Glori Energy (GLRI) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 04, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Glori Energy Inc.
Trading Symbol	GLRI
Entity Central Index Key	1,597,131
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		31,843,980

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 17,076	$ 29,751
Accounts receivable	1,149	1,371
Prepaid expenses and other current assets	433	244
Commodity derivatives	2,095	2,905
Total current assets	20,753	34,271
Property and equipment:
Proved oil and gas properties - successful efforts	47,605	45,694
Other property and equipment	6,369	5,941
Total property and equipment and proved oil and gas properties, gross	53,974	51,635
Less: accumulated depreciation, depletion and amortization	(21,671)	(22,822)
Total property and equipment and proved oil and gas properties, net	32,303	28,813
Commodity derivatives	2,319	2,891
Deferred loan costs and other	357	490
Deferred tax asset	683	970
Total assets	56,415	67,435
Current liabilities:
Accounts payable	1,297	2,251
Deferred revenues	33	653
Accrued expenses	1,680	1,792
Current portion of long-term debt	2,473	2,380
Current deferred tax liability, net	683	970
Total current liabilities	6,166	8,046
Long-term liabilities:
Long-term debt, less current portion	14,564	16,845
Asset retirement obligation	1,402	1,329
Total long-term liabilities	15,966	18,174
Total liabilities	$ 22,132	$ 26,220
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding as of December 31, 2014 and June 30, 2015	$ 0	$ 0
Common stock, $.0001 par value, 100,000,000 shares authorized, 31,499,303 and 31,828,626 shares issued and outstanding as of December 31, 2014 and June 30, 2015, respectively	3	3
Additional paid-in capital	106,351	105,383
Accumulated deficit	(72,071)	(64,171)
Total stockholders' equity	34,283	41,215
Total liabilities and stockholders' equity	$ 56,415	$ 67,435

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	31,828,626	31,499,303
Common stock, shares outstanding	31,828,626	31,499,303

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Oil and gas revenues	$ 2,136	$ 3,644	$ 4,136	$ 4,386
Service revenues	496	1,912	1,063	2,172
Total revenues	2,632	5,556	5,199	6,558
Operating expenses:
Oil and gas operations	2,500	2,994	4,892	4,221
Service operations	534	1,517	1,055	2,058
Science and technology	629	397	1,103	717
Selling, general and administrative	1,534	1,370	3,252	2,632
Depreciation, depletion and amortization of property and equipment	1,039	1,158	2,107	1,606
Total operating expenses	6,236	7,436	12,409	11,234
Net income (loss) from operations	(3,604)	(1,880)	(7,210)	(4,676)
Other (expense) income:
Interest expense	(530)	(1,257)	(1,245)	(1,604)
Gain on change in fair value of warrants	0	0	0	2,454
(Loss) gain on commodity derivatives	(980)	(2,791)	389	(2,791)
Other income (expense)	10	10	(5)	15
Total other (expense) income, net	(1,500)	(4,038)	(861)	(1,926)
Net loss before taxes on income	(5,104)	(5,918)	(8,071)	(6,602)
Income tax expense (benefit)	(188)	142	(171)	142
Net income (loss)	$ (4,916)	$ (6,060)	$ (7,900)	$ (6,744)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.15)	$ (0.20)	$ (0.25)	$ (0.26)
Weighted average common shares outstanding, basic and diluted (in shares)	31,803	29,642	31,684	26,179

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2014	$ 41,215	$ 3	$ 105,383	$ (64,171)
Beginning balance (in shares) at Dec. 31, 2014	31,499,303	31,499,303
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	$ 838		838
Stock based compensation (in shares)		125,808
Stock option exercises	$ 130		130
Stock option exercises (in shares)	203,515	203,515
Net loss	$ (7,900)			(7,900)
Ending balance at Jun. 30, 2015	$ 34,283	$ 3	$ 106,351	$ (72,071)
Ending balance (in shares) at Jun. 30, 2015	31,828,626	31,828,626

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (7,900)	$ (6,744)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization of property and equipment	2,107	1,606
Stock-based compensation	838	155
Bad debt expense	36	0
Amortization of deferred loan costs	194	223
Accretion of end-of-term charge	40	48
Unrealized loss on change in fair value of commodity derivatives	1,382	2,568
Gain on change in fair value of warrant liabilities	0	(2,454)
Accretion of discount on long-term debt	28	33
Changes in operating assets and liabilities:
Accounts receivable	186	(1,394)
Prepaid expenses and other current assets	(101)	(132)
Accounts payable	(1,437)	433
Deferred revenues	(620)	(473)
Accrued expenses	(587)	864
Net cash used in operating activities	(5,834)	(5,267)
Cash flows from investing activities:
Purchase of proved oil and gas property	(4,403)	(39,581)
Purchase of other property and equipment	(312)	(149)
Net cash used in investing activities	(4,715)	(39,730)
Cash flows from financing activities:
Proceeds from issuance of common stock, preferred stock and preferred warrants	0	5,019
Proceeds from issuance of long-term debt	0	24,035
Proceeds from the exercise of stock options	130	0
Proceeds from merger with Infinity Corp. including private placement of common stock	0	38,490
Proceeds from the exercise of warrants	0	4,137
Payments for deferred offering costs	0	(2,794)
Payments for deferred loan costs	(40)	(767)
Payments on long-term debt	(2,216)	(5,786)
Net cash provided by (used in) financing activities	(2,126)	62,334
Net increase (decrease) in cash and cash equivalents	(12,675)	17,337
Cash and cash equivalents, beginning of period	29,751	20,867
Cash and cash equivalents, end of period	17,076	38,204
Non-cash financing and investing activities:
Asset retirement obligation assumed	432	745
Supplemental cash flow information:
Interest paid	$ 1,338	$ 888

Organization, Nature of Busines

Organization, Nature of Business and Liquidity	6 Months Ended
	Jun. 30, 2015
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 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 (collectively referred to herein as the "Merger"), 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 (see NOTE 3 ) 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” in the condensed consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
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 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, 2014 and June 30, 2015 (unaudited), condensed consolidated statements of operations for the three and six months ending June 30, 2014 and June 30, 2015 (unaudited), condensed consolidated statement of stockholders’ equity for the six months ended June 30, 2015 (unaudited) and condensed consolidated statements of cash flows for the six months ended June 30, 2014 and June 30, 2015 (unaudited). All such adjustments represent normal recurring items. The financial information contained in this report for the three and six months ended June 30, 2014 and June 30, 2015 , and as of June 30, 2015 , is unaudited. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2014 and the notes thereto. Principles of Consolidation The accompanying condensed 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 condensed 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. Reclassifications Certain 2014 amounts related to inventory and prepaid expenses and other current assets have been reclassified for comparative purposes.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment	PROPERTY AND EQUIPMENT Property and equipment consists of the following ( in thousands ): December 31, 2014 June 30, 2015 (Unaudited) Proved oil and gas properties - successful efforts $ 45,694 $ 47,605 Unproved oil and gas properties 196 404 Construction in progress 589 624 Laboratory and warehouse facility 640 648 Laboratory and field service equipment 3,158 3,202 Office equipment, computer equipment, vehicles and other 1,358 1,491 51,635 53,974 Less: accumulated depreciation, depletion and amortization (1) (22,822 ) (21,671 ) Total property and equipment, net $ 28,813 $ 32,303 (1) Excludes accretion of asset retirement obligation. Depreciation, depletion and amortization consists of the following ( in thousands ): Three Months Ended June 30, 2014 2015 Depreciation and amortization expense $ 112 $ 159 Depletion expense 1,032 840 Accretion of asset retirement obligation 14 40 Total depreciation, depletion, and amortization of property and equipment $ 1,158 $ 1,039 Six Months Ended June 30, 2014 2015 Depreciation and amortization expense $ 236 $ 314 Depletion expense 1,259 1,717 Accretion of asset retirement obligation 111 76 Total depreciation, depletion, and amortization of property and equipment $ 1,606 $ 2,107 As of June 30, 2015 , the Company committed to a plan to sell its mineral interests in the "Etzold Field" located in Seward County, Kansas. The associated net assets held for sale of $89,000 , which are composed primarily of the purchase and development charges less accumulated depreciation and depletion, were moved from property, plant and equipment to the prepaid expenses and other current assets line item on the Company's condensed consolidated balance sheet. The associated liabilities held for sale of $435,000 related to the plugging and abandonment obligation associated with the Etzold Field was moved from the asset retirement obligation line item to accrued liabilities on the Company's condensed consolidated balance sheet. The Etzold Field was originally purchased in 2010 as a greenfield lab to advance the development of the Company's AERO technology, and the operations have historically been included in the Company's Oil and Gas Segment (see NOTE 11 ). With the purchase of the larger Coke Field and with the Company's future acquisition plans, the Company made the strategic decision to divest the Etzold Field. The Company executed a purchase and sale agreement to sell the Etzold Field subsequent to June 30, 2015 (see NOTE 12 ). The following table is a summarized operational history of the Etzold Field (in thousands) : Three months ended June 30, Six months ended June 30, 2014 2015 2014 2015 Revenues $ 103 $ 41 $ 174 $ 57 Expenses 76 61 170 161 Net income (loss) from operations 27 (20 ) 4 (104 ) Income taxes — — — — Net income (loss) $ 27 $ (20 ) $ 4 $ (104 ) On June 1, 2015, a subsidiary of the Company, Glori Energy Production Inc., executed a purchase and sale agreement to acquire certain proved oil and gas mineral leases in Refugio County, Texas (the “Bonnie View Field”) from a third party seller for $2,644,000 . The carrying value of the Bonnie View Field assets is also increased by an asset retirement obligation associated with plugging and abandoning the Bonnie View Field assets of $432,000 . The effective date of the sale was May 1, 2015, and the purchase price is subject to post-closing adjustments related to the settlement of revenues and expenses for ninety days subsequent to the effective date. The Bonnie View Field does not meet the definition of a significant acquisition which would require pro forma financial information. On March 14, 2014, a subsidiary of the Company, Glori Energy Production Inc., acquired the Coke Field which is composed of certain proved oil and gas mineral leases in Wood County, Texas 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 6 ) to Petro-Hunt and (ii) the assumption of the asset retirement obligation. The Company has included revenues and expenses related to the Coke Field for the period from March 15 through June 30, 2014 in the condensed consolidated statement of operations for the six months ended June 30, 2014. For this period, the revenues and net loss attributable to the Coke Field were $4.2 million and $2.8 million , respectively which included a $2.8 million loss on commodity derivatives. The following summary presents unaudited pro forma information for the six months ended June 30, 2014 as if the Coke Field had been acquired on January 1, 2014 (in thousands) . For the Six Months Ended June 30, 2014 Total revenues $ 9,294 Net loss (7,085 ) Net loss per common share, basic and diluted $ (0.22 ) Weighted average shares outstanding: Basic 31,684 Diluted 31,684

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
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 assets measured at fair value, on a recurring basis as of December 31, 2014 and June 30, 2015 (in thousands) : Fair value measurements using Level 1 Level 2 Level 3 Total December 31, 2014 Short-term commodity derivatives, asset — $ 2,905 — $ 2,905 Long-term commodity derivatives, asset — 2,891 — 2,891 — $ 5,796 — $ 5,796 Fair value measurements using Level 1 Level 2 Level 3 Total (Unaudited) June 30, 2015 Short-term commodity derivatives, asset — $ 2,095 — $ 2,095 Long-term commodity derivatives, asset — 2,319 — 2,319 — $ 4,414 — $ 4,414 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	6 Months Ended
	Jun. 30, 2015
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 companies and through the continuous monitoring of their performance. As of June 30, 2015 , the Company had the following open positions on outstanding commodity derivative contracts: Period Volume/Month (Bbls) Price/Unit Fair Value - Asset (Unaudited) July 2015 - March 2016 7,300 $ 86.50 2,095,000 April 2016 - March 2017 6,550 $ 82.46 1,468,000 April 2017 - March 2018 5,800 $ 80.53 851,000 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 settlements of 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 (loss) gain on commodity derivatives line item located in other (expense) income. The following tables summarize the unrealized and realized (loss) gain on commodity derivatives (in thousands) : Three Months Ended June 30, 2014 2015 (Unaudited) Unrealized loss on commodity derivatives $ (2,568 ) $ (1,605 ) Realized (loss) gain on commodity derivatives (223 ) 625 $ (2,791 ) $ (980 ) Six Months Ended June 30, 2014 2015 (Unaudited) Unrealized loss on commodity derivatives $ (2,568 ) $ (1,382 ) Realized (loss) gain on commodity derivatives (223 ) 1,771 $ (2,791 ) $ 389

Long Term Debt

Long Term Debt	6 Months Ended
	Jun. 30, 2015
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 contained a 10.0% annual interest rate subject to increase based upon an increase in the prime rate. The loan was 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 were due over 27 months beginning in April 2013 through June 2015 plus an end of term charge of $280,000 . As of December 31, 2014 the ratable liability for the end of term charge was $240,000 , and it is included in accrued expenses in current liabilities on the accompanying 2014 condensed consolidated balance sheet. The loan agreement contained covenants which placed restrictions on the incurrence of debt, liens and capital expenditures. On March 2, 2015 the Company elected to prepay the entire remaining indebtedness. The payment included remaining principal of $888,000 and the end of term charge of $280,000 . On March 14, 2014 in connection with the closing of the acquisition of the Coke Field, 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 and shares of common stock of Glori Energy Production Inc. 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 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 was initially included in deferred loan costs on the condensed consolidated balance sheets and 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. In May and November of each year, in accordance with a procedure outlined in the loan agreement, the value of the collateral securing the note is redetermined based on engineering reserve reports submitted by Glori Energy Production. As of December 31, 2014 and June 30, 2015 the outstanding loan balance was $17.4 million and $17.0 million . Glori Energy Production is in compliance with all covenants as of June 30, 2015 . The $4.0 million note had 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 was included in deferred loan costs on the consolidated balance sheet and amortized over the loan term. The $4.0 million note principal and a $400,000 prepayment penalty plus accrued interest were 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, 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 two years are as follows (in thousands) : Year ending June 30, Amount (Unaudited) 2016 $ 2,473 2017 14,564 $ 17,037

Loss Per Share

Loss Per Share	6 Months Ended
	Jun. 30, 2015
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 June 30, Six Months Ended June 30, 2014 2015 2014 2015 (Unaudited) (Unaudited) Numerator: Net loss $ (6,060 ) $ (4,916 ) $ (6,744 ) $ (7,900 ) Denominator: Weighted-average common shares outstanding - basic 29,642 31,803 26,179 31,684 Effect of dilutive securities — — — — Weighted-average common shares - diluted 29,642 31,803 26,179 31,684 Net loss per common share - basic and diluted $ (0.20 ) $ (0.15 ) $ (0.26 ) $ (0.25 ) The following weighted-average securities outstanding during the three and six months ended June 30, 2014 and June 30, 2015 were not included in the calculation of diluted shares outstanding as they would have been anti-dilutive ( in thousands ): Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 (Unaudited) (Unaudited) Common stock warrants ($10 strike price) 7,177 5,321 8,864 5,321 Common stock options 6,724 2,048 6,716 2,154 Restricted shares — 132 — 102

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES At December 31, 2014 and June 30, 2015 , the Company has net operating loss carryforwards for federal income tax reporting purposes of approximately $51.9 million and $59.0 million , respectively, which will begin to expire in the year 2025, and tax credits of approximately $450,000 which will begin to expire in 2027 . The NOL carry forward has not been reduced by approximately $5.4 million of loss carryforwards that management estimates 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 six months ended June 30, 2014 and June 30, 2015 varies from the statutory rate primarily due to the effect of the valuation allowance. For the three and six months ended June 30, 2014 the Company had an income tax expense of $142,000 due to taxes payable on foreign income. For the three and six months ended June 30, 2015 the Company had an income tax benefit of $188,000 and $171,000 , respectively due to a reduction in taxes payable on foreign income as the Company revised its methodology for service fee applications charged to foreign subsidiaries. ASC 740, Income Taxes ("ASC 740") prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of income tax positions taken or expected to be taken in an income tax return. For those benefits to be recognized, an income tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company has amended its 2010 and 2011 federal income tax returns to correct the omission of Form 926 Return by a U.S. Transferor of Property to a Foreign Corporation regarding transfers to support the operations of its subsidiary Glori Oil S.R.L. Management estimates the liability for this omission is approximately $31,000 , but believes any liability will be abated and, accordingly, has not recognized any liability in the accompanying consolidated financial statements. As of June 30, 2015, the Company has no other uncertain tax positions. The Company's policy is to recognize interest and penalties related to uncertain tax positions as income tax expense in the Company's condensed consolidated statements of operations. The Company had no interest or penalties related to unrecognized tax expense for the quarter ended June 30, 2015.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
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 currently 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 buildings in Houston, Texas and a warehouse facility in Gull Lake, Saskatchewan under operating leases. The Company entered into a two -year lease agreement in October 2014, for 7,805 square feet of office space in Houston's Westchase District for approximately $18,000 per month, with a one -year extension option at a 4% increase in rent and two one year extension options at a to be mutually agreed upon market rate with the lessor. The Company's original Houston building lease, which contains office space, warehouse space and a laboratory, expires in May 2017 and is leased for $11,000 per month. The Saskatchewan warehouse is a month-to-month lease which rents for C $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 June 30, 2015 are as follows (in thousands) : Year Ending June 30, (Unaudited) 2016 $ 351 2017 172 $ 523 Total rent expense was approximately $60,000 and $90,000 for the three and six months ended June 30, 2014 and $120,000 and $180,000 for the three and six months ended June 30, 2015 , respectively.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION Stock Incentive Plan In December 2014, the Company shareholders approved the adoption of the 2014 Long Term Incentive Plan ("the 2014 Plan") which authorized 2,000,000 shares to be available for issuance to officers, directors, employees, and consultants of the Company. 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, 2014 and six months ended June 30, 2015 , using the Black-Scholes option pricing model using the following assumptions: Year ended December 31, Six months ended June 30, 2014 2015 (Unaudited) Risk-free interest rate 2.44 % 1.39 % Expected volatility 55 % 73 % Expected dividend yield — — Expected life (in years) 7.00 6.00 Expected forfeiture rate — — The following table summarizes the activity of the Company’s plan related to stock options: Number of options Weighted average exercise price per share Weighted average remaining contractual term (years) Aggregate intrinsic value Outstanding as of December 31, 2014 2,300,050 $ 0.82 6.72 $ 7,725,000 Awarded (unaudited) 318,234 3.10 Exercised (unaudited) (203,515 ) 0.64 Forfeited or Expired (unaudited) (1) (23,768 ) 1.17 Outstanding as of June 30, 2015 (unaudited) 2,391,001 $ 1.14 6.67 $ 1,231,000 Exercisable as of December 31, 2014 2,099,345 $ 0.79 6.60 $ 7,119,000 Exercisable as of June 30, 2015 (unaudited) 1,977,576 $ 0.84 6.17 $ 1,200,000 (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. The weighted-average grant date fair value for equity options granted during the six months ended June 30, 2014 and June 30, 2015 was $0.66 and $2.40 , respectively. There were no option awards issued in the the three months ended June 30, 2014 and June 30, 2015 . The total fair value of options vested during the three months ended June 30, 2014 and June 30, 2015 was $80,000 and $95,000 , respectively. The total fair value of options vested during the six months ended June 30, 2014 and June 30, 2015 was $159,000 and $160,000 , respectively. In addition to stock options, the Company issued two restricted stock grants to directors during 2015. The first grant for 100,806 shares vested entirely on April 14, 2015 and the second grant for 191,326 shares vests on April 14, 2016. There were also 686,333 shares of restricted stock issued primarily to executives. The executives' awards vest over a four year period with 25% of the vesting occurring annually and initial vesting occurring on the first anniversary of the issuance date. Stock-based compensation expense included primarily in selling, general and administrative expense was $78,000 and $417,000 for the three months ended June 30, 2014 and June 30, 2015 , respectively, and $155,000 and $836,000 for the six months ended June 30, 2014 and June 30, 2015 , respectively. The Company has future unrecognized compensation expense for nonvested shares at June 30, 2015 of $2,755,000 with a weighted average vesting period of 3.1 years .

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
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 three such arrangements for oil sales, one for the Etzold Field located in Seward County, Kansas, one for the Coke Field and Quitman Fields located in Wood County, Texas and one for the Bonnie View Field in Refugio 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 facility. 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 and are included in the "Corporate Segment". 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 and included in the AERO Services Segment. 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 AERO Services Corporate Total (Unaudited) Three months ended June 30, 2014 Revenues $ 3,644 $ 1,912 $ — $ 5,556 Total operating expenses 2,994 1,517 1,767 6,278 Depreciation, depletion and amortization 1,071 78 9 1,158 (Loss) income from operations (421 ) 317 (1,776 ) (1,880 ) Other income, net (2,791 ) — (1,247 ) (4,038 ) Income tax benefit — — 142 142 Net (loss) income $ (3,212 ) $ 317 $ (3,165 ) $ (6,060 ) Oil and Gas AERO Services Corporate Total (Unaudited) Three months ended June 30, 2015 Revenues $ 2,136 $ 496 $ — $ 2,632 Total operating expenses 2,500 534 2,163 5,197 Depreciation, depletion and amortization 912 109 18 1,039 Loss from operations (1,276 ) (147 ) (2,181 ) (3,604 ) Other expense, net (980 ) — (520 ) (1,500 ) Income tax benefit — — (188 ) (188 ) Net loss $ (2,256 ) $ (147 ) $ (2,513 ) $ (4,916 ) Oil and Gas AERO Services Corporate Total (Unaudited) Six Months Ended June 30, 2014 Revenues $ 4,386 $ 2,172 $ — $ 6,558 Total operating expenses 4,221 2,058 3,349 9,628 Depreciation, depletion and amortization 1,400 190 16 1,606 Loss from operations (1,235 ) (76 ) (3,365 ) (4,676 ) Other (expense) income, net (2,791 ) — 865 (1,926 ) Taxes on income — — 142 142 Net loss (4,026 ) (76 ) (2,642 ) (6,744 ) Oil and Gas AERO Services Corporate Total (Unaudited) Six Months Ended June 30, 2015 Revenues $ 4,136 $ 1,063 $ — $ 5,199 Total operating expenses 4,892 1,055 4,355 10,302 Depreciation, depletion and amortization 1,865 209 33 2,107 Loss from operations (2,621 ) (201 ) (4,388 ) (7,210 ) Other income (expense), net 389 — (1,250 ) (861 ) Income tax benefit — — (171 ) (171 ) Net loss (2,232 ) (201 ) (5,467 ) (7,900 )

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Company transferred its mineral interests in the Etzold Field to a third party on July 1, 2015 in exchange for $75,000 and the purchaser's assumption of the related asset retirement obligation. The Company estimates a gain on the sale of approximately $400,000 will be recognized the third quarter of 2015. On July 15, 2015, the Company made an additional principal paydown of $2 million on the remaining $17 million principal balance of the senior secured term loan facility in connection with the redetermination of the associated collateral value.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
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 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, 2014 and June 30, 2015 (unaudited), condensed consolidated statements of operations for the three and six months ending June 30, 2014 and June 30, 2015 (unaudited), condensed consolidated statement of stockholders’ equity for the six months ended June 30, 2015 (unaudited) and condensed consolidated statements of cash flows for the six months ended June 30, 2014 and June 30, 2015 (unaudited). All such adjustments represent normal recurring items. The financial information contained in this report for the three and six months ended June 30, 2014 and June 30, 2015 , and as of June 30, 2015 , is unaudited. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2014 and the notes thereto.
Principles of Consolidation	Principles of Consolidation The accompanying condensed 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 condensed 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.
Income Taxes	The Company's policy is to recognize interest and penalties related to uncertain tax positions as income tax expense in the Company's condensed consolidated statements of operations.

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment consists of the following ( in thousands ): December 31, 2014 June 30, 2015 (Unaudited) Proved oil and gas properties - successful efforts $ 45,694 $ 47,605 Unproved oil and gas properties 196 404 Construction in progress 589 624 Laboratory and warehouse facility 640 648 Laboratory and field service equipment 3,158 3,202 Office equipment, computer equipment, vehicles and other 1,358 1,491 51,635 53,974 Less: accumulated depreciation, depletion and amortization (1) (22,822 ) (21,671 ) Total property and equipment, net $ 28,813 $ 32,303 (1) Excludes accretion of asset retirement obligation. Depreciation, depletion and amortization consists of the following ( in thousands ): Three Months Ended June 30, 2014 2015 Depreciation and amortization expense $ 112 $ 159 Depletion expense 1,032 840 Accretion of asset retirement obligation 14 40 Total depreciation, depletion, and amortization of property and equipment $ 1,158 $ 1,039 Six Months Ended June 30, 2014 2015 Depreciation and amortization expense $ 236 $ 314 Depletion expense 1,259 1,717 Accretion of asset retirement obligation 111 76 Total depreciation, depletion, and amortization of property and equipment $ 1,606 $ 2,107
Disclosure of Long Lived Assets Held-for-sale	The following table is a summarized operational history of the Etzold Field (in thousands) : Three months ended June 30, Six months ended June 30, 2014 2015 2014 2015 Revenues $ 103 $ 41 $ 174 $ 57 Expenses 76 61 170 161 Net income (loss) from operations 27 (20 ) 4 (104 ) Income taxes — — — — Net income (loss) $ 27 $ (20 ) $ 4 $ (104 )
Business Acquisition, Pro Forma Information	The following summary presents unaudited pro forma information for the six months ended June 30, 2014 as if the Coke Field had been acquired on January 1, 2014 (in thousands) . For the Six Months Ended June 30, 2014 Total revenues $ 9,294 Net loss (7,085 ) Net loss per common share, basic and diluted $ (0.22 ) Weighted average shares outstanding: Basic 31,684 Diluted 31,684

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Summary of financial assets measured at fair value	The following table summarizes the financial assets measured at fair value, on a recurring basis as of December 31, 2014 and June 30, 2015 (in thousands) : Fair value measurements using Level 1 Level 2 Level 3 Total December 31, 2014 Short-term commodity derivatives, asset — $ 2,905 — $ 2,905 Long-term commodity derivatives, asset — 2,891 — 2,891 — $ 5,796 — $ 5,796 Fair value measurements using Level 1 Level 2 Level 3 Total (Unaudited) June 30, 2015 Short-term commodity derivatives, asset — $ 2,095 — $ 2,095 Long-term commodity derivatives, asset — 2,319 — 2,319 — $ 4,414 — $ 4,414

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	As of June 30, 2015 , the Company had the following open positions on outstanding commodity derivative contracts: Period Volume/Month (Bbls) Price/Unit Fair Value - Asset (Unaudited) July 2015 - March 2016 7,300 $ 86.50 2,095,000 April 2016 - March 2017 6,550 $ 82.46 1,468,000 April 2017 - March 2018 5,800 $ 80.53 851,000
Gain (Loss) on Derivatives	The following tables summarize the unrealized and realized (loss) gain on commodity derivatives (in thousands) : Three Months Ended June 30, 2014 2015 (Unaudited) Unrealized loss on commodity derivatives $ (2,568 ) $ (1,605 ) Realized (loss) gain on commodity derivatives (223 ) 625 $ (2,791 ) $ (980 ) Six Months Ended June 30, 2014 2015 (Unaudited) Unrealized loss on commodity derivatives $ (2,568 ) $ (1,382 ) Realized (loss) gain on commodity derivatives (223 ) 1,771 $ (2,791 ) $ 389

Long Term Debt (Tables)

Long Term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt	Maturities on long-term debt during the next two years are as follows (in thousands) : Year ending June 30, Amount (Unaudited) 2016 $ 2,473 2017 14,564 $ 17,037

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, Six Months Ended June 30, 2014 2015 2014 2015 (Unaudited) (Unaudited) Numerator: Net loss $ (6,060 ) $ (4,916 ) $ (6,744 ) $ (7,900 ) Denominator: Weighted-average common shares outstanding - basic 29,642 31,803 26,179 31,684 Effect of dilutive securities — — — — Weighted-average common shares - diluted 29,642 31,803 26,179 31,684 Net loss per common share - basic and diluted $ (0.20 ) $ (0.15 ) $ (0.26 ) $ (0.25 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following weighted-average securities outstanding during the three and six months ended June 30, 2014 and June 30, 2015 were not included in the calculation of diluted shares outstanding as they would have been anti-dilutive ( in thousands ): Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 (Unaudited) (Unaudited) Common stock warrants ($10 strike price) 7,177 5,321 8,864 5,321 Common stock options 6,724 2,048 6,716 2,154 Restricted shares — 132 — 102

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Minimum Future Capital Lease Payments	Approximate minimum future rental payments under these noncancelable operating leases as of June 30, 2015 are as follows (in thousands) : Year Ending June 30, (Unaudited) 2016 $ 351 2017 172 $ 523

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
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, 2014 and six months ended June 30, 2015 , using the Black-Scholes option pricing model using the following assumptions: Year ended December 31, Six months ended June 30, 2014 2015 (Unaudited) Risk-free interest rate 2.44 % 1.39 % Expected volatility 55 % 73 % Expected dividend yield — — Expected life (in years) 7.00 6.00 Expected forfeiture rate — —
Schedule of Stock Option Activity	The following table summarizes the activity of the Company’s plan related to stock options: Number of options Weighted average exercise price per share Weighted average remaining contractual term (years) Aggregate intrinsic value Outstanding as of December 31, 2014 2,300,050 $ 0.82 6.72 $ 7,725,000 Awarded (unaudited) 318,234 3.10 Exercised (unaudited) (203,515 ) 0.64 Forfeited or Expired (unaudited) (1) (23,768 ) 1.17 Outstanding as of June 30, 2015 (unaudited) 2,391,001 $ 1.14 6.67 $ 1,231,000 Exercisable as of December 31, 2014 2,099,345 $ 0.79 6.60 $ 7,119,000 Exercisable as of June 30, 2015 (unaudited) 1,977,576 $ 0.84 6.17 $ 1,200,000 (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.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
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 AERO Services Corporate Total (Unaudited) Three months ended June 30, 2014 Revenues $ 3,644 $ 1,912 $ — $ 5,556 Total operating expenses 2,994 1,517 1,767 6,278 Depreciation, depletion and amortization 1,071 78 9 1,158 (Loss) income from operations (421 ) 317 (1,776 ) (1,880 ) Other income, net (2,791 ) — (1,247 ) (4,038 ) Income tax benefit — — 142 142 Net (loss) income $ (3,212 ) $ 317 $ (3,165 ) $ (6,060 ) Oil and Gas AERO Services Corporate Total (Unaudited) Three months ended June 30, 2015 Revenues $ 2,136 $ 496 $ — $ 2,632 Total operating expenses 2,500 534 2,163 5,197 Depreciation, depletion and amortization 912 109 18 1,039 Loss from operations (1,276 ) (147 ) (2,181 ) (3,604 ) Other expense, net (980 ) — (520 ) (1,500 ) Income tax benefit — — (188 ) (188 ) Net loss $ (2,256 ) $ (147 ) $ (2,513 ) $ (4,916 ) Oil and Gas AERO Services Corporate Total (Unaudited) Six Months Ended June 30, 2014 Revenues $ 4,386 $ 2,172 $ — $ 6,558 Total operating expenses 4,221 2,058 3,349 9,628 Depreciation, depletion and amortization 1,400 190 16 1,606 Loss from operations (1,235 ) (76 ) (3,365 ) (4,676 ) Other (expense) income, net (2,791 ) — 865 (1,926 ) Taxes on income — — 142 142 Net loss (4,026 ) (76 ) (2,642 ) (6,744 ) Oil and Gas AERO Services Corporate Total (Unaudited) Six Months Ended June 30, 2015 Revenues $ 4,136 $ 1,063 $ — $ 5,199 Total operating expenses 4,892 1,055 4,355 10,302 Depreciation, depletion and amortization 1,865 209 33 2,107 Loss from operations (2,621 ) (201 ) (4,388 ) (7,210 ) Other income (expense), net 389 — (1,250 ) (861 ) Income tax benefit — — (171 ) (171 ) Net loss (2,232 ) (201 ) (5,467 ) (7,900 )

Property and Equipment Summary

Property and Equipment Summary of Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Proved oil and gas properties - successful efforts	$ 47,605	$ 45,694
Unproved oil and gas properties	404	196
Property and equipment, gross	6,369	5,941
Total property and equipment and proved oil and gas properties, gross	53,974	51,635
Less: accumulated depreciation, depletion and amortization (1)	(21,671)	(22,822)
Total property and equipment and proved oil and gas properties, net	32,303	28,813
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	624	589
Laboratory and warehouse facility [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	648	640
Laboratory and field service equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,202	3,158
Office equipment, computer equipment, vehicles and other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,491	$ 1,358

Property and Equipment Deprecia

Property and Equipment Depreciation, Depletion, and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 159	$ 112	$ 314	$ 236
Depletion expense	840	1,032	1,717	1,259
Accretion of asset retirement obligation	40	14	76	111
Total depreciation, depletion, and amortization of property and equipment	$ 1,039	$ 1,158	$ 2,107	$ 1,606

Property and Equipment Etxold F

Property and Equipment Etxold Field (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Long Lived Assets Held-for-sale [Line Items]
Revenues	$ 2,136	$ 3,644	$ 4,136	$ 4,386
Expenses	2,500	2,994	4,892	4,221
Net income (loss) from operations	(3,604)	(1,880)	(7,210)	(4,676)
Income tax expense (benefit)	(188)	142	(171)	142
Net income (loss)	(4,916)	(6,060)	(7,900)	(6,744)
Etzold Field [Member]
Long Lived Assets Held-for-sale [Line Items]
Net assets	89		89
Revenues	41	103	57	174
Expenses	61	76	161	170
Net income (loss) from operations	(20)	27	(104)	4
Income tax expense (benefit)	0	0	0	0
Net income (loss)	(20)	$ 27	(104)	$ 4
Etzold Field [Member] | Mining Properties and Mineral Rights [Member]
Long Lived Assets Held-for-sale [Line Items]
Asset retirement obligation	$ 435		$ 435

Property and Equipment Bonnie V

Property and Equipment Bonnie View Assets and Coke Field Assets Narrative (Details) - USD ($) $ in Thousands	Jun. 01, 2015	Mar. 14, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Revenues			$ 2,632	$ 5,556		$ 5,199	$ 6,558
Net loss			4,916	6,060		7,900	6,744
Loss on commodity derivatives			$ 980	$ 2,791		$ (389)	$ 2,791
Glori Energy Production, Inc. [Member] | Bonnie View Assets [Member]
Business Acquisition [Line Items]
Purchase price	$ 2,644
Asset retirement obligation	$ 432
Glori Energy Production, Inc. [Member] | Coke Field [Member]
Business Acquisition [Line Items]
Cash consideration		$ 38,000
Convertible note payable assumed		$ 2,000
Revenues					$ 4,200
Net loss					2,800
Glori Energy Production, Inc. [Member] | Coke Field [Member] | Commodity [Member]
Business Acquisition [Line Items]
Loss on commodity derivatives					$ 2,800

Property and Equipment Pro Form

Property and Equipment Pro Forma Information (Details) - 6 months ended Jun. 30, 2014 - Coke Field [Member] - Glori Energy Production, Inc. [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Total
Business Acquisition [Line Items]
Total revenues	$ 9,294
Net loss	$ (7,085)
Net loss per common shares, basic (in dollars per share)	$ (0.22)
Net loss per common shares, diluted (in dollars per share)	$ (0.22)
Weighted average shares outstanding:
Weighted-average common shares outstanding - basic (in shares)	31,684
Weighted-average common shares - diluted (in shares)	31,684

Fair Value Measurements Summary

Fair Value Measurements Summary of Financial Assets and Liabilities (Details) - Commodity Contract [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term commodity derivatives, asset	$ 2,095	$ 2,905
Long-term commodity derivatives, asset	2,319	2,891
Derivative Asset	4,414	5,796
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term commodity derivatives, asset	0	0
Long-term commodity derivatives, asset	0	0
Derivative Asset	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term commodity derivatives, asset	2,095	2,905
Long-term commodity derivatives, asset	2,319	2,891
Derivative Asset	4,414	5,796
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term commodity derivatives, asset	0	0
Long-term commodity derivatives, asset	0	0
Derivative Asset	$ 0	$ 0

Derivative Instruments Outstand

Derivative Instruments Outstanding Commodity Derivative Contracts (Details) - Jun. 30, 2015 - Not Designated as Hedging Instrument [Member] - Commodity Contract [Member] $ in Thousands	USD ($)$ / bblbbl
July 2015 - March 2016 [Member]
Derivative [Line Items]
Volume per month (Bbls)	7,300
Price (usd per barrel) | $ / bbl	86.50
Fair value - Asset (Liability) | $	$ 2,095
April 2016 - March 2017 [Member]
Derivative [Line Items]
Volume per month (Bbls)	6,550
Price (usd per barrel) | $ / bbl	82.46
Fair value - Asset (Liability) | $	$ 1,468
April 2017 - March 2018 [Member]
Derivative [Line Items]
Volume per month (Bbls)	5,800
Price (usd per barrel) | $ / bbl	80.53
Fair value - Asset (Liability) | $	$ 851

Derivative Instruments Realized

Derivative Instruments Realized and Unrealized Gain (Loss) on Derivatives (Details) - Commodity Contract [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss on commodity derivatives	$ (1,605)	$ (2,568)	$ (1,382)	$ (2,568)
Realized (loss) gain on commodity derivatives	625	(223)	1,771	(223)
Gain on oil and natural gas derivatives	$ (980)	$ (2,791)	$ 389	$ (2,791)

Long Term Debt Narrative (Detai

Long Term Debt Narrative (Details)	Mar. 02, 2015USD ($)	May. 13, 2014USD ($)	Apr. 14, 2014shares	Mar. 14, 2014USD ($)agreement	Jun. 11, 2012USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Number of financing agreements | agreement				2
Outstanding loan balance						$ 17,037,000
Glori Energy Production, Inc. [Member]
Debt Instrument [Line Items]
Outstanding loan balance						$ 17,000,000	$ 17,400,000
Glori Energy Production, Inc. [Member] | Coke Field [Member]
Debt Instrument [Line Items]
Cash consideration				$ 38,000,000
10% Secured Term Promissory Note [Member]
Debt Instrument [Line Items]
End of term charge recognized	$ 280,000				$ 280,000
Repayment of debt principal	$ 888,000
Secured Debt [Member] | 10% Secured Term Promissory Note [Member]
Debt Instrument [Line Items]
Principal amount					$ 8,000,000
Interest rate (percent)					10.00%
Warrants exchanged for common shares (in shares) | shares			18,208
Repayment period					27 months
Secured Debt [Member] | 10% Secured Term Promissory Note [Member] | Other Noncurrent Liabilities [Member]
Debt Instrument [Line Items]
End of term charge recognized							$ 240,000
Senior Notes [Member] | 11% Senior Secured Term Loan [Member] | Glori Energy Production, Inc. [Member]
Debt Instrument [Line Items]
Principal amount				$ 18,000,000
Loan term				3 years
Minimum stated interest rate (percent)				11.00%
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%
Issuance cost (percent)				2.00%
Issuance cost				$ 360,000
Senior Notes [Member] | 11% Senior Secured Term Loan [Member] | Glori Energy Production, Inc. [Member] | Minimum [Member]
Debt Instrument [Line Items]
Principal payment				$ 112,500
Senior Notes [Member] | 11% Senior Secured Term Loan [Member] | Glori Energy Production, Inc. [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Variable interest rate (percent)				1.00%
Subordinated Debt [Member] | 12% Subordinated Note [Member]
Debt Instrument [Line Items]
Principal amount				$ 4,000,000
Interest rate (percent)				12.00%
Loan term				2 years
Issuance cost (percent)				2.00%
Issuance cost				$ 80,000
Repurchase amount		$ 4,000,000
Prepayment penalty		$ 400,000
Convertible Subordinated Debt [Member] | 6% Subordinated Convertible Promissory Note [Member]
Debt Instrument [Line Items]
Ordinary shares issued for PIPE Investment (Petro-Hunt portion of PIPE Investment) | shares			250,000
Convertible Subordinated Debt [Member] | 6% Subordinated Convertible Promissory Note [Member] | Glori Energy Production, Inc. [Member]
Debt Instrument [Line Items]
Principal amount				$ 2,000,000
Interest rate (percent)				6.00%

Long Term Debt Maturities on Lo

Long Term Debt Maturities on Long-Term Debt (Details) $ in Thousands	Jun. 30, 2015USD ($)
Debt Disclosure [Abstract]
2,016	$ 2,473
2,017	14,564
Total	$ 17,037

Loss Per Share Summary of Earni

Loss Per Share Summary of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net loss	$ (4,916)	$ (6,060)	$ (7,900)	$ (6,744)
Denominator:
Weighted-average common shares outstanding - basic (in shares)	31,803	29,642	31,684	26,179
Effect of dilutive securities (in shares)	0	0	0	0
Weighted-average common shares - diluted (in shares)	31,803	29,642	31,684	26,179
Net loss per common share, basic and diluted (in dollars per share)	$ (0.15)	$ (0.20)	$ (0.25)	$ (0.26)

Loss Per Share Summary of Antid

Loss Per Share Summary of Antidilutive Securities (Details) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock warrant strike price	$ 10	$ 10	$ 10	$ 10
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded in the calculation of diluted shares outstanding	5,321	7,177	5,321	8,864
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded in the calculation of diluted shares outstanding	2,048	6,724	2,154	6,716
Restricted Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded in the calculation of diluted shares outstanding	132	0	102	0

Income Taxes Narrative (Details

Income Taxes Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Tax Contingency [Line Items]
NOL carryforward	$ 59,000,000		$ 59,000,000		$ 51,900,000
Tax credit carryforward	450,000		450,000
Reduction to NOL carryforward not applied and likely to expire			5,400,000
Income tax expense (benefit)	(188,000)	$ 142,000	(171,000)	$ 142,000
Interest and penalties related to unrecognized tax expense	0
Domestic Tax Authority [Member] | Tax Years 2010 And 2011 [Member]
Income Tax Contingency [Line Items]
Uncertain tax position not recognized	$ 31,000		$ 31,000

Commitments and Contingencies N

Commitments and Contingencies Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2014USD ($)ft²extension	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015CADbuilding	Jun. 30, 2015USD ($)building	Jun. 30, 2014USD ($)
Operating Leased Assets [Line Items]
Number of buildings | building				2	2
Rent expense		$ 120	$ 60		$ 180	$ 90
Office Building [Member]
Operating Leased Assets [Line Items]
Lease term	2 years
Square footage | ft²	7,805
Monthly rental amount	$ 18
Office, Laboratory, and Manufacturing [Member]
Operating Leased Assets [Line Items]
Monthly rental amount					$ 11
Warehouse [Member]
Operating Leased Assets [Line Items]
Monthly rental amount | CAD				CAD 1,000
Notice required for lease termination				30 days	30 days
One Year Extension Option at 4% Increase in Rent [Member] | Office Building [Member]
Operating Leased Assets [Line Items]
Lease renewal term	1 year
Increase to monthly rental amount (percent)	4.00%
Two One-Year Extension Options at a Mutually Agreed Market Rate [Member]
Operating Leased Assets [Line Items]
Lease renewal term	1 year
Two One-Year Extension Options at a Mutually Agreed Market Rate [Member] | Office Building [Member]
Operating Leased Assets [Line Items]
Number of lease extensions | extension	2

Commitments and Contingencies S

Commitments and Contingencies Summary of Minimum Future Capital Lease Payments (Details) $ in Thousands	Jun. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,016	$ 351
2,017	172
Total	$ 523

Stock-Based Compensation Fair V

Stock-Based Compensation Fair Value Assumptions (Details) - Stock Option [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.39%	2.44%
Expected volatility	73.00%	55.00%
Expected dividend yield	0.00%	0.00%
Expected life (in years)	6 years	7 years
Expected forfeiture rate	0.00%	0.00%

Stock-Based Compensation Summar

Stock-Based Compensation Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Dec. 31, 2014
Number of Options
Outstanding as of December 31, 2014 (in shares)			2,300,050
Awarded (in shares)	0	0	318,234
Exercised (in shares)			(203,515)
Forfeited or Expired (in shares)			(23,768)
Outstanding as of June 30, 2015 (in shares)	2,391,001		2,391,001	2,300,050
Exercisable (in shares)	1,977,576		1,977,576	2,099,345
Weighted Average Exercise Price
Outstanding as of December 31, 2014 (in dollars per share)			$ 0.82
Awarded (in dollars per share)			3.10
Exercised (in dollars per share)			0.64
Forfeited or Expired (in dollars per share)			1.17
Outstanding as of June 30, 2015 (in dollars per share)	$ 1.14		1.14	$ 0.82
Exercisable (in dollars per share)	$ 0.84		$ 0.84	$ 0.79
Weighted Average Remaining Contractual Term
Outstanding (in years)			6 years 8 months 1 day	6 years 8 months 19 days
Exercisable (in years)			6 years 1 month 30 days	6 years 7 months 7 days
Aggregate Intrinsic Value
Outstanding as of December 31, 2014			$ 7,725
Outstanding as of June 30, 2015	$ 1,231		1,231	$ 7,725
Exercisable			7,119
Exercisable	$ 1,200		$ 1,200	$ 7,119

Stock-Based Compensation Narrat

Stock-Based Compensation Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)shares	Jun. 30, 2015USD ($)share_grant$ / sharesshares	Jun. 30, 2014USD ($)$ / shares	Dec. 31, 2014shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value | $ / shares			$ 2.40	$ 0.66
Option awards issued	0	0	318,234
Total fair value of options vested | $	$ 95	$ 80	$ 160	$ 159
Future unrecognized compensation expense for nonvested shares | $	2,755		2,755
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $	$ 417	$ 78	$ 836	$ 155
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average vesting period			3 years 1 month
Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock grants | share_grant			2
Restricted Stock [Member] | Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Restricted stock awards issued			686,333
Restricted Stock [Member] | Year Two [Member] | Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Restricted Stock [Member] | Year Three [Member] | Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Restricted Stock [Member] | Year Four [Member] | Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Restricted Stock [Member] | Vested on April 14, 2015 [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards issued			100,806
Restricted Stock [Member] | Vested on April 14, 2015 [Member] | Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Restricted Stock [Member] | Vests on April 14, 2016 [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards issued			191,326
2014 Long Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized					2,000,000
Expiration period			10 years
2014 Long Term Incentive Plan [Member] | Year One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			25.00%
Vesting period			1 year
2014 Long Term Incentive Plan [Member] | Year Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			36 months

Segment Information Summary of

Segment Information Summary of Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)arrangement	Jun. 30, 2014USD ($)
Segment Reporting Information [Line Items]
Number of first purchaser arrangements | arrangement			3
Revenues	$ 2,632	$ 5,556	$ 5,199	$ 6,558
Total operating expenses	5,197	6,278	10,302	9,628
Depreciation, depletion and amortization	1,039	1,158	2,107	1,606
Net income (loss) from operations	(3,604)	(1,880)	(7,210)	(4,676)
Other (expense) income, net	(1,500)	(4,038)	(861)	(1,926)
Income tax expense (benefit)	(188)	142	(171)	142
Net income (loss)	(4,916)	(6,060)	(7,900)	(6,744)
Corporate [Member]
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Total operating expenses	2,163	1,767	4,355	3,349
Depreciation, depletion and amortization	18	9	33	16
Net income (loss) from operations	(2,181)	(1,776)	(4,388)	(3,365)
Other (expense) income, net	(520)	(1,247)	(1,250)	865
Income tax expense (benefit)	(188)	142	(171)	142
Net income (loss)	(2,513)	(3,165)	(5,467)	(2,642)
Oil And Gas [Member]
Segment Reporting Information [Line Items]
Revenues	2,136	3,644	4,136	4,386
Total operating expenses	2,500	2,994	4,892	4,221
Depreciation, depletion and amortization	912	1,071	1,865	1,400
Net income (loss) from operations	(1,276)	(421)	(2,621)	(1,235)
Other (expense) income, net	(980)	(2,791)	389	(2,791)
Income tax expense (benefit)	0	0	0	0
Net income (loss)	(2,256)	(3,212)	(2,232)	(4,026)
AERO Service [Member]
Segment Reporting Information [Line Items]
Revenues	496	1,912	1,063	2,172
Total operating expenses	534	1,517	1,055	2,058
Depreciation, depletion and amortization	109	78	209	190
Net income (loss) from operations	(147)	317	(201)	(76)
Other (expense) income, net	0	0	0	0
Income tax expense (benefit)	0	0	0	0
Net income (loss)	$ (147)	$ 317	$ (201)	$ (76)

Subsequent Events Narrative (De

Subsequent Events Narrative (Details) - USD ($) $ in Thousands	Jul. 15, 2015	Jul. 01, 2015	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Subsequent Event [Line Items]
Gain on sale of mineral interests				$ (1,382)	$ (2,568)
Payments on long-term debt				(2,216)	$ (5,786)
Remaining principal balance				$ 17,037
Subsequent Event [Member] | Secured Debt [Member]
Subsequent Event [Line Items]
Payments on long-term debt	$ (2,000)
Remaining principal balance	$ 17,000
Mining Properties and Mineral Rights [Member] | Etzold Field [Member] | Scenario, Forecast [Member]
Subsequent Event [Line Items]
Gain on sale of mineral interests			$ 400
Mining Properties and Mineral Rights [Member] | Etzold Field [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Purchase consideration for mineral interests		$ 75