Brief: Glori Energy provides operations update

Glori Energy

09/03/2016 11:00

March 9 (Reuters) - Glori Energy Inc  GLRI.O : 
 * Provides operations update 
 * Says reduced personnel, consolidated office space and are reducing the size 
   of board 
 * Says preliminary total fourth quarter 2015 average daily production is 
   expected to be 461 net boe per day 
 * Says preliminary total fourth quarter 2015 average daily production(1)is 
   expected to be 461 net boe per day 
 * Preliminary total Q4 average daily production is expected to be 461 net boe 
   per day, down from 525 net boe per day 
 * Two board members, Matthew Gibbs and james musselman, have stepped down to 
   reduce board costs and streamline board processes 
 * Says "continue to seek and evaluate additional oil field acquisition 
   opportunities" 
 * Says applied to U.S department of energy's loan programs office for $150 
   million loan guarantee in connection with project applying aero 
 * Have taken steps to reduce lease operating expenses and shut in or reduced 
   flow rates from certain high-cost,under-performing wells 
 
 * Source text for Eikon  urn:newsml:reuters.com:*:nPn9YSj62 
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