Glori Energy Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months and Production Results for the Third Quarter Ended September 30, 2016
For the nine months, the company reported net loss of $9.1 million or $0.28 per basic and diluted share on total revenue of $3.55 million compared to net loss of $9.2 million or $0.29 per basic and diluted share on total revenue of $7.2 million reported in the same period last year. Adjusted net loss was $6.35 million or $0.20 per share against $9.6 million or $0.30 per share reported last year. Loss from operations was $7.9 million against $11.1 million reported last year. Net loss before taxes on income was $9.1 million against $9.4 million reported last year. EBITDA loss was $6.5 million against EBITDA of $4.3 million reported last year. Adjusted EBITDA loss was $2.9 million against $3.5 million reported last year. Net cash used in operating activities was $4.2 million against $7.7 million reported last year. Purchase of and additions to proved oil and gas property was $1.3 million against $5 million reported last year. Purchase of other property and equipment was $0.2 million against $0.6 million reported last year.
Total production in the third quarter of 2016 was 27,688 BOE, a decrease of 4.5% from second quarter 2016 production, primarily due to production down-time due to periodic field maintenance. Third quarter 2015 production was 483 net BOE/D, with an average realized oil price of $42.44. Total oil production in the third quarter of 2016 decreased versus a year ago due primarily to shutting in certain uneconomic wells in order to reduce operating expenses.