The leases contain two wells producing 37 barrels of oil (27 barrels net) per day and one water injection well. Glori expects to increase production rates at these sites by tying the wells into its current operations infrastructure at Coke Field to reduce well downtime.
Stuart Page, CEO of Glori, said: "Since acquiring the Coke Field, Glori has created efficiencies and production improvements that we estimate will add approximately $2.8 million in EBITDA (Earnings before Interest Taxes and Depreciation) over the coming year. Our engineers are optimizing the field in preparation for AERO deployment, which we anticipate commencing once unitization is complete. These newly acquired leases will aid Glori as we continue to make progress in the unitization process."
Thomas Holland, Senior Vice President, Acquisitions and Production at Glori, said: "While Glori is primarily focused on larger acquisitions, this purchase is a useful and strategic ‘bolt-on’ that consolidates our position at Coke Field in advance of AERO implementation. In addition, this acquisition adds existing well bores for Glori’s AERO System."
