Glori Energy, Inc. Reports Consolidated Operating and Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
For the year, the company reported total revenues of $15,859,000 against $3,219,000 a year ago. Loss from operations was $24,018,000 against $10,172,000 a year ago. Net loss was $18,756,000 or $0.65 per basic and diluted share against $10,609,000 or $9.61 per basic and diluted share a year ago. Net loss before taxes on income was $18,547,000 against $10,609,000 a year ago. Net cash used in operating activities was $8,186,000 against $6,553,000 a year ago. Purchase of proved oil and gas property was $41,353,000 against $60,000 a year ago. Purchase of other property and equipment was $1,009,000 against $470,000 a year ago. LBITDA was $10,900,000 compared to $9,028,000 a year ago. Adjusted LBITDA was $5,573,000 compared to $6,656,000 a year ago.
For the fourth quarter oil and gas production volumes increased to 525 net barrels of oil equivalent per day ("BOE/D") from 502 BOE/D in third quarter 2014. 57% of liquids production in fourth quarter was hedged at $94.11 per barrel.