Glori Energy acquires Kansas oil field
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Glori Energy, an innovator in enhanced oil recovery that provides a new, low-cost option to sustainably and efficiently recover trapped oil with its AEROTM (Activated Environment of Recovery of Oil) System, today announced the acquisition for an oil field in Kansas to implement its Green Field Project. The site will serve as a location for the Company’s scientists to deploy and optimize its AEROTM System technology. Glori will generate data to further demonstrate its technology significantly increases incremental oil recovery and generates long-term value for customers.
The Green Field Project is a major milestone for realizing Glori’s mission to sustainably and efficiently recover trapped oil in existing, known oil reservoirs. At the time of the acquisition, the field, located in Seward County, Kansas, had not produced oil since 2002 and all of the surface equipment had either deteriorated or been removed. Glori committed capital to rejuvenate the oil field, reconstructing the producers, injectors, surface processing and storage facilities, surface testing equipment, surface lines, and water injection and storage facilities. Having revitalized the oil field, Glori established the site as its Green Field Project where its scientists can now demonstrate and accelerate iterations of the Company’s AEROTM technology on an ongoing basis. Glori Energy has installed similar customized AERO Systems on site in multiple customer locations across the US and Canada.
“The Greenfield Project represents a unique intersection of scientific advancements and field implementation; it enables us to deploy, evaluate, and optimize our science, equipment, and measurement processes in a real world setting, before applying our AEROTM System to a customer’s oilfield,” said Jack Babcock, President of Glori Energy. “This is the best method to assure commercial success and demonstrate our technology to oilfield operators.”
“Glori’s Green Field Project provides our scientists with an in-the-field setting where they can carefully control variables to optimize treatment and measurement processes for our AEROTM System; this is an invaluable resource in assuring positive results for our clients,” said Thomas Ishoey, Chief Technology Officer of Glori Energy. “The Greenfield project represents a unique resource for optimizing enhanced oil recovery technologies.”
Over two million barrels of oil per day are produced from mature oil fields in the US. By significantly increasing recovery yields through deployment of the AEROTM System the addressable domestic market is greater than $10 billion annually. With the Green Field acquisition, Glori now owns and operates an active waterflood producing oil field that is dedicated to sustainably and efficiently recovering this previously unrecoverable oil using its AEROTM System technology.
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