reservoirs from about 3,500 to 9,600 feet. Abraxas acquired a 100% working interest in the field from Mobil Oil Corporation in 1992. The three main reservoirs at depths of 7300 – 8100 feet are the objectives of the AERO technology, and Abraxas estimates those reservoirs originally contained about 125 million barrels of oil. To date the reservoirs have produced about 70 million barrels of oil and continues to steadily produce over 200 BOPD. These main reservoirs produce with a natural water drive mechanism, which permits relatively inexpensive deployment of the AERO technology. None of the field has been subjected to other enhanced oil recovery methods, such as CO2. If the pilot is successful, full field deployment will commence in 2016.
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