Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 10, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Glori Energy Inc. | ' |
Trading Symbol | 'GLRI | ' |
Entity Central Index Key | '0001597131 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 31,499,303 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $32,654 | $20,867 |
Accounts receivable, less allowance for doubtful accounts of $80 and $40 as of December 31, 2013 and September 30, 2014, respectively | 2,269 | 307 |
Prepaid expenses and other current assets | 200 | 71 |
Inventory | 36 | 24 |
Commodity derivative contracts | 181 | 0 |
Total current assets | 35,340 | 21,269 |
Property and equipment: | ' | ' |
Proved oil and gas properties - successful efforts | 45,270 | 3,141 |
Other property and equipment | 5,721 | 4,892 |
Total property and equipment and proved oil and gas properties, gross | 50,991 | 8,033 |
Less: accumulated depreciation, depletion and amortization | -7,990 | -5,223 |
Total property and equipment and proved oil and gas properties, net | 43,001 | 2,810 |
Deferred offering costs | 0 | 378 |
Deferred loan costs | 603 | 162 |
Total assets | 78,944 | 24,619 |
Current liabilities: | ' | ' |
Accounts payable | 1,345 | 534 |
Deferred revenues | 857 | 1,753 |
Accrued expenses | 1,674 | 417 |
Current portion of long-term debt | 3,355 | 3,499 |
Total current liabilities | 7,231 | 6,203 |
Long-term liabilities: | ' | ' |
Long-term debt, less current portion | 17,052 | 1,771 |
Other long-term liabilities | 1,854 | 449 |
Total long-term liabilities | 18,906 | 2,220 |
Total liabilities | 26,137 | 8,423 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $.0001 par value, 100,000,000 shares authorized, 22,450,688 and 31,499,303 shares issued and outstanding as of December 31, 2013 and September 30, 2014, respectively | 3 | 2 |
Additional paid-in capital | 105,319 | 61,609 |
Accumulated deficit | -52,515 | -45,415 |
Total stockholders' equity | 52,807 | 16,196 |
Total liabilities and stockholders' equity | $78,944 | $24,619 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $40 | $80 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 31,499,303 | 22,450,688 |
Common stock, shares outstanding | 31,499,303 | 22,450,688 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Oil and gas revenues | $4,103 | $184 | $8,489 | $455 |
Service revenues | 1,355 | 591 | 3,527 | 1,979 |
Total revenues | 5,458 | 775 | 12,016 | 2,434 |
Operating expenses: | ' | ' | ' | ' |
Oil and gas operations | 3,088 | 512 | 7,309 | 1,634 |
Service operations | 657 | 542 | 2,715 | 1,703 |
Science and technology | 449 | 386 | 1,166 | 1,158 |
Selling, general and administrative | 1,572 | 934 | 4,204 | 3,088 |
Depreciation, depletion and amortization of property and equipment | 1,325 | 167 | 2,931 | 466 |
Total operating expenses | 7,091 | 2,541 | 18,325 | 8,049 |
(Loss) income from operations | -1,633 | -1,766 | -6,309 | -5,615 |
Other (expense) income: | ' | ' | ' | ' |
Interest expense | -705 | -232 | -2,309 | -750 |
Gain on change in fair value of warrants | 0 | 1,183 | 2,454 | 1,183 |
Gain (loss) on commodity derivatives | 2,027 | 0 | -764 | 0 |
Other (expense) income | 6 | -10 | 21 | -25 |
Total other (expense) income, net | 1,328 | 941 | -598 | 408 |
Net loss before taxes on income | -305 | -825 | -6,907 | -5,207 |
Income tax expense | 51 | 0 | 193 | 0 |
Net income (loss) | ($356) | ($825) | ($7,100) | ($5,207) |
Net loss per common share, basic and diluted | ($0.01) | ($0.73) | ($0.25) | ($4.76) |
Weighted average common shares outstanding, basic and diluted | 31,475 | 1,136 | 27,975 | 1,093 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data, unless otherwise specified | ||||
Beginning balance at Dec. 31, 2013 | $16,196 | $2 | $61,609 | ($45,415) |
Beginning balance (in shares) at Dec. 31, 2013 | 22,450,688 | 22,450,688 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Stock based compensation | 232 | ' | 232 | ' |
Issuance, repurchase and cancellation of common shares | -30 | ' | -30 | ' |
Change in fair value of warrant liability | -2,454 | ' | -2,454 | ' |
Share issuance | 5,049 | 0 | 5,049 | ' |
Share issuance (in shares) | ' | 1,133,869 | ' | ' |
Recapitalization due to merger | 34,726 | 1 | 34,725 | ' |
Recapitalization due to merger (in shares) | ' | 6,658,449 | ' | ' |
Debt conversion to common stock | 2,000 | ' | 2,000 | ' |
Debt conversion to common stock (in shares) | ' | 250,000 | ' | ' |
Warrants exchanged for common shares (in shares) | ' | 583,010 | ' | ' |
Warrant and stock option exercises | 4,188 | ' | 4,188 | ' |
Warrant and stock option exercises (in shares) | ' | 423,287 | ' | ' |
Net loss | -7,100 | ' | ' | -7,100 |
Ending balance at Sep. 30, 2014 | $52,807 | $3 | $105,319 | ($52,515) |
Ending balance (in shares) at Sep. 30, 2014 | 31,499,303 | 31,499,303 | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Net loss | ' | ' |
Net loss | ($7,100) | ($5,207) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation, depletion and amortization of property and equipment | 2,931 | 466 |
Stock-based compensation | 232 | 534 |
Amortization of deferred loan costs | 326 | 127 |
Accretion of end-of-term charge | 72 | 72 |
Loss on disposal of property and equipment | 0 | 25 |
Gain on change in fair value of warrant liabilities | -2,454 | -1,183 |
Accretion of discount on long-term debt | 50 | 50 |
Loss on change in fair value of commodity derivatives | 362 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -1,985 | 38 |
Prepaid expenses | -129 | -17 |
Inventory | -12 | 15 |
Accounts payable | 409 | -9 |
Deferred revenues | -896 | 521 |
Accrued expenses | 1,041 | -222 |
Net cash used in operating activities | -7,153 | -4,790 |
Cash flows from investing activities: | ' | ' |
Purchase of proved oil and gas property | -41,048 | 0 |
Purchase of other property and equipment | -643 | -447 |
Net cash used in investing activities | -41,691 | -447 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of common stock, preferred stock and preferred warrants | 5,019 | 11,703 |
Proceeds from issuance of long-term debt | 24,035 | 0 |
Proceeds from exercise of warrants and stock options | 4,188 | 0 |
Proceeds from merger with Infinity Corp. including private placement of common stock | 38,441 | 0 |
Payments for deferred offering costs | -3,337 | -79 |
Payments for deferred loan costs | -767 | -36 |
Payments on long-term debt | -6,948 | -1,785 |
Net cash provided by financing activities | 60,631 | 9,803 |
Net increase in cash and cash equivalents | 11,787 | 4,566 |
Cash and cash equivalents, beginning of period | 20,867 | 18,707 |
Cash and cash equivalents, end of period | 32,654 | 23,273 |
Non-cash financing and investing activities: | ' | ' |
Contribution of capital equal to fair value of derivative due to termination of derivative liability | 0 | 2,329 |
Fair value of preferred stock and preferred warrants in excess of proceeds | 0 | -1,938 |
Asset retirement obligation assumed | 885 | 0 |
Supplemental cash flow information: | ' | ' |
Interest paid | $1,397 | $573 |
Organization_Nature_of_Busines
Organization, Nature of Business and Liquidity | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Nature of Business and Liquidity | ' |
ORGANIZATION, NATURE OF BUSINESS AND LIQUIDITY | |
Glori Energy Technology Inc., a Delaware corporation (formerly Glori Energy Inc.)("GETI"), was incorporated in November 2005 (as successor in interest to Glori Oil LLC) to increase production and recovery from mature oil wells using state of the art biotechnology solutions. | |
In October 2007, GETI formed Glori Oil (Argentina) Limited, a Delaware corporation, as a wholly-owned subsidiary, to conduct research in Argentina. In April and May 2008, GETI formed Glori Oil S.R.L. which was owned by Glori Oil (Argentina) Limited (97%) and Glori Energy Inc. (3%) and domiciled in Argentina to conduct GETI’s Argentinian operations. | |
Management has undertaken the dissolution of Glori Oil S.R.L. and is awaiting confirmation on the effectiveness of the dissolution. During the nine months ended September 30, 2013 and September 30, 2014, the Company derived no revenues from this subsidiary and as of December 31, 2013 and September 30, 2014, the subsidiary had no assets. Management does not anticipate significant expenses for any remaining dissolution efforts. | |
In September 2010, GETI incorporated Glori Canada Ltd. (formerly Glori Oil Ltd.) in the province of Alberta, Canada, with registration in the province of Saskatchewan, as a wholly-owned subsidiary, to conduct GETI’s business operations in Canada. | |
In October 2010, GETI activated a previously dormant wholly-owned subsidiary, Glori Holdings Inc. (formerly Glori Oil Holdings Company), to acquire a 100% working interest in a leasehold in Kansas, the Etzold Field, in exchange for the assumption of the asset retirement obligation (the plugging and abandonment liability) of the existing wells on the leasehold and an overriding royalty interest. In September 2012, GETI acquired a 100% working interest in an adjacent property, in exchange for the assumption of the asset retirement obligation, cash and an overriding royalty interest. | |
In February 2011, GETI incorporated Glori California Inc. (formerly Glori Oil California Limited) to conduct operations in the state of California. | |
In September 2013, GETI incorporated OOO Glori Energy in Russia as a first step toward investigating potential projects in that country. | |
In January 2014, GETI entered into a merger and share exchange agreement with Infinity Cross Border Acquisition Corporation ("INXB") and certain of its affiliates, Glori Acquisition Corp., Glori Merger Subsidiary, Inc., and Infinity-C.S.V.C. Management Ltd., an INXB representative. On April 14, 2014, the merger and share exchange agreement was closed and the merger was consummated. As a result of this transaction, Infinity Cross Border Acquisition Corporation merged with and into Glori Acquisition Corp., with Glori Acquisition Corp. surviving the merger. Following that merger, Glori Merger Subsidiary, Inc. merged with and into GETI, with GETI surviving the merger. Following both of these mergers, GETI became the wholly-owned subsidiary of Glori Acquisition Corp., and Glori Acquisition Corp. adopted the name "Glori Energy Inc." | |
In March 2014, GETI incorporated Glori Energy Production Inc., a wholly-owned subsidiary of Glori Holdings Inc. to purchase the Coke Field Assets (see NOTE 4) and incur the associated acquisition debt. | |
Glori Energy Inc., GETI, Glori Oil (Argentina) Limited, Glori Oil S.R.L., Glori Canada Ltd., Glori Holdings Inc., Glori California Inc., OOO Glori Energy and Glori Energy Production Inc. are collectively referred to as the “Company”, "Glori", "Glori Energy", "we", "us", and "our" in the condensed consolidated financial statements. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | |
We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to these rules and regulations. In the opinion of management, these condensed consolidated financial statements contain all adjustments necessary to present fairly the Company’s condensed consolidated balance sheets as of December 31, 2013 and September 30, 2014 (unaudited), condensed consolidated statements of operations for the three and nine months ending September 30, 2013 and 2014 (unaudited), condensed consolidated statement of stockholders’ equity for the nine months ended September 30, 2014 (unaudited) and condensed consolidated statements of cash flows for the nine months ended September 30, 2013 and 2014 (unaudited). All such adjustments represent normal recurring items. The financial information contained in this report for the three and nine months ended September 30, 2013 and 2014, and as of September 30, 2014, is unaudited. These consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2013 and the notes thereto. | |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Glori Energy Inc. and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. | |
Use of Estimates | |
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | |
Reclassificiations | |
Certain 2013 amounts related to oil and gas revenues, service revenues, oil and gas operations, service operations and depreciation, depletion and amortization have been reclassified for comparative purposes. |
Merger_with_Infinity_Cross_Bor
Merger with Infinity Cross Border Acquisition Corporation | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||
Merger with Infinity Cross Border Acquisition Corporation | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||
MERGER WITH INFINITY CROSS BORDER ACQUISITION CORPORATION | |||||||||||||||||||||||||||||||||||||||||||||||||||
On January 8, 2014, GETI executed a merger and share exchange agreement (the "Merger") with Infinity Cross Border Acquisition Corporation (“Infinity Corp.” - a special purpose acquisition company or blank check company publicly traded on NASDAQ) and certain of its affiliates. On April 14, 2014, the Merger was consummated. Pursuant to the terms of the Merger, in exchange for all of GETI's outstanding shares and warrants, Infinity Corp. issued 23,584,557 shares of common stock on a pro rata basis to the stockholders and warrant holders of GETI. GETI obtained effective control of Infinity Corp. subsequent to the Merger and thus the Merger was accounted as a reverse acquisition and recapitalization of GETI in accordance with ASC 805 - Business Combinations. Subsequent to the Merger, the GETI shareholders retained a substantial majority of voting interest and positions on the Board of Directors. Additionally GETI's management is retained and GETI's operations comprise the ongoing operations post-Merger. | |||||||||||||||||||||||||||||||||||||||||||||||||||
In the condensed consolidated financial statements, the number of shares of common stock attributable to the Company is reflected retroactive to December 31, 2013 to facilitate comparability on the balance sheet and statement of stockholders' equity. Accordingly, the number of shares of common stock presented as outstanding as of December 31, 2013 totals 22,450,688 which represents the number of common shares that were received for pre-Merger GETI preferred stock, common stock and warrants as of December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||
The following table (in thousands, except share amounts) presents the condensed consolidated statements of temporary equity and stockholders' equity as if the Merger had occurred on December 31, 2013. The beginning balances as of December 31, 2013, shown in the table below, represent the Company's pre-Merger temporary equity and stockholders' equity previously stated as of December 31, 2013. The balances as of December 31, 2013, as converted, represent the post-Merger stockholders' equity received in exchange for the pre-Merger temporary equity and stockholders' equity at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary equity - convertible redeemable preferred stock | Stockholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Additional | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred | Series B Preferred | Series C Preferred | Series C-1 Preferred | temporary | Common stock | paid-in | Accumulated | stockholders' | |||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | equity | Shares | Par value | capital | deficit | equity | ||||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2013 | 475,541 | $ | 13,762 | 2,901,052 | $ | 31,900 | 7,296,607 | $ | 29,773 | 4,462,968 | $ | 3,234 | $ | 78,669 | 3,295,771 | $ | 1 | $ | — | $ | (76,379 | ) | $ | (76,378 | ) | ||||||||||||||||||||||||||
Reversal of pre Merger temporary equity | (475,541 | ) | (13,762 | ) | (2,901,052 | ) | (31,900 | ) | (7,296,607 | ) | (29,773 | ) | (4,462,968 | ) | (3,234 | ) | $ | (78,669 | ) | — | — | — | 78,669 | 78,669 | |||||||||||||||||||||||||||
Reversal of pre-Merger common shares | — | — | — | — | — | — | — | — | — | (3,295,771 | ) | (1 | ) | 1 | — | — | |||||||||||||||||||||||||||||||||||
Reclassification of pre- Merger warrants from liability to additional paid-in capital | — | — | — | — | — | — | — | — | — | — | — | 13,905 | — | 13,905 | |||||||||||||||||||||||||||||||||||||
Conversion of pre-Merger shares to post-Merger shares | — | — | — | — | — | — | — | — | — | 22,450,688 | 2 | (2 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Segregate historical accumulated deficit from additional paid-in capital | — | — | — | — | — | — | — | — | — | — | — | 47,705 | (47,705 | ) | — | ||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2013, as converted | — | $ | — | — | $ | — | — | $ | — | — | $ | — | $ | — | 22,450,688 | $ | 2 | $ | 61,609 | $ | (45,415 | ) | $ | 16,196 | |||||||||||||||||||||||||||
Not shown in the above table is the pre-Merger issuance by GETI of 1,842,028 C-2 preferred shares and 1,640,924 C-2 preferred warrants for net proceeds of $5,049,000 on March 13, 2014. These shares and warrants were exchanged for 1,133,869 shares of common stock in the Merger. | |||||||||||||||||||||||||||||||||||||||||||||||||||
The following table shows the number of common stock of the Company issued and outstanding related to the consummation of the Merger: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued to Infinity Corp. founder shareholders | 1,437,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued to Infinity Corp. shareholders | 5,750,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Ordinary shares redeemed | (2,351,533 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued underwriter for UPO warrant conversion | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued for PIPE Investment (excluding Petro-Hunt portion of the PIPE Investment) | 812,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued for PIPE Investment (Petro-Hunt portion of PIPE Investment) | 250,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued for the optional PIPE Investment | 909,982 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued to Glori Energy Inc. shareholders | 23,584,557 | ||||||||||||||||||||||||||||||||||||||||||||||||||
30,493,006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
In connection with the Merger, the Company received approximately $24.7 million, net of certain expenses and fees, and approximately $13.7 million in cash from the private placement of 1,722,482 shares of common stock at $8.00 per share from Infinity Group, Hicks Equity Partners LLC and other investors. All of GETI’s previously outstanding common shares, preferred shares and warrants were exchanged for 23,584,557 common shares in the newly merged entity, and accordingly, the Company no longer has liabilities for the fair value of such warrants and temporary equity previously reported in the Company's consolidated balance sheets. Additionally on April 14, 2014 Petro-Hunt exercised their option to convert their $2.0 million convertible note from the Company to common shares at $8.00 per share or 250,000 shares (see NOTE 7). | |||||||||||||||||||||||||||||||||||||||||||||||||||
In addition to the common stock issued in the Merger, the Company has 5,321,700 warrants outstanding at September 30, 2014 to purchase common stock of the Company at a per share price of $10. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
PROPERTY AND EQUIPMENT | ||||||||
Property and equipment consists of the following (in thousands): | ||||||||
December 31, 2013 | September 30, 2014 | |||||||
(Unaudited) | ||||||||
Proved oil and gas properties - successful efforts | $ | 3,141 | $ | 45,270 | ||||
Construction in progress | 902 | 816 | ||||||
Laboratory and warehouse facility | 591 | 591 | ||||||
Laboratory and field service equipment | 2,968 | 2,975 | ||||||
Office equipment, computer equipment, vehicles and other | 431 | 1,339 | ||||||
8,033 | 50,991 | |||||||
Less: accumulated depreciation, depletion and amortization | (5,223 | ) | (7,990 | ) | ||||
Total property and equipment, net | $ | 2,810 | $ | 43,001 | ||||
Depreciation and amortization expense was $112,000, depletion expense was $52,000 and accretion expense related to the asset retirement obligation was $3,000 for the three months ended September 30, 2013. Depreciation and amortization expense was $117,000, depletion expense was $1,199,000 and accretion expense related to the asset retirement obligation was $9,000 for the three months ended September 30, 2014. For the nine months ended September 30, 2013 depreciation and amortization expense was $318,000, depletion expense was $138,000 and accretion expense related to the asset retirement obligation was $10,000. Depreciation and amortization expense was $352,000, depletion expense was $2,458,000 and accretion expense related to the asset retirement obligation was $121,000 for the nine months ended September 30, 2014. | ||||||||
On March 14, 2014, a subsidiary of the Company, Glori Energy Production Inc., acquired certain oil, gas and mineral leases in Wood County Texas (the “Coke Field Assets”) from Petro-Hunt L.L.C. (“Petro-Hunt”) for (i) $38.0 million in cash and a $2.0 million convertible note payable (see NOTE 7) to Petro-Hunt, subject to certain purchase price adjustments primarily for net revenues in excess of direct operating expenses of the property from January 1, 2014 through the closing date, March 14, 2014, and (ii) the assumption of the asset retirement obligation related to plugging and abandoning the Coke Field Assets. | ||||||||
The Company has included revenues and expenses related to the Coke Field Assets for the period from March 15 through September 30, 2014 in the condensed consolidated statement of operations for the nine months ended September 30, 2014. For this period, the revenues and net loss attributable to the Coke Field Assets were $8,138,000 and $251,000, respectively. The net loss includes a $764,000 loss on commodity derivatives related to the Company's volume based production price swaps (see NOTE 6). | ||||||||
Of the total $39.2 million purchase price of the Coke Field Assets, the Company recognized at approximate fair value assets such as office equipment and trucks of $310,000 and items such as tubular stock of $327,000 included in other property and equipment on the Company’s condensed consolidated balance sheet. The remaining purchase price balance was allocated to proved oil and gas properties in property and equipment on the Company’s condensed consolidated balance sheet. Also included in proved oil and gas properties, the Company recognized an asset associated with the asset retirement obligation (plugging and abandonment of wells) of $745,000 and an offsetting liability included in other long-term liabilities on the Company’s condensed consolidated balance sheet. | ||||||||
In September 2014, the Company purchased additional oil, gas and mineral leases adjacent to the Coke Field Assets (the "Southwest Operating Assets"). The Company purchased the Southwest Operating Assets for $2,000,000 and assumed an asset retirement obligation of an estimated $140,000. | ||||||||
The following summary presents unaudited pro forma information for the Company for the three and nine months ended September 30, 2013 and 2014, as if the Coke Field acquisition had been consummated at January 1, 2013 and 2014, respectively (in thousands, except per share amounts): | ||||||||
For the Three Months Ended September 30, | ||||||||
2013 | 2014 | |||||||
(Unaudited) | ||||||||
Total revenues | $ | 5,327 | $ | 5,458 | ||||
Net loss | (1,058 | ) | (356 | ) | ||||
Net loss per common share, basic and diluted | $ | (0.93 | ) | $ | (0.01 | ) | ||
Weighted average shares outstanding: | ||||||||
Basic | 1,136 | 31,475 | ||||||
Diluted | 1,136 | 31,475 | ||||||
For the Nine Months Ended September 30, | ||||||||
2013 | 2014 | |||||||
(Unaudited) | ||||||||
Total revenues | $ | 14,601 | 14,831 | |||||
Net loss | (6,527 | ) | (6,609 | ) | ||||
Net loss per common share, basic and diluted | $ | (5.97 | ) | $ | (0.24 | ) | ||
Weighted average shares outstanding: | ||||||||
Basic | 1,093 | 27,975 | ||||||
Diluted | 1,093 | 27,975 | ||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
FASB standards define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | ||||||||||||||||
Level 1 – Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
Level 3 – Unobservable inputs that are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. | ||||||||||||||||
If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | ||||||||||||||||
The following table summarizes the financial liabilities measured at fair value, on a recurring basis as of September 30, 2014 (in thousands): | ||||||||||||||||
Fair value measurements using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Unaudited) | ||||||||||||||||
September 30, 2014 | ||||||||||||||||
Commodity derivative (current asset) | $ | — | $ | 181 | $ | — | $ | 181 | ||||||||
Commodity derivative (other long-term liabilities) | — | 543 | — | 543 | ||||||||||||
The Level 2 instruments presented in the table above consists of derivative instruments made up of commodity price swaps. The fair values of the Company's commodity derivative instruments are based upon the NYMEX futures value of oil compared to the contracted per barrel rate to be received. The Company records a liability associated with the futures contracts when the futures price of oil is greater than the contracted per barrel rate to be received and an asset when the futures price of oil is less than the contracted per barrel rate to be received. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Derivative Instruments | ' | ||||||||||
DERIVATIVE INSTRUMENTS | |||||||||||
The Company utilizes derivative financial instruments to manage risks related to changes in oil prices. The Company is currently engaged in oil commodity price swaps where a fixed price is received from the counterparty for a portion of the Company's oil production. In return the Company pays a floating price based upon NYMEX oil prices. Although these arrangements are designed to reduce the downside risk of a decline in oil prices on the covered production, they conversely limit potential income from increases in oil prices and expose the Company to the credit risk of counterparties. The Company manages the default risk of counterparties by engaging in these agreements with only high credit quality multinational energy companies and through the continuous monitoring of their performance. | |||||||||||
As of September 30, 2014, the Company had the following open positions on outstanding commodity derivative contracts: | |||||||||||
Period | Volume/Month (Bbls) | Price/Unit | Fair Value - Asset (Liability) | ||||||||
(Unaudited) | |||||||||||
October 2014 - March 2015 | 8,400 | $ | 94.11 | 229,000 | |||||||
April 2015 - March 2016 | 7,300 | $ | 86.5 | (58,000 | ) | ||||||
April 2016 - March 2017 | 6,550 | $ | 82.46 | (244,000 | ) | ||||||
April 2017 - March 2018 | 5,800 | $ | 80.53 | (289,000 | ) | ||||||
The Company has not elected to designate any of these as derivative contracts for hedge accounting. Accordingly, the derivative contracts are carried at fair value on the condensed consolidated balance sheet as assets or liabilities. For each reporting period the contracts are marked-to-market and the resulting unrealized changes in the fair value of the assets and liabilities are recognized on the condensed consolidated statements of operations. The payables and receivables resulting from the closed derivative contracts result in realized gains and losses recorded on the Company's condensed consolidated statements of operations. The unrealized and realized gains and losses on derivative instruments are recognized in the gain (loss) on commodity derivatives line item located in other (expense) income. | |||||||||||
The following tables summarize the unrealized and realized gain (loss) on commodity derivatives: | |||||||||||
Three Months Ended September 30, | |||||||||||
2014 | |||||||||||
(Unaudited) | |||||||||||
Unrealized gain on commodity derivatives | $ | 2,206,000 | |||||||||
Realized loss on commodity derivatives | (179,000 | ) | |||||||||
$ | 2,027,000 | ||||||||||
Nine Months Ended September 30, | |||||||||||
2014 | |||||||||||
(Unaudited) | |||||||||||
Unrealized loss on commodity derivatives | $ | (362,000 | ) | ||||||||
Realized loss on commodity derivatives | (402,000 | ) | |||||||||
$ | (764,000 | ) |
Long_Term_Debt
Long Term Debt | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Debt Disclosure [Abstract] | ' | ||||
Long Term Debt | ' | ||||
LONG TERM DEBT | |||||
On June 11, 2012, the Company entered into a secured term promissory note in the amount of $8.0 million. The note contains a 10.0% annual interest rate subject to increase based upon an increase in the prime rate. The loan is secured by substantially all assets of the Company with the exception of the Coke Field Assets. The lender also received a warrant to purchase shares of the Company’s stock which was exchanged for 18,208 common shares upon consummation of the Merger. Equal monthly principal payments are due over 27 months beginning in April 2013 through June 2015 plus an end of term charge of $280,000. As of December 31, 2013 and September 30, 2014, the ratable liability for the end of term charge was $144,000 and $216,000, respectively, and it is included in accrued expenses in current liabilities on the accompanying 2014 condensed consolidated balance sheet. The loan agreement contains covenants which place restrictions on the incurrence of debt, liens and capital expenditures. As of September 30, 2014 the outstanding loan balance is $2,622,000. The Company is in compliance with all the covenants as of September 30, 2014. | |||||
On March 14, 2014 in connection with the closing of the acquisition of the Coke Field Assets, the Company entered into two financing agreements of $18.0 million and $4.0 million in order to fund a portion of the $38.0 million in cash required for the acquisition. | |||||
The $18.0 million note is a senior secured term loan facility of Glori Energy Production Inc. and is secured by the Coke Field Assets and shares of common stock. The loan has a three year term bearing interest at 11.0% per annum, subject to increase upon a LIBOR rate increase above 1%. The credit agreement requires quarterly principal payments equal to 50% of the excess cash flows, as defined, from the Coke Field Assets during the first year and 75% thereafter subject to a minimum quarterly principal payment of $112,500 plus interest. The loan was funded net of closing costs of 2%, or $360,000, which is included in deferred loan costs on the condensed consolidated balance sheets and will be amortized over the loan term. The loan agreement contains covenants which place restrictions on Glori Energy Production’s ability to incur additional debt, incur other liens, make other investments, capital expenditures and the sale of assets. Glori Energy Production is also required to maintain certain financial ratios related to leverage, working capital and proved reserves, all as defined in the loan agreement. As of September 30, 2014 the outstanding loan balance is $17,734,000. Glori Energy Production is in compliance with all covenants as of September 30, 2014. | |||||
The $4.0 million note has a two year term bearing interest at 12.0% per annum and is secured by the assets of the Company but is subordinated to existing Company debt. The loan was funded net of closing costs of 2%, or $80,000, which is included in deferred loan costs on the condensed consolidated balance sheets and will be amortized over the loan term. The $4.0 million note principal and a $400,000 prepayment penalty plus accrued interest was paid in full on May 13, 2014 and the remaining related deferred loan costs were expensed. | |||||
On March 14, 2014, in connection with the purchase of the Coke Field Assets, a subsidiary of the Company, Glori Energy Production, issued to Petro-Hunt an unsecured, subordinated convertible promissory note for $2.0 million bearing interest at 6.0% per annum. On April 14, 2014 the note was converted into 250,000 shares of post-Merger common stock. | |||||
Maturities on long-term debt during the next three years are as follows (in thousands): | |||||
Year ending September 30, | Amount | ||||
(Unaudited) | |||||
2015 | $ | 3,355 | |||
2016 | 473 | ||||
2017 | 16,579 | ||||
$ | 20,407 | ||||
Loss_Per_Share
Loss Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Loss Per Share | ' | |||||||||||||||
LOSS PER SHARE | ||||||||||||||||
The Company follows current guidance for share-based payments which are considered as participating securities. Share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are designated as participating securities and are included in the computation of basic earnings per share. However, in periods of net loss, participating securities other than common stock are not included in the calculation of basic loss per share because there is not a contractual obligation for owners of these securities to share in the Company’s losses, and the effect of their inclusion would be anti-dilutive. | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Numerator: | ||||||||||||||||
Net loss | $ | (825 | ) | $ | (356 | ) | $ | (5,207 | ) | $ | (7,100 | ) | ||||
Denominator: | ||||||||||||||||
Weighted-average common shares outstanding - basic | 1,136 | 31,475 | 1,093 | 27,975 | ||||||||||||
Effect of dilutive securities | — | — | — | — | ||||||||||||
Weighted-average common shares - diluted | 1,136 | 31,475 | 1,093 | 27,975 | ||||||||||||
Net loss per common share - basic and diluted | $ | (0.73 | ) | $ | (0.01 | ) | $ | (4.76 | ) | $ | (0.25 | ) | ||||
The following weighted-average securities outstanding during the three and nine months ended September 30, 2013 and 2014 were not included in the calculation of diluted shares outstanding as they would have been anti-dilutive (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Common stock warrants | — | 5,517 | — | 4,752 | ||||||||||||
Common stock options | 2,021 | 2,307 | 1,841 | 2,315 | ||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
At December 31, 2013 and September 30, 2014, the Company has net operating loss carryforwards for federal income tax reporting purposes of approximately $31.4 million and $41.8 million, respectively, which will begin to expire in the year 2025, and tax credits of approximately $367,000 which will begin to expire in 2027. The NOL carry forward has been reduced by approximately $5.4 million because management estimates such amount of the loss carry forwards will expire due to limitations from changes in control. | |
The Company has recorded valuation allowances against the Company's deferred tax assets. The effective tax rate for the three and nine months ended September 30, 2013 and 2014 varies from the statutory rate primarily due to the effect of the valuation allowance. For the three and nine months ended September 30, 2014 the Company had income tax expense of $51,000 and $193,000, respectively due to current taxes on foreign income. | |
As of December 31, 2013 and September 30, 2014, the Company had an uncertain tax position related to not filing Form 926 Return by a U.S. Transferor of Property to a Foreign Corporation in the amount of approximately $31,000 for the tax years 2010 and 2011. This form would have reported cash transfers to support the operations of its subsidiary Glori Oil S.R.L. The Company has amended these returns and believes any liability will be abated; accordingly, the Company has not recognized any liability in the accompanying consolidated financial statements. The Company does not expect a material change to the consolidated financial statements related to uncertain tax positions in the next 12 months. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
COMMITMENTS AND CONTINGENCIES | |||||
Litigation | |||||
From time to time, the Company may be subject to legal proceedings and claims that arise in the ordinary course of business. The Company is not a party to any material litigation or proceedings and is not aware of any material litigation or proceedings, pending or threatened against it. | |||||
Commitments | |||||
The Company leases two adjacent buildings in Houston, Texas and a warehouse facility in Gull Lake, Saskatchewan under operating leases. The Company's original Houston building lease which contains office space, warehouse space and a laboratory expires in May 2017 and is leased for $10,586 per month. The Company's second Houston facility, which contains office and warehouse space, is leased for $8,415 per month and has a lease expiration date of May 2015. The Company has vacated this facility and will not renew the lease upon expiration. The Saskatchewan warehouse is a month-to-month lease which rents for $1,000 per month and is cancelable with 30 days’ notice. | |||||
In addition to the facility lease commitments, the Company also has various other commitments such as technology hardware and support and software commitments. | |||||
Approximate minimum future rental payments under these noncancelable operating leases as of September 30, 2014 are as follows (in thousands): | |||||
Year Ending September 30, | |||||
(Unaudited) | |||||
2015 | $ | 204 | |||
2016 | 129 | ||||
2017 | 85 | ||||
$ | 418 | ||||
Total rent expense was approximately $60,000 and $74,000 for the three months ended September 30, 2013 and September 30, 2014, respectively, and $156,000 and $217,000 for the nine months ended September 30, 2013 and September 30, 2014, respectively. | |||||
The Company signed a lease for office space subsequent to September 30, 2014 which is not included in the table above (see NOTE 13). |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Stock-Based Compensation | ' | ||||||||
STOCK-BASED COMPENSATION | |||||||||
Stock Incentive Plan | |||||||||
As a result of the Merger with Infinity Corp. which was consummated on April 14, 2014, the issued and outstanding stock options were canceled and reissued as stock options in the newly merged entity at a conversion ratio of 2.9 to 1.0 of pre-Merger stock options to post-Merger stock options. The exercise price of the Glori stock options also increased by the same factor of 2.9. All option disclosures in the note below are shown as converted using these factors. | |||||||||
As of December 31, 2013 the total common stock available for issuance pursuant to the Glori Oil Limited 2006 Stock Option and Grant Plan (the “Plan”) was 2,581,190, as converted. As of April 14, 2014 the plan was amended such that no further options would be issued. Options are issued at an exercise price equal to the fair market value of the Company’s common stock at the grant date. Generally, the options vest 25 percent after 1 year, and thereafter ratably each month over the following 36 months, and may be exercised for a period of 10 years subject to vesting. | |||||||||
The Company has computed the fair value of all options granted during the year ended December 31, 2013 and nine months ended September 30, 2014, using the following assumptions: | |||||||||
Year ended | Nine months ended September 30, | ||||||||
December 31, | |||||||||
2013 | 2014 | ||||||||
(Unaudited) | |||||||||
Risk-free interest rate | 2.23 | % | 2.44 | % | |||||
Expected volatility | 55 | % | 55 | % | |||||
Expected dividend yield | — | — | |||||||
Expected life (in years) | 7.09 | 7 | |||||||
Expected forfeiture rate | — | — | |||||||
The following table summarizes the activity of the Company’s plan related to stock options: | |||||||||
Number | Weighted | Weighted | |||||||
of options | average | average | |||||||
exercise | remaining | ||||||||
price per share | contractual | ||||||||
term (years) | |||||||||
Outstanding as of December 31, 2013, as converted | 2,322,180 | $ | 0.81 | 7.7 | |||||
Awarded (unaudited) | 7,103 | $ | 1.16 | ||||||
Exercised (unaudited) | (9,397 | ) | $ | 1.16 | |||||
Forfeited or Expired (unaudited) (1) | (16,864 | ) | $ | 1.16 | |||||
Outstanding as of September 30, 2014 (unaudited) | 2,303,022 | $ | 0.82 | 7 | |||||
Exercisable as of December 31, 2013 | 1,887,568 | $ | 0.75 | 7.5 | |||||
Exercisable as of September 30, 2014 (unaudited) (2) | 2,049,188 | $ | 0.78 | 6.8 | |||||
-1 | Management considers the circumstances generating these forfeitures to be unusual and nonrecurring in nature; accordingly, no allowance for forfeitures of options to purchase shares has been considered in determining future vesting or expense. | ||||||||
-2 | The employee options shown as exercisable are subject to a one year lock up agreement pursuant to the terms of the Merger whereby these options, although fully vested, cannot be exercised until April 15, 2015, the day after the first anniversary of the Merger. | ||||||||
The total intrinsic value of options exercised for the three months ended September 30, 2013 and September 30, 2014 was $0 and $40,000, respectively. The total intrinsic value of options exercised for the nine months ended September 30, 2013 and September 30, 2014 was $74,000 and $70,000, respectively. The aggregate intrinsic value of options outstanding and exercisable as of December 31, 2013 and September 30, 2014 is $782,000 and $14,590,000, respectively. The total fair value of options vested during the three months ended September 30, 2013 and September 30, 2014 was $106,000 and $77,000. The total fair value of options which vested during the nine months ended September 30, 2013 and September 30, 2014 was $583,000 and $236,000, respectively. | |||||||||
Stock-based compensation expense is included primarily in selling, general and administrative expense and was $87,000 and $78,000 for the three months ended September 30, 2013 and September 30, 2014, respectively. Stock-based compensation expense was $534,000 and $232,000 for the nine months ended September 30, 2013 and September 30, 2014, respectively. The Company has future unrecognized compensation expense for nonvested shares at September 30, 2014 of $311,000 with a weighted average vesting period of 1.7 years. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||
The Company generates revenues through the production and sale of oil and natural gas (the “Oil and Gas Segment”) and through the Company’s AERO services provided to third party oil companies (the “AERO Services Segment”). | ||||||||||||||||
The Oil and Gas Segment produces and develops the Company’s acquired oil and natural gas interests. The revenues derived from the segment are from sales to the first purchaser. The Company uses two such arrangements, one for the Etzold Field located in Seward County, Kansas and another for the Coke and Quitman Fields located in Wood County, Texas. | ||||||||||||||||
The AERO Services Segment derives revenues from external customers by providing the Company’s biotechnology solution of enhanced oil recovery through a two-step process consisting of (1) the Analysis Phase and (2) the Field Deployment Phase. | ||||||||||||||||
The Analysis Phase work is a reservoir screening process whereby the Company obtains field samples and evaluates the Company’s potential for AERO Services Segment success. This process is performed at the Company’s Houston laboratory facilities. The Science and Technology expenses shown on the Company’s condensed consolidated statements of operations are the expenses that are directly attributable to the Analysis Phase and expenses associated with the Company’s on-going research and development of its technology. | ||||||||||||||||
In the Field Deployment Phase the Company deploys skid mounted injection equipment used to inject nutrient solution in the oil reservoir. The work in this phase is performed in oil fields of customers located in the United States and internationally and in the Company’s own oil fields. The service operations expense shown on the Company’s condensed consolidated statements of operations are the expenses that are directly attributable to the Field Deployment Phase. | ||||||||||||||||
Earnings of industry segments exclude income taxes, interest income, interest expense and unallocated corporate expenses. | ||||||||||||||||
Although the AERO Services Segment provides enhanced oil recovery services to the Oil and Gas Segment, the Company does not utilize intercompany charges. The direct costs of the services such as the injection solution, transportation of the solution and expenses associated with the injection are charged directly to the Oil and Gas Segment. All of the AERO Services Segment capital expenditures and depreciation associated with injection equipment is viewed as part of the AERO Services Segment. | ||||||||||||||||
The following table sets forth the operating segments of the Company and the associated revenues and expenses (in thousands): | ||||||||||||||||
Oil and Gas (1) | AERO Services | Corporate | Total | |||||||||||||
(Unaudited) | ||||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||
Revenues | $ | 184 | $ | 591 | $ | — | $ | 775 | ||||||||
Total operating expenses | 512 | 542 | 1,320 | 2,374 | ||||||||||||
Depreciation, depletion and amortization | 56 | 101 | 10 | 167 | ||||||||||||
Loss from operations | (384 | ) | (52 | ) | (1,330 | ) | (1,766 | ) | ||||||||
Other income, net | — | — | 941 | 941 | ||||||||||||
Net loss | $ | (384 | ) | $ | (52 | ) | $ | (389 | ) | $ | (825 | ) | ||||
Oil and Gas (1) | AERO Services | Corporate | Total | |||||||||||||
(Unaudited) | ||||||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||
Revenues | $ | 4,103 | $ | 1,355 | $ | — | $ | 5,458 | ||||||||
Total operating expenses | 3,088 | 657 | 2,021 | 5,766 | ||||||||||||
Depreciation, depletion and amortization | 1,245 | 73 | 7 | 1,325 | ||||||||||||
(Loss) income from operations | (230 | ) | 625 | (2,028 | ) | (1,633 | ) | |||||||||
Other income (expense), net | 2,027 | — | (699 | ) | 1,328 | |||||||||||
Income tax expense | — | — | 51 | 51 | ||||||||||||
Net income (loss) | $ | 1,797 | $ | 625 | $ | (2,778 | ) | $ | (356 | ) | ||||||
-1 | The oil and gas revenues for the three months ended September 30, 2014 includes direct revenues of $4,030,000, operating expenses (including severance taxes) of $2,294,000, depreciation, depletion and amortization of $1,177,000 and gain on commodity derivatives of $2,206,000 related to the Coke Field Assets and Southwest Operating Assets which are not included in the three months ended September 30, 2013. Total operating expenses for the Oil and Gas segment also includes expenses for our Etzold Field greenfield lab in Kansas and the compensation expense for our acquisitions and production professional staff and their related expenses in connection with identifying and analyzing potential acquisitions and managing our oil and gas assets. | |||||||||||||||
Oil and Gas (1) | AERO Services | Corporate | Total | |||||||||||||
(Unaudited) | ||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||
Revenues | $ | 455 | $ | 1,979 | $ | — | $ | 2,434 | ||||||||
Total operating expenses | 1,634 | 1,703 | 4,246 | 7,583 | ||||||||||||
Depreciation, depletion and amortization | 149 | 287 | 30 | 466 | ||||||||||||
Loss from operations | (1,328 | ) | (11 | ) | (4,276 | ) | (5,615 | ) | ||||||||
Other income, net | — | — | 408 | 408 | ||||||||||||
Net loss | $ | (1,328 | ) | $ | (11 | ) | $ | (3,868 | ) | $ | (5,207 | ) | ||||
Oil and Gas (1) | AERO Services | Corporate | Total | |||||||||||||
(Unaudited) | ||||||||||||||||
Nine months ended September 30, 2014 | ||||||||||||||||
Revenues | $ | 8,489 | $ | 3,527 | $ | — | $ | 12,016 | ||||||||
Total operating expenses | 7,309 | 2,715 | 5,370 | 15,394 | ||||||||||||
Depreciation, depletion and amortization | 2,645 | 263 | 23 | 2,931 | ||||||||||||
(Loss) income from operations | (1,465 | ) | 549 | (5,393 | ) | (6,309 | ) | |||||||||
Other (expense) income, net | (764 | ) | — | 166 | (598 | ) | ||||||||||
Income tax expense | — | — | 193 | 193 | ||||||||||||
Net (loss) income | $ | (2,229 | ) | $ | 549 | $ | (5,420 | ) | $ | (7,100 | ) | |||||
-1 | The oil and gas revenues for the nine months ended September 30, 2014 includes six months and sixteen days of direct revenues of $8,138,000, operating expenses (including severance taxes) of $5,264,000, depreciation, depletion and amortization of $2,361,000 and loss on commodity derivatives of $764,000 related to the Coke Field Assets and Southwest Operating Assets which are not included in the nine months ended September 30, 2013. Total operating expenses for the Oil and Gas segment also includes expenses for our Etzold Field greenfield lab in Kansas and the compensation expense for our acquisitions and production professional staff and their related expenses in connection with identifying and analyzing potential acquisitions and managing our oil and gas assets. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
On October 2, 2014, the Company executed and commenced a two-year lease agreement for 7,805 square feet of office space in Houston's Westchase District for $18,498 per month. The Company has a one-year extension option at a 4% increase in rent and two one-year extension options at a mutually agreed upon market rate with the lessor. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to these rules and regulations. In the opinion of management, these condensed consolidated financial statements contain all adjustments necessary to present fairly the Company’s condensed consolidated balance sheets as of December 31, 2013 and September 30, 2014 (unaudited), condensed consolidated statements of operations for the three and nine months ending September 30, 2013 and 2014 (unaudited), condensed consolidated statement of stockholders’ equity for the nine months ended September 30, 2014 (unaudited) and condensed consolidated statements of cash flows for the nine months ended September 30, 2013 and 2014 (unaudited). All such adjustments represent normal recurring items. The financial information contained in this report for the three and nine months ended September 30, 2013 and 2014, and as of September 30, 2014, is unaudited. These consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2013 and the notes thereto. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Glori Energy Inc. and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Merger_with_Infinity_Cross_Bor1
Merger with Infinity Cross Border Acquisition Corporation (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Temporary Equity and Stockholders' Equity | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||
The following table (in thousands, except share amounts) presents the condensed consolidated statements of temporary equity and stockholders' equity as if the Merger had occurred on December 31, 2013. The beginning balances as of December 31, 2013, shown in the table below, represent the Company's pre-Merger temporary equity and stockholders' equity previously stated as of December 31, 2013. The balances as of December 31, 2013, as converted, represent the post-Merger stockholders' equity received in exchange for the pre-Merger temporary equity and stockholders' equity at December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary equity - convertible redeemable preferred stock | Stockholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Additional | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred | Series B Preferred | Series C Preferred | Series C-1 Preferred | temporary | Common stock | paid-in | Accumulated | stockholders' | |||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | equity | Shares | Par value | capital | deficit | equity | ||||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2013 | 475,541 | $ | 13,762 | 2,901,052 | $ | 31,900 | 7,296,607 | $ | 29,773 | 4,462,968 | $ | 3,234 | $ | 78,669 | 3,295,771 | $ | 1 | $ | — | $ | (76,379 | ) | $ | (76,378 | ) | ||||||||||||||||||||||||||
Reversal of pre Merger temporary equity | (475,541 | ) | (13,762 | ) | (2,901,052 | ) | (31,900 | ) | (7,296,607 | ) | (29,773 | ) | (4,462,968 | ) | (3,234 | ) | $ | (78,669 | ) | — | — | — | 78,669 | 78,669 | |||||||||||||||||||||||||||
Reversal of pre-Merger common shares | — | — | — | — | — | — | — | — | — | (3,295,771 | ) | (1 | ) | 1 | — | — | |||||||||||||||||||||||||||||||||||
Reclassification of pre- Merger warrants from liability to additional paid-in capital | — | — | — | — | — | — | — | — | — | — | — | 13,905 | — | 13,905 | |||||||||||||||||||||||||||||||||||||
Conversion of pre-Merger shares to post-Merger shares | — | — | — | — | — | — | — | — | — | 22,450,688 | 2 | (2 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Segregate historical accumulated deficit from additional paid-in capital | — | — | — | — | — | — | — | — | — | — | — | 47,705 | (47,705 | ) | — | ||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2013, as converted | — | $ | — | — | $ | — | — | $ | — | — | $ | — | $ | — | 22,450,688 | $ | 2 | $ | 61,609 | $ | (45,415 | ) | $ | 16,196 | |||||||||||||||||||||||||||
Summary of Common Stock Issued and Outstanding | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||
The following table shows the number of common stock of the Company issued and outstanding related to the consummation of the Merger: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued to Infinity Corp. founder shareholders | 1,437,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued to Infinity Corp. shareholders | 5,750,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Ordinary shares redeemed | (2,351,533 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued underwriter for UPO warrant conversion | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued for PIPE Investment (excluding Petro-Hunt portion of the PIPE Investment) | 812,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued for PIPE Investment (Petro-Hunt portion of PIPE Investment) | 250,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued for the optional PIPE Investment | 909,982 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary shares issued to Glori Energy Inc. shareholders | 23,584,557 | ||||||||||||||||||||||||||||||||||||||||||||||||||
30,493,006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property and equipment consists of the following (in thousands): | ||||||||
December 31, 2013 | September 30, 2014 | |||||||
(Unaudited) | ||||||||
Proved oil and gas properties - successful efforts | $ | 3,141 | $ | 45,270 | ||||
Construction in progress | 902 | 816 | ||||||
Laboratory and warehouse facility | 591 | 591 | ||||||
Laboratory and field service equipment | 2,968 | 2,975 | ||||||
Office equipment, computer equipment, vehicles and other | 431 | 1,339 | ||||||
8,033 | 50,991 | |||||||
Less: accumulated depreciation, depletion and amortization | (5,223 | ) | (7,990 | ) | ||||
Total property and equipment, net | $ | 2,810 | $ | 43,001 | ||||
Business Acquisition, Pro Forma Information | ' | |||||||
The following summary presents unaudited pro forma information for the Company for the three and nine months ended September 30, 2013 and 2014, as if the Coke Field acquisition had been consummated at January 1, 2013 and 2014, respectively (in thousands, except per share amounts): | ||||||||
For the Three Months Ended September 30, | ||||||||
2013 | 2014 | |||||||
(Unaudited) | ||||||||
Total revenues | $ | 5,327 | $ | 5,458 | ||||
Net loss | (1,058 | ) | (356 | ) | ||||
Net loss per common share, basic and diluted | $ | (0.93 | ) | $ | (0.01 | ) | ||
Weighted average shares outstanding: | ||||||||
Basic | 1,136 | 31,475 | ||||||
Diluted | 1,136 | 31,475 | ||||||
For the Nine Months Ended September 30, | ||||||||
2013 | 2014 | |||||||
(Unaudited) | ||||||||
Total revenues | $ | 14,601 | 14,831 | |||||
Net loss | (6,527 | ) | (6,609 | ) | ||||
Net loss per common share, basic and diluted | $ | (5.97 | ) | $ | (0.24 | ) | ||
Weighted average shares outstanding: | ||||||||
Basic | 1,093 | 27,975 | ||||||
Diluted | 1,093 | 27,975 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Summary of financial liabilities measured at fair value | ' | |||||||||||||||
The following table summarizes the financial liabilities measured at fair value, on a recurring basis as of September 30, 2014 (in thousands): | ||||||||||||||||
Fair value measurements using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(Unaudited) | ||||||||||||||||
September 30, 2014 | ||||||||||||||||
Commodity derivative (current asset) | $ | — | $ | 181 | $ | — | $ | 181 | ||||||||
Commodity derivative (other long-term liabilities) | — | 543 | — | 543 | ||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Schedule of Derivative Instruments | ' | ||||||||||
As of September 30, 2014, the Company had the following open positions on outstanding commodity derivative contracts: | |||||||||||
Period | Volume/Month (Bbls) | Price/Unit | Fair Value - Asset (Liability) | ||||||||
(Unaudited) | |||||||||||
October 2014 - March 2015 | 8,400 | $ | 94.11 | 229,000 | |||||||
April 2015 - March 2016 | 7,300 | $ | 86.5 | (58,000 | ) | ||||||
April 2016 - March 2017 | 6,550 | $ | 82.46 | (244,000 | ) | ||||||
April 2017 - March 2018 | 5,800 | $ | 80.53 | (289,000 | ) | ||||||
Gain (Loss) on Derivatives | ' | ||||||||||
The following tables summarize the unrealized and realized gain (loss) on commodity derivatives: | |||||||||||
Three Months Ended September 30, | |||||||||||
2014 | |||||||||||
(Unaudited) | |||||||||||
Unrealized gain on commodity derivatives | $ | 2,206,000 | |||||||||
Realized loss on commodity derivatives | (179,000 | ) | |||||||||
$ | 2,027,000 | ||||||||||
Nine Months Ended September 30, | |||||||||||
2014 | |||||||||||
(Unaudited) | |||||||||||
Unrealized loss on commodity derivatives | $ | (362,000 | ) | ||||||||
Realized loss on commodity derivatives | (402,000 | ) | |||||||||
$ | (764,000 | ) |
Long_Term_Debt_Tables
Long Term Debt (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Debt Disclosure [Abstract] | ' | ||||
Schedule of Maturities of Long-term Debt | ' | ||||
Maturities on long-term debt during the next three years are as follows (in thousands): | |||||
Year ending September 30, | Amount | ||||
(Unaudited) | |||||
2015 | $ | 3,355 | |||
2016 | 473 | ||||
2017 | 16,579 | ||||
$ | 20,407 | ||||
Loss_Per_Share_Tables
Loss Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Numerator: | ||||||||||||||||
Net loss | $ | (825 | ) | $ | (356 | ) | $ | (5,207 | ) | $ | (7,100 | ) | ||||
Denominator: | ||||||||||||||||
Weighted-average common shares outstanding - basic | 1,136 | 31,475 | 1,093 | 27,975 | ||||||||||||
Effect of dilutive securities | — | — | — | — | ||||||||||||
Weighted-average common shares - diluted | 1,136 | 31,475 | 1,093 | 27,975 | ||||||||||||
Net loss per common share - basic and diluted | $ | (0.73 | ) | $ | (0.01 | ) | $ | (4.76 | ) | $ | (0.25 | ) | ||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | |||||||||||||||
The following weighted-average securities outstanding during the three and nine months ended September 30, 2013 and 2014 were not included in the calculation of diluted shares outstanding as they would have been anti-dilutive (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Common stock warrants | — | 5,517 | — | 4,752 | ||||||||||||
Common stock options | 2,021 | 2,307 | 1,841 | 2,315 | ||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Minimum Future Capital Lease Payments | ' | ||||
Approximate minimum future rental payments under these noncancelable operating leases as of September 30, 2014 are as follows (in thousands): | |||||
Year Ending September 30, | |||||
(Unaudited) | |||||
2015 | $ | 204 | |||
2016 | 129 | ||||
2017 | 85 | ||||
$ | 418 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Schedule of Fair Value Assumptions | ' | ||||||||
The Company has computed the fair value of all options granted during the year ended December 31, 2013 and nine months ended September 30, 2014, using the following assumptions: | |||||||||
Year ended | Nine months ended September 30, | ||||||||
December 31, | |||||||||
2013 | 2014 | ||||||||
(Unaudited) | |||||||||
Risk-free interest rate | 2.23 | % | 2.44 | % | |||||
Expected volatility | 55 | % | 55 | % | |||||
Expected dividend yield | — | — | |||||||
Expected life (in years) | 7.09 | 7 | |||||||
Expected forfeiture rate | — | — | |||||||
Schedule of Stock Option Activity | ' | ||||||||
The following table summarizes the activity of the Company’s plan related to stock options: | |||||||||
Number | Weighted | Weighted | |||||||
of options | average | average | |||||||
exercise | remaining | ||||||||
price per share | contractual | ||||||||
term (years) | |||||||||
Outstanding as of December 31, 2013, as converted | 2,322,180 | $ | 0.81 | 7.7 | |||||
Awarded (unaudited) | 7,103 | $ | 1.16 | ||||||
Exercised (unaudited) | (9,397 | ) | $ | 1.16 | |||||
Forfeited or Expired (unaudited) (1) | (16,864 | ) | $ | 1.16 | |||||
Outstanding as of September 30, 2014 (unaudited) | 2,303,022 | $ | 0.82 | 7 | |||||
Exercisable as of December 31, 2013 | 1,887,568 | $ | 0.75 | 7.5 | |||||
Exercisable as of September 30, 2014 (unaudited) (2) | 2,049,188 | $ | 0.78 | 6.8 | |||||
-1 | Management considers the circumstances generating these forfeitures to be unusual and nonrecurring in nature; accordingly, no allowance for forfeitures of options to purchase shares has been considered in determining future vesting or expense. | ||||||||
-2 | The employee options shown as exercisable are subject to a one year lock up agreement pursuant to the terms of the Merger whereby these options, although fully vested, cannot be exercised until April 15, 2015, the day after the first anniversary of the Merger. |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
The following table sets forth the operating segments of the Company and the associated revenues and expenses (in thousands): | ||||||||||||||||
Oil and Gas (1) | AERO Services | Corporate | Total | |||||||||||||
(Unaudited) | ||||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||
Revenues | $ | 184 | $ | 591 | $ | — | $ | 775 | ||||||||
Total operating expenses | 512 | 542 | 1,320 | 2,374 | ||||||||||||
Depreciation, depletion and amortization | 56 | 101 | 10 | 167 | ||||||||||||
Loss from operations | (384 | ) | (52 | ) | (1,330 | ) | (1,766 | ) | ||||||||
Other income, net | — | — | 941 | 941 | ||||||||||||
Net loss | $ | (384 | ) | $ | (52 | ) | $ | (389 | ) | $ | (825 | ) | ||||
Oil and Gas (1) | AERO Services | Corporate | Total | |||||||||||||
(Unaudited) | ||||||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||
Revenues | $ | 4,103 | $ | 1,355 | $ | — | $ | 5,458 | ||||||||
Total operating expenses | 3,088 | 657 | 2,021 | 5,766 | ||||||||||||
Depreciation, depletion and amortization | 1,245 | 73 | 7 | 1,325 | ||||||||||||
(Loss) income from operations | (230 | ) | 625 | (2,028 | ) | (1,633 | ) | |||||||||
Other income (expense), net | 2,027 | — | (699 | ) | 1,328 | |||||||||||
Income tax expense | — | — | 51 | 51 | ||||||||||||
Net income (loss) | $ | 1,797 | $ | 625 | $ | (2,778 | ) | $ | (356 | ) | ||||||
-1 | The oil and gas revenues for the three months ended September 30, 2014 includes direct revenues of $4,030,000, operating expenses (including severance taxes) of $2,294,000, depreciation, depletion and amortization of $1,177,000 and gain on commodity derivatives of $2,206,000 related to the Coke Field Assets and Southwest Operating Assets which are not included in the three months ended September 30, 2013. Total operating expenses for the Oil and Gas segment also includes expenses for our Etzold Field greenfield lab in Kansas and the compensation expense for our acquisitions and production professional staff and their related expenses in connection with identifying and analyzing potential acquisitions and managing our oil and gas assets. | |||||||||||||||
Oil and Gas (1) | AERO Services | Corporate | Total | |||||||||||||
(Unaudited) | ||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||
Revenues | $ | 455 | $ | 1,979 | $ | — | $ | 2,434 | ||||||||
Total operating expenses | 1,634 | 1,703 | 4,246 | 7,583 | ||||||||||||
Depreciation, depletion and amortization | 149 | 287 | 30 | 466 | ||||||||||||
Loss from operations | (1,328 | ) | (11 | ) | (4,276 | ) | (5,615 | ) | ||||||||
Other income, net | — | — | 408 | 408 | ||||||||||||
Net loss | $ | (1,328 | ) | $ | (11 | ) | $ | (3,868 | ) | $ | (5,207 | ) | ||||
Oil and Gas (1) | AERO Services | Corporate | Total | |||||||||||||
(Unaudited) | ||||||||||||||||
Nine months ended September 30, 2014 | ||||||||||||||||
Revenues | $ | 8,489 | $ | 3,527 | $ | — | $ | 12,016 | ||||||||
Total operating expenses | 7,309 | 2,715 | 5,370 | 15,394 | ||||||||||||
Depreciation, depletion and amortization | 2,645 | 263 | 23 | 2,931 | ||||||||||||
(Loss) income from operations | (1,465 | ) | 549 | (5,393 | ) | (6,309 | ) | |||||||||
Other (expense) income, net | (764 | ) | — | 166 | (598 | ) | ||||||||||
Income tax expense | — | — | 193 | 193 | ||||||||||||
Net (loss) income | $ | (2,229 | ) | $ | 549 | $ | (5,420 | ) | $ | (7,100 | ) | |||||
-1 | The oil and gas revenues for the nine months ended September 30, 2014 includes six months and sixteen days of direct revenues of $8,138,000, operating expenses (including severance taxes) of $5,264,000, depreciation, depletion and amortization of $2,361,000 and loss on commodity derivatives of $764,000 related to the Coke Field Assets and Southwest Operating Assets which are not included in the nine months ended September 30, 2013. Total operating expenses for the Oil and Gas segment also includes expenses for our Etzold Field greenfield lab in Kansas and the compensation expense for our acquisitions and production professional staff and their related expenses in connection with identifying and analyzing potential acquisitions and managing our oil and gas assets. |
Organization_Nature_of_Busines1
Organization, Nature of Business and Liquidity Narrative (Details) (USD $) | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | 31-May-08 | Oct. 31, 2010 |
Glori Oil S.R.L. [Member] | Glori Oil S.R.L. [Member] | Glori Oil S.R.L. [Member] | Glori Oil (Argentina) Limited [Member] | Glori Holdings, Inc. [Member] | ||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Ownership interest (percent) | ' | ' | ' | ' | 97.00% | ' |
Noncontrolling ownership interest (percent) | ' | ' | ' | ' | 3.00% | ' |
Discontinued operations revenue | ' | $0 | $0 | ' | ' | ' |
Discontinued operations assets | ' | $0 | ' | $0 | ' | ' |
Working interest (percent) | 100.00% | ' | ' | ' | ' | 100.00% |
Merger_with_Infinity_Cross_Bor2
Merger with Infinity Cross Border Acquisition Corporation (Details) (USD $) | Sep. 30, 2014 | Apr. 14, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C-1 Preferred Stock [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | Scenario, Adjustment [Member] | |||
Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C-1 Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C-1 Preferred Stock [Member] | ||||||||||||
Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | ||||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | 475,541 | 2,901,052 | 7,296,607 | 4,462,968 | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | $0 | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $78,669 | ' | ' | ' | $13,762 | $31,900 | $29,773 | $3,234 | ' | ' | ' | ' | ' | ' | ' | ' |
Reversal of pre-Merger temporary equity (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,295,771 | ' | ' | -475,541 | -2,901,052 | -7,296,607 | -4,462,968 |
Reversal of pre-Merger temporary equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -78,669 | ' | ' | -78,669 | -13,762 | -31,900 | -29,773 | -3,234 |
Ending balance (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | 475,541 | 2,901,052 | 7,296,607 | 4,462,968 | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 78,669 | ' | ' | ' | 13,762 | 31,900 | 29,773 | 3,234 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance (in shares) | 31,499,303 | 30,493,006 | 22,450,688 | 31,499,303 | 22,450,688 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,295,771 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 52,807 | ' | 16,196 | 3 | 2 | 105,319 | 61,609 | -52,515 | -45,415 | ' | ' | ' | ' | -76,378 | 1 | 0 | -76,379 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reversal of pre-Merger common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 1 | ' | ' | ' | ' | ' |
Reclassification of pre- Merger warrants from liability to additional paid-in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,905 | ' | 13,905 | ' | ' | ' | ' | ' |
Conversion of pre-Merger shares to post-Merger shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,450,688 | ' | ' | ' | ' | ' | ' |
Conversion of pre-Merger shares to post-Merger shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | -2 | ' | ' | ' | ' | ' |
Segregate historical accumulated deficit from additional paid-in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,705 | -47,705 | ' | ' | ' | ' |
Ending balance (in shares) | 31,499,303 | 30,493,006 | 22,450,688 | 31,499,303 | 22,450,688 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,295,771 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | $52,807 | ' | $16,196 | $3 | $2 | $105,319 | $61,609 | ($52,515) | ($45,415) | ' | ' | ' | ' | ($76,378) | $1 | $0 | ($76,379) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger_with_Infinity_Cross_Bor3
Merger with Infinity Cross Border Acquisition Corporation Summary of Common Stock Issued and Outstanding (Details) | 0 Months Ended | |||
Apr. 14, 2014 | Sep. 30, 2014 | Apr. 14, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | ' | ' | ' | ' |
Ordinary shares issued to Infinity Corp. founder shareholders | 1,437,500 | ' | ' | ' |
Ordinary shares issued to Infinity Corp. shareholders | 5,750,000 | ' | ' | ' |
Less: Ordinary shares redeemed | -2,351,533 | ' | ' | ' |
Ordinary shares issued underwriter for UPO warrant conversion | 100,000 | ' | ' | ' |
Ordinary shares issued for PIPE Investment (excluding Petro-Hunt portion of the PIPE Investment) | 812,500 | ' | ' | ' |
Ordinary shares issued for PIPE Investment (Petro-Hunt portion of PIPE Investment) | 250,000 | ' | ' | ' |
Ordinary shares issued for the optional PIPE Investment | 909,982 | ' | ' | ' |
Ordinary shares issued to Glori Energy Inc. shareholders | 23,584,557 | ' | ' | ' |
Common stock, shares outstanding | ' | 31,499,303 | 30,493,006 | 22,450,688 |
Merger_with_Infinity_Cross_Bor4
Merger with Infinity Cross Border Acquisition Corporation Narrative (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||
Apr. 14, 2014 | Mar. 13, 2014 | Sep. 30, 2014 | Apr. 14, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 14, 2014 | Apr. 14, 2014 | Apr. 14, 2014 | Mar. 13, 2014 | Mar. 13, 2014 | |
Infinity Cross Border Acquisition Corporation [Member] | Private Placement [Member] | Infinity Cross Border Acquisition Corporation [Member] | Convertible Subordinated Debt [Member] | Convertible Subordinated Debt [Member] | Series C-2 Preferred Shares [Member] | Series C-2 Preferred Warrants [Member] | ||||||
Infinity Corp. [Member] | 6% Subordinated Convertible Promissory Note [Member] | 6% Subordinated Convertible Promissory Note [Member] | Preferred Stock [Member] | Warrant [Member] | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | ' | ' | ' | ' | ' | ' | 23,584,557 | ' | ' | ' | ' |
Common stock, shares outstanding | ' | ' | 31,499,303 | 30,493,006 | 22,450,688 | ' | ' | ' | ' | ' | ' | ' |
Preferred shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,842,028 | ' |
Preferred warrants issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,640,924 |
Proceeds from issuance of preferred stock and preferred warrants | ' | $5,049,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued upon conversion | ' | ' | ' | 1,133,869 | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration received | ' | ' | ' | ' | ' | 24,700,000 | ' | ' | ' | ' | ' | ' |
Consideration received from private placement | ' | ' | ' | ' | ' | 13,700,000 | ' | ' | ' | ' | ' | ' |
Number of shares issued in private placement | ' | ' | ' | ' | ' | ' | 1,722,482 | ' | ' | ' | ' | ' |
Price per common share (in usd per share) | ' | ' | ' | ' | ' | ' | $8 | ' | ' | ' | ' | ' |
Principal amount | ' | ' | ' | ' | ' | ' | ' | ' | $2,000,000 | ' | ' | ' |
Conversion price per common share (in usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8 | ' | ' |
Ordinary shares issued for PIPE Investment (Petro-Hunt portion of PIPE Investment) | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' |
Warrants outstanding | ' | ' | 5,321,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants outstanding, price per share (in usd per share) | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_and_Equipment_Summary
Property and Equipment Summary of Plant and Equipment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Proved oil and gas properties - successful efforts | $45,270 | $3,141 |
Property and equipment, gross | 5,721 | 4,892 |
Total property and equipment and proved oil and gas properties, gross | 50,991 | 8,033 |
Less: accumulated depreciation, depletion and amortization | -7,990 | -5,223 |
Total property and equipment and proved oil and gas properties, net | 43,001 | 2,810 |
Construction in progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 816 | 902 |
Laboratory and warehouse facility [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 591 | 591 |
Laboratory and field service equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 2,975 | 2,968 |
Office equipment, computer equipment, vehicles and other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $1,339 | $431 |
Property_and_Equipment_Pro_For
Property and Equipment Pro Forma Information (Details) (Coke Field Assets [Member], Glori Energy Production, Inc. [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Coke Field Assets [Member] | Glori Energy Production, Inc. [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Total revenues | $5,458 | $5,327 | $14,831 | $14,601 |
Net loss | ($356) | ($1,058) | ($6,609) | ($6,527) |
Net loss per common shares, basic (in dollars per share) | ($0.01) | ($0.93) | ($0.24) | ($5.97) |
Net loss per common shares, diluted (in dollars per share) | ($0.01) | ($0.93) | ($0.24) | ($5.97) |
Weighted average shares outstanding: | ' | ' | ' | ' |
Weighted-average common shares outstanding - basic | 31,475 | 1,136 | 27,975 | 1,093 |
Weighted-average common shares - diluted | 31,475 | 1,136 | 27,975 | 1,093 |
Property_and_Equipment_Narrati
Property and Equipment Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 14, 2014 | Sep. 30, 2014 | Mar. 14, 2014 | Mar. 14, 2014 | Mar. 14, 2014 | |
Southwest Operating Assets [Member] | Southwest Operating Assets [Member] | Glori Energy Production, Inc. [Member] | Glori Energy Production, Inc. [Member] | Glori Energy Production, Inc. [Member] | Glori Energy Production, Inc. [Member] | Glori Energy Production, Inc. [Member] | |||||
Other Noncurrent Liabilities [Member] | Coke Field Assets [Member] | Coke Field Assets [Member] | Coke Field Assets [Member] | Coke Field Assets [Member] | Coke Field Assets [Member] | ||||||
Other Noncurrent Assets [Member] | Other Noncurrent Liabilities [Member] | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | $117,000 | $112,000 | $352,000 | $318,000 | ' | ' | ' | ' | ' | ' | ' |
Depletion expense | 1,199,000 | 52,000 | 2,458,000 | 138,000 | ' | ' | ' | ' | ' | ' | ' |
Accretion expense related to the asset retirement obligation | 9,000 | 3,000 | 121,000 | 10,000 | ' | ' | ' | ' | ' | ' | ' |
Cash consideration | ' | ' | ' | ' | ' | ' | 38,000,000 | ' | ' | ' | ' |
Convertible note payable assumed | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' |
Total revenues | 5,458,000 | 775,000 | 12,016,000 | 2,434,000 | ' | ' | ' | 8,138,000 | ' | ' | ' |
Net loss | 356,000 | 825,000 | 7,100,000 | 5,207,000 | ' | ' | ' | 251,000 | ' | ' | ' |
Gain (loss) on commodity derivatives | 2,027,000 | 0 | -764,000 | 0 | ' | ' | ' | 764,000 | ' | ' | ' |
Total purchase price | ' | ' | ' | ' | ' | ' | 39,200,000 | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 310,000 | ' | ' |
Property and equipment acquired during acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 327,000 | ' | ' |
Asset retirement cost acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 745,000 | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' |
Asset retirement obligation acquired | ' | ' | ' | ' | ' | $140,000 | ' | ' | ' | ' | $745,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Commodity Contract [Member], Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Commodity derivative (current asset) | $181 |
Commodity derivative (other long-term liabilities) | 543 |
Fair Value, Inputs, Level 1 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Commodity derivative (current asset) | 0 |
Commodity derivative (other long-term liabilities) | 0 |
Fair Value, Inputs, Level 2 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Commodity derivative (current asset) | 181 |
Commodity derivative (other long-term liabilities) | 543 |
Fair Value, Inputs, Level 3 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Commodity derivative (current asset) | 0 |
Commodity derivative (other long-term liabilities) | $0 |
Derivative_Instruments_Outstan
Derivative Instruments Outstanding Commodity Derivative Contracts (Details) (Not Designated as Hedging Instrument [Member], Commodity Contract [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
bbl | |
October 2014 - March 2015 [Member] | ' |
Derivative [Line Items] | ' |
Volume per month (Bbls) | 8,400 |
Price (usd per barrel) | 94.11 |
Fair value - Asset (Liability) | $229 |
April 2015 - March 2016 [Member] | ' |
Derivative [Line Items] | ' |
Volume per month (Bbls) | 7,300 |
Price (usd per barrel) | 86.5 |
Fair value - Asset (Liability) | -58 |
April 2016 - March 2017 [Member] | ' |
Derivative [Line Items] | ' |
Volume per month (Bbls) | 6,550 |
Price (usd per barrel) | 82.46 |
Fair value - Asset (Liability) | -244 |
April 2017 - March 2018 [Member] | ' |
Derivative [Line Items] | ' |
Volume per month (Bbls) | 5,800 |
Price (usd per barrel) | 80.53 |
Fair value - Asset (Liability) | ($289) |
Derivative_Instruments_Realize
Derivative Instruments Realized and Unrealized Gain (Loss) on Derivatives (Details) (Commodity Contract [Member], Not Designated as Hedging Instrument [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Unrealized gain (loss) on commodity derivatives | $2,206 | ($362) |
Realized loss on commodity derivatives | -179 | -402 |
Loss on oil and natural gas derivatives | $2,027 | ($764) |
Long_Term_Debt_Maturities_on_L
Long Term Debt Maturities on Long-Term Debt (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2015 | $3,355 |
2016 | 473 |
2017 | 16,579 |
Total | $20,407 |
Long_Term_Debt_Narrative_Detai
Long Term Debt Narrative (Details) (USD $) | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||
Apr. 14, 2014 | Mar. 14, 2014 | Sep. 30, 2014 | Apr. 14, 2014 | Jun. 11, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | 13-May-14 | Mar. 14, 2014 | Mar. 14, 2014 | Apr. 14, 2014 | Mar. 14, 2014 | Mar. 14, 2014 | Sep. 30, 2014 | Mar. 14, 2014 | Mar. 14, 2014 | Mar. 14, 2014 | Mar. 14, 2014 | |
agreement | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Convertible Subordinated Debt [Member] | Glori Energy Production, Inc. [Member] | Glori Energy Production, Inc. [Member] | Glori Energy Production, Inc. [Member] | Glori Energy Production, Inc. [Member] | Glori Energy Production, Inc. [Member] | Glori Energy Production, Inc. [Member] | Glori Energy Production, Inc. [Member] | |||
10% Secured Term Promissory Note [Member] | 10% Secured Term Promissory Note [Member] | 10% Secured Term Promissory Note [Member] | 10% Secured Term Promissory Note [Member] | 10% Secured Term Promissory Note [Member] | 12% Subordinated Note [Member] | 12% Subordinated Note [Member] | 12% Subordinated Note [Member] | 6% Subordinated Convertible Promissory Note [Member] | Coke Field Assets [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Convertible Subordinated Debt [Member] | ||||
Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | 11% Senior Secured Term Loan [Member] | 11% Senior Secured Term Loan [Member] | 11% Senior Secured Term Loan [Member] | 11% Senior Secured Term Loan [Member] | 11% Senior Secured Term Loan [Member] | 6% Subordinated Convertible Promissory Note [Member] | ||||||||||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount | ' | ' | ' | ' | $8,000,000 | ' | ' | ' | ' | ' | $4,000,000 | ' | ' | ' | ' | $18,000,000 | ' | ' | $2,000,000 |
Interest rate (percent) | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | 6.00% |
Warrants exchanged for common shares (in shares) | 100,000 | ' | ' | 18,208 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment period | ' | ' | ' | ' | '27 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability for end of term charge | ' | ' | ' | ' | 280,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
End of term charge recognized | ' | ' | ' | ' | ' | ' | 216,000 | 144,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding loan balance | ' | ' | 20,407,000 | ' | ' | 2,622,000 | ' | ' | ' | ' | ' | ' | ' | ' | 17,734,000 | ' | ' | ' | ' |
Number of financing agreements | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,000,000 | ' | ' | ' | ' | ' | ' |
Loan term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | '3 years | ' | ' | ' | ' | ' |
Minimum stated interest rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' |
Variable interest rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' |
Percentage of excess cash flows for principal payment, year one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Percentage of excess cash flows for principal payment, year two and thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' |
Principal payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,500 | ' | ' |
Issuance cost (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' |
Issuance cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 | ' | ' | ' | 360,000 | ' | ' | ' | ' | ' |
Repurchase amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment penalty | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ordinary shares issued for PIPE Investment (Petro-Hunt portion of PIPE Investment) | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' |
Loss_Per_Share_Summary_of_Earn
Loss Per Share Summary of Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net loss | ($356) | ($825) | ($7,100) | ($5,207) |
Denominator: | ' | ' | ' | ' |
Weighted-average common shares outstanding - basic | 31,475 | 1,136 | 27,975 | 1,093 |
Effect of dilutive securities | 0 | 0 | 0 | 0 |
Weighted-average common shares - diluted | 31,475 | 1,136 | 27,975 | 1,093 |
Net loss per common share, basic and diluted | ($0.01) | ($0.73) | ($0.25) | ($4.76) |
Loss_Per_Share_Summary_of_Anti
Loss Per Share Summary of Antidilutive Securities (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Stock Warrants [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Securities excluded in the calculation of diluted shares outstanding | 5,517 | 0 | 4,752 | 0 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Securities excluded in the calculation of diluted shares outstanding | 2,307 | 2,021 | 2,315 | 1,841 |
Income_Taxes_Narrative_Details
Income Taxes Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
NOL carryforward | $41,800,000 | ' | $41,800,000 | ' | $31,400,000 |
Tax credit carryforward | 367,000 | ' | 367,000 | ' | ' |
Reduction to NOL carryforward | ' | ' | 5,400,000 | ' | ' |
Income tax expense | 51,000 | 0 | 193,000 | 0 | ' |
Domestic Tax Authority [Member] | Tax Years 2010 And 2011 [Member] | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Uncertain tax position | $31,000 | ' | $31,000 | ' | $31,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies Summary of Minimum Future Capital Lease Payments (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2015 | $204 |
2016 | 129 |
2017 | 85 |
Total | $418 |
Commitments_and_Contingencies_2
Commitments and Contingencies Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
building | ||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' |
Number of buildings | ' | ' | 2 | ' |
Rent expense | $74,000 | $60,000 | $217,000 | $156,000 |
Office, Laboratory, and Manufacturing [Member] | ' | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' | ' |
Monthly rental amount | ' | ' | 10,586 | ' |
Office Building [Member] | ' | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' | ' |
Monthly rental amount | ' | ' | 8,415 | ' |
Warehouse [Member] | ' | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' | ' |
Monthly rental amount | ' | ' | $1,000 | ' |
Notice required for lease termination | ' | ' | '30 days | ' |
StockBased_Compensation_Fair_V
Stock-Based Compensation Fair Value Assumptions (Details) (Stock Option [Member]) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Risk-free interest rate | 2.44% | 2.23% |
Expected volatility | 55.00% | 55.00% |
Expected dividend yield | 0.00% | 0.00% |
Expected life (in years) | '7 years | '7 years 1 month 2 days |
Expected forfeiture rate | 0.00% | 0.00% |
StockBased_Compensation_Summar
Stock-Based Compensation Summary of Stock Option Activity (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | ||
Number of Stock Options | ' | ' | |
Outstanding as of December 31, 2013 (in shares) | 2,322,180 | ' | |
Awarded (in shares) | 7,103 | ' | |
Exercised (in shares) | -9,397 | ' | |
Forfeited or Expired (in shares) | -16,864 | [1] | ' |
Outstanding as of September 30, 2014 (in shares) | 2,303,022 | 2,322,180 | |
Exercisable (in shares) | 2,049,188 | [2] | 1,887,568 |
Weighted Average Exercise Price | ' | ' | |
Outstanding as of December 31, 2013 (in dollars per share) | $0.81 | ' | |
Awarded (in dollars per share) | $1.16 | ' | |
Exercised (in dollars per share) | $1.16 | ' | |
Forfeited or Expired (in dollars per share) | $1.16 | [1] | ' |
Outstanding as of September 30, 2014 (in dollars per share) | $0.82 | $0.81 | |
Exercisable (in dollars per share) | $0.78 | [2] | $0.75 |
Weighted Average Remaining Contractual Term | ' | ' | |
Outstanding (in years) | '6 years 11 months 20 days | '7 years 8 months 12 days | |
Exercisable (in years) | '6 years 9 months 25 days | [2] | '7 years 6 months |
[1] | Management considers the circumstances generating these forfeitures to be unusual and nonrecurring in nature; accordingly, no allowance for forfeitures of options to purchase shares has been considered in determining future vesting or expense. | ||
[2] | The employee options shown as exercisable are subject to a one year lock up agreement pursuant to the terms of the Merger whereby these options, although fully vested, cannot be exercised until April 15, 2015, the day after the first anniversary of the Merger. |
StockBased_Compensation_Narrat
Stock-Based Compensation Narrative (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Apr. 14, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Glori stock option conversion ratio | 2.9 | ' | ' | ' | ' | ' |
Glori stock option exercise price increase | 2.9 | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | ' | $40 | $0 | $70 | $74 | ' |
Aggregate intrinsic value of outstanding options | ' | 14,590 | ' | 14,590 | ' | 782 |
Aggregate intrinsic value of exercisable options | ' | 14,590 | ' | 14,590 | ' | 782 |
Total fair value of options vested | ' | 77 | 106 | 236 | 583 | ' |
Future unrecognized compensation expense for nonvested shares | ' | 311 | ' | 311 | ' | ' |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | $78 | $87 | $232 | $534 | ' |
Glori Oil Limited 2006 Stock Option And Grant Plan [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Shares available for grant | ' | ' | ' | ' | ' | 2,581,190 |
Expiration period | ' | ' | ' | '10 years | ' | ' |
Glori Oil Limited 2006 Stock Option And Grant Plan [Member] | Year One [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Vesting percentage | ' | ' | ' | 25.00% | ' | ' |
Vesting period | ' | ' | ' | '1 year | ' | ' |
Glori Oil Limited 2006 Stock Option And Grant Plan [Member] | Years Two Through Four [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | '36 months | ' | ' |
Stock Option [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Weighted average vesting period | ' | ' | ' | '1 year 8 months | ' | ' |
Segment_Information_Summary_of
Segment Information Summary of Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
arrangement | Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | Oil And Gas [Member] | Oil And Gas [Member] | Oil And Gas [Member] | Oil And Gas [Member] | Oil And Gas [Member] | Oil And Gas [Member] | AERO Service [Member] | AERO Service [Member] | AERO Service [Member] | AERO Service [Member] | ||||||||
Coke Field Assets and Southwest Operating Assets [Member] | Coke Field Assets and Southwest Operating Assets [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of first purchaser arrangements | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Revenues | $5,458 | $775 | $12,016 | $2,434 | $0 | $0 | $0 | $0 | $4,103 | [1] | $184 | [1] | $8,489 | [2] | $455 | [2] | $4,030 | $8,138 | $1,355 | $591 | $3,527 | $1,979 |
Total operating expenses | 5,766 | 2,374 | 15,394 | 7,583 | 2,021 | 1,320 | 5,370 | 4,246 | 3,088 | [1] | 512 | [1] | 7,309 | [2] | 1,634 | [2] | 2,294 | 5,264 | 657 | 542 | 2,715 | 1,703 |
Depreciation, depletion and amortization | 1,325 | 167 | 2,931 | 466 | 7 | 10 | 23 | 30 | 1,245 | [1] | 56 | [1] | 2,645 | [2] | 149 | [2] | 1,177 | 2,361 | 73 | 101 | 263 | 287 |
(Loss) income from operations | -1,633 | -1,766 | -6,309 | -5,615 | -2,028 | -1,330 | -5,393 | -4,276 | -230 | [1] | -384 | [1] | -1,465 | [2] | -1,328 | [2] | ' | ' | 625 | -52 | 549 | -11 |
Other (expense) income, net | 1,328 | 941 | -598 | 408 | -699 | 941 | 166 | 408 | 2,027 | [1] | 0 | [1] | -764 | [2] | 0 | [2] | ' | ' | 0 | 0 | 0 | 0 |
Income tax expense | 51 | 0 | 193 | 0 | 51 | ' | 193 | ' | 0 | [1] | ' | 0 | [1] | ' | ' | ' | 0 | ' | 0 | ' | ||
Net income (loss) | -356 | -825 | -7,100 | -5,207 | -2,778 | -389 | -5,420 | -3,868 | 1,797 | [1] | -384 | [1] | -2,229 | [2] | -1,328 | [2] | ' | ' | 625 | -52 | 549 | -11 |
Gain (loss) on commodity derivatives | $2,027 | $0 | ($764) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | $2,206 | ($764) | ' | ' | ' | ' | ||||
[1] | The oil and gas revenues for the three months ended September 30, 2014 includes direct revenues of $4,030,000, operating expenses (including severance taxes) of $2,294,000, depreciation, depletion and amortization of $1,177,000 and gain on commodity derivatives of $2,206,000 related to the Coke Field Assets and Southwest Operating Assets which are not included in the three months ended SeptemberB 30, 2013. Total operating expenses for the Oil and Gas segment also includes expenses for our Etzold Field greenfield lab in Kansas and the compensation expense for our acquisitions and production professional staff and their related expenses in connection with identifying and analyzing potential acquisitions and managing our oil and gas assets. | |||||||||||||||||||||
[2] | The oil and gas revenues for the nine months ended September 30, 2014 includes six months and sixteen days of direct revenues of $8,138,000, operating expenses (including severance taxes) of $5,264,000, depreciation, depletion and amortization of $2,361,000 and loss on commodity derivatives of $764,000 related to the Coke Field Assets and Southwest Operating Assets which are not included in the nine months ended September 30, 2013. Total operating expenses for the Oil and Gas segment also includes expenses for our Etzold Field greenfield lab in Kansas and the compensation expense for our acquisitions and production professional staff and their related expenses in connection with identifying and analyzing potential acquisitions and managing our oil and gas assets. |
Subsequent_Events_Narrative_De
Subsequent Events Narrative (Details) (Office Building [Member], USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | ||
Sep. 30, 2014 | Oct. 02, 2014 | Oct. 02, 2014 | Oct. 02, 2014 | Oct. 02, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
sqft | One Year Extension Option at 4% Increase in Rent [Member] | Two One-Year Extension Options at a Mutually Agreed Market Rate [Member] | |||
extension | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Lease term | ' | '2 years | ' | ' | ' |
Square footage | ' | ' | 7,805 | ' | ' |
Monthly rental amount | $8,415 | $18,498 | ' | ' | ' |
Lease renewal term | ' | ' | ' | '1 year | '1 year |
Increase to monthly rental amount | ' | ' | ' | 0.04 | ' |
Number of lease extensions | ' | ' | ' | ' | 2 |