Glori Energy (GLRI) 10-Q 13 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 10, 2016
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	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		32,764,938

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 5,045	$ 8,380
Accounts receivable	935	1,456
Commodity derivatives	2,404	3,411
Prepaid expenses and other current assets	385	314
Total current assets	8,769	13,561
Property and equipment:
Proved oil and gas properties - successful efforts	49,435	48,454
Other property and equipment	6,455	6,439
Total property and equipment and proved oil and gas properties, gross	55,890	54,893
Less: accumulated depreciation, depletion and amortization	(48,040)	(47,578)
Total property and equipment and proved oil and gas properties, net	7,850	7,315
Deferred charges	85	0
Deferred tax asset	0	1,161
Total assets	16,704	22,037
Current liabilities:
Accounts payable	1,097	1,430
Accrued expenses	648	1,180
Current portion of long-term debt shown net of unamortized deferred loan costs of $191 and $211 as of December 31, 2015 and March 31, 2016, respectively	10,079	289
Current deferred tax liability	0	1,161
Total current liabilities	11,824	4,060
Long-term liabilities:
Long-term debt, less current portion shown net of unamortized deferred loan costs of $36 as of December 31, 2015	39	10,009
Asset retirement obligation	1,498	1,457
Total long-term liabilities	1,537	11,466
Total liabilities	$ 13,361	$ 15,526
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding as of December 31, 2015 and March 31, 2016	$ 0	$ 0
Common stock, $.0001 par value, 100,000,000 shares authorized, 31,861,357 and 32,001,203 shares issued and outstanding as of December 31, 2015 and March 31, 2016, respectively	3	3
Additional paid-in capital	107,167	106,934
Accumulated deficit	(103,827)	(100,426)
Total stockholders' equity	3,343	6,511
Total liabilities and stockholders' equity	$ 16,704	$ 22,037

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Unamortized deferred loan costs, current	$ 211	$ 191
Unamortized deferred loan costs, noncurrent		$ 36
Preferred stock, par value (in dollars per share)	$ 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 (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	32,001,203	31,861,357
Common stock, shares outstanding	32,001,203	31,861,357

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Oil and gas revenues	$ 1,024	$ 2,000
Service revenues	174	567
Total revenues	1,198	2,567
Operating expenses:
Oil and gas operations	1,891	2,392
Service operations	273	521
Science and technology	334	474
Selling, general and administrative	1,418	1,718
Depreciation, depletion and amortization	506	1,068
Total operating expenses	4,422	6,173
Net income (loss) from operations	(3,224)	(3,606)
Other income (expense):
Interest expense	(343)	(715)
Gain on commodity derivatives	155	1,369
Other (expense) income	11	(15)
Total other income (expense), net	(177)	639
Net loss before taxes on income	(3,401)	(2,967)
Income tax expense	0	17
Net income (loss)	$ (3,401)	$ (2,984)
Net loss per common share, basic and diluted (in dollars per share)	$ (0.11)	$ (0.09)
Weighted average common shares outstanding, basic and diluted (in shares)	31,940	31,563

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2015	$ 6,511	$ 3	$ 106,934	$ (100,426)
Beginning balance (in shares) at Dec. 31, 2015	31,861,357	31,861,357
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	$ 233		233
Stock based compensation (in shares)		139,846
Net loss	(3,401)			(3,401)
Ending balance at Mar. 31, 2016	$ 3,343	$ 3	$ 107,167	$ (103,827)
Ending balance (in shares) at Mar. 31, 2016	32,001,203	32,001,203

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (3,401)	$ (2,984)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization of property and equipment	506	1,068
Stock-based compensation	233	432
Bad debt expense	0	36
Amortization of deferred loan costs	56	139
Accretion of end-of-term charge	0	40
Unrealized (gain) loss on change in fair value of commodity derivatives	1,007	(223)
Accretion of discount on long-term debt	0	28
Changes in operating assets and liabilities:
Accounts receivable	521	92
Prepaid expenses and other current assets	(71)	(133)
Accounts payable	(441)	(1,658)
Deferred revenues	0	(308)
Accrued expenses	(445)	(457)
Net cash used in operating activities	(2,035)	(3,928)
Cash flows from investing activities:
Purchase of proved oil and gas property	(963)	(204)
Purchase of other property and equipment	(16)	(220)
Net cash used in investing activities	(979)	(424)
Cash flows from financing activities:
Proceeds from the exercise of stock options	0	130
Payments on long-term debt	(196)	(2,054)
Payments for deferred loan costs and deferred charges	(125)	0
Net cash used in financing activities	(321)	(1,924)
Net decrease in cash and cash equivalents	(3,335)	(6,276)
Cash and cash equivalents, beginning of period	8,380	29,751
Cash and cash equivalents, end of period	5,045	23,475
Supplemental cash flow information:
Interest paid	$ 517	$ 823

Organization, Nature of Busines

Organization, Nature of Business and Liquidity	3 Months Ended
	Mar. 31, 2016
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. Glori Energy Inc., GETI, 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	3 Months Ended
	Mar. 31, 2016
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, 2015 and March 31, 2016 (unaudited), condensed consolidated statements of operations for the three months ending March 31, 2015 and March 31, 2016 (unaudited), condensed consolidated statement of stockholders’ equity for the three months ended March 31, 2016 (unaudited) and condensed consolidated statements of cash flows for the three months ended March 31, 2015 and March 31, 2016 (unaudited). All such adjustments represent normal recurring items. The financial information contained in this report for the three months ended March 31, 2015 and March 31, 2016 , and as of March 31, 2016 , 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, 2015 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. Recently Adopted Accounting Pronouncements In the first quarter of 2016, ASU No. 2015-03, "Interest--Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" became effective for the Company. The standard moved the presentation of the Company's deferred loan costs from an asset to a contra-liability account thus reducing the liability balance of loans by the amount of the deferred loan costs. The deferred loan costs are amortized to interest expense over the life of the loan. The standard was applied retrospectively and accordingly the December 31, 2015 previously reported total current and non-current loan principal balance of $10,525,000 is now shown net of total deferred loan costs of $227,000 and the March 31, 2016 total current and non-current loan principal balance of $10,329,000 is now shown net of total deferred loan costs of $211,000 . The change did not have an impact to net income. During the first quarter of 2016 the Company also chose to adopt Accounting Standards Update No. 2015-17: Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17" or the "Standard"). ASU 2015-17 is part of an initiative to reduce complexity in accounting standards. Current GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. However, this classification does not generally align with the time period in which the recognized deferred tax amounts are expected to be recovered or settled. To simplify the presentation of the deferred income taxes, ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of an entity be offset and presented as a single amount is not affected by the amendments of ASU 2015-17. For public entities, ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years; early application is permitted. Because the Company has applied a 100% valuation allowance to its net deferred tax asset, there are no deferred tax accounts reported in the consolidated balance sheet as of March 31, 2016. This Standard would have otherwise been effective for the Company’s fiscal year beginning January 1, 2017, but Management believes that the revised presentation more realistically reflects the Company’s financial position related to deferred income taxes. As allowed by the Standard, the company has elected to apply the provisions prospectively, and accordingly, has not adjusted deferred tax accounts retrospectively for any earlier periods.

Risks and Uncertainties

Risks and Uncertainties	3 Months Ended
	Mar. 31, 2016
Risks and Uncertainties [Abstract]
Risks and Uncertainties	RISKS AND UNCERTAINTIES As a small company with an emerging technology the Company has generated negative cash flows since inception. The Company continues to generate negative cash flows and the downturn in the oil market has adversely affected its results from operations and cash flows. Cash has decreased from $8.4 million at December 31, 2015 to $5.0 million at March 31, 2016 due to the net cash used in operating activities of $2.0 million , the repayment of debt of $196 thousand , and capital expenditures of $979 thousand . Based on its cash balance and forecasted cash flows from operating activities, the Company expects to be able to fund planned capital expenditures, meet debt service requirements, and fund other commitments and obligations for 2016. As of May 10, 2016, the Company does not have lines of credit available to it. As a result of the negative cash flows and the decrease in oil prices, the Company will need to raise capital over the next twelve months to fund its operations and to repay or refinance its term note of $10.3 million which matures March of 2017. The Company may have difficulty obtaining such additional financing as a result of the decrease in oil prices, its negative cash flows from operations and the significant decrease in its share price. Failure to obtain additional financing would have a material adverse effect on the Company’s business operations and financial condition. The significant decrease in oil prices has made it difficult for the Company to execute on its strategy of acquiring producing properties which would contribute to its revenues and cash flows due to potential sellers’ reluctance to sell at depressed prices. Additionally, the current oil price environment has negatively affected the Company's cash flow, the availability of capital to Glori and the E&P industry in general. These factors have also resulted in a dramatic decrease in the Company's stock price, which also impacts the ability to raise new equity capital. two AERO injection wells to increase the proportion of the field that is impacted by AERO technology. The Company now has three injection wells running in total. Phase II implementation commenced after data from phase I limited trial demonstrated encouraging indication of AERO performance. The wells are located on the periphery of the Coke field and are designed to increase production from more of the field than was impacted by the first injector. Finally, the Company applied to the United States Department of Energy’s Loan Programs Office (“LPO”) for a $150 million loan guarantee in connection with a project applying AERO to previously abandoned reservoirs in the U. S. Based on LPO’s evaluation of Part I of the application, in March 2016, LPO invited the Company to submit Part II of its application. The Company is in the process of submitting Part II of the application, however, the ultimate outcome of the application and whether a loan guarantee will be issued cannot be predicted. It is currently anticipated that the loan guarantee, if issued, will fund up to 80% of project costs with the balance to be raised and contributed by the Company. On March 18, 2016, GEP entered into an amendment to the credit agreement on the senior secured term loan facility with its lender, Stellus Capital Investment Corporation, which had the effect of removing the financial ratio covenants and the semi-annual collateral value redetermination until maturity in March 2017 (see NOTE 7 ). Without this amendment the Company likely would not have been able to meet all financial covenants in the future. On October 23, 2015, the Company received a notice from the Listing Qualifications Department of the NASDAQ Stock Market LLC indicating that, for the previous 30 consecutive business days, the bid price for our common stock had closed below the minimum $1.00 per share required for continued inclusion on The NASDAQ Capital Market under NASDAQ Listing Rule 5550(a)(2). The Company was afforded 180 calendar days, or until April 20, 2016, to regain compliance with the minimum bid price requirement. In order to regain compliance, shares of the Company’s common stock must maintain a minimum bid closing price of at least $1.00 per share for a minimum of ten consecutive business days, subject to NASDAQ's discretion to increase such ten-day period. On April 25, 2016, we received a letter from NASDAQ granting the Company an additional 180 days to regain compliance with the minimum bid price requirement. The Company has until October 17, 2016 to regain compliance with the bid price requirement. In addition, the Company must continue to meet the continued listing criteria, including maintaining stockholders' equity of at least $2.5 million . If the Company continues to have net losses, it will need to sell equity in order to continue to meet this requirement. The notification letter has no immediate effect on Glori’s listing or trading of common stock, does not affect the Company’s business operations or its SEC reporting requirements and does not cause a default under any material agreement.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	PROPERTY AND EQUIPMENT Property and equipment consists of the following ( in thousands ): December 31, 2015 March 31, 2016 (Unaudited) Proved oil and gas properties - successful efforts $ 48,454 $ 49,435 Unproved oil and gas properties 443 459 Construction in progress 594 594 Laboratory and warehouse facility 648 648 Laboratory and field service equipment 3,355 3,355 Office equipment, computer equipment, vehicles and other 1,399 1,399 54,893 55,890 Less: accumulated depreciation, depletion and amortization (1) (47,578 ) (48,040 ) Total property and equipment, net $ 7,315 $ 7,850 (1) Excludes accretion of asset retirement obligation. Depreciation, depletion, amortization and impairment consists of the following ( in thousands ): Three Months Ended March 31, 2015 2016 (Unaudited) Depreciation and amortization expense $ 155 $ 151 Depletion expense 877 312 Accretion of asset retirement obligation 36 43 Total depreciation, depletion and amortization of property and equipment $ 1,068 $ 506 On July 1, 2015 the Company sold its mineral interests in the "Etzold Field" located in Seward County, Kansas. 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 12 ). 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. Prior to the sale the Company had associated net assets of $89,000 , which were composed primarily of the purchase and development charges less accumulated depreciation and depletion and associated liabilities of $435,000 related to the plugging and abandonment obligation associated with the Etzold Field. In exchange for the leasehold interest in the field, the Company received $75,000 and the purchaser's assumption of the related asset retirement obligation. The Company recognized a gain on the sale of $422,000 . For the three months ended March 31, 2015, the Company had revenues of $16 thousand and a net loss of $97 thousand associated with the Etzold Field. 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 purchase was May 1, 2015. The Bonnie View Field does not meet the definition of a significant acquisition which would require pro forma financial information.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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, 2015 and March 31, 2016 (in thousands) : Fair value measurements using Level 1 Level 2 Level 3 Total December 31, 2015 Short-term commodity derivatives, asset — $ 3,411 — $ 3,411 Fair value measurements using Level 1 Level 2 Level 3 Total (Unaudited) March 31, 2016 Short-term commodity derivatives, asset — $ 2,404 — $ 2,404 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	3 Months Ended
	Mar. 31, 2016
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 endeavors to manage 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 March 31, 2016 , the Company had the following open positions on outstanding commodity derivative contracts: Period Volume/Month (Bbls) Price/Unit Fair Value - Asset (Unaudited) April 2016 - December 2016 6,550 $ 82.46 2,404,000 The derivative contracts are carried at fair value on the condensed consolidated balance sheet as assets or liabilities. The Company has not elected to designate any of these as derivative contracts for hedge accounting. Accordingly, 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 income (expense). The following tables summarize the unrealized and realized gain (loss) on commodity derivatives (in thousands) : Three Months Ended March 31, 2015 2016 (Unaudited) Unrealized gain (loss) on commodity derivatives $ 223 $ (1,007 ) Realized gain on commodity derivatives 1,146 1,162 $ 1,369 $ 155

Long Term Debt

Long Term Debt	3 Months Ended
	Mar. 31, 2016
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 . The loan agreement contained covenants which place 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 a financing agreement of $18.0 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 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 is shown on the condensed consolidated balance sheets as a reduction of proceeds 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. On March 18, 2016, GEP entered into an amendment to the credit agreement on the senior secured term loan facility with its lender, Stellus Capital Investment Corporation, which had the effect of removing the previously required financial ratio covenants and semi-annual collateral value redetermination until maturity in March 2017. In connection with the amendment, the interest rate on the loan increased to 13.0% per annum from 11.0% . The additional 2.0% may be “paid in kind”, and added to the principal amount, or paid in cash at the election of the Company. In addition, principal of $37,500 plus interest is payable monthly compared to the minimum principal payments of $112,500 plus interest which was previously payable quarterly. Without this amendment we likely would not have been able to meet all of our financial covenants in the future. As of December 31, 2015 and March 31, 2016 the outstanding loan balance was $10.5 million and $10.3 million , respectively. Maturities on long-term debt during the next five years are as follows (in thousands). Year ending March 31, Amount (Unaudited) 2017 10,290 2018 8 2019 8 2020 9 2021 9 Thereafter 5 $ 10,329 The maturities above are presented on the March 31, 2016 condensed consolidated balance sheet net of debt issuance costs of $211 thousand .

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2016
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 March 31, 2015 2016 (Unaudited) Numerator: Net loss $ (2,984 ) $ (3,401 ) Denominator: Weighted-average common shares outstanding - basic 31,563 31,940 Effect of dilutive securities — — Weighted-average common shares - diluted 31,563 31,940 Net loss per common share - basic and diluted $ (0.09 ) $ (0.11 ) The following weighted average securities outstanding during the three months ended March 31, 2015 and March 31, 2016 were not included in the calculation of diluted shares outstanding as they would have been anti-dilutive ( in thousands ): Three Months Ended March 31, 2015 2016 (Unaudited) Common stock warrants ($10 strike price) 5,321 5,321 Common stock options 2,240 2,793 Restricted shares 469 720

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES At December 31, 2015 and March 31, 2016 , the Company has net operating loss carryforwards for federal income tax reporting purposes of approximately $64.5 million and $68.4 million , respectively, which will begin to expire in the year 2025, and tax credits of approximately $508,000 and $521,000 , respectively, which will begin to expire in 2027 . The NOL carry forward has 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 a valuation allowance against the Company's deferred tax assets. The effective tax rate for the three months ended March 31, 2015 and 2016 varies from the statutory rate primarily due to the effect of the valuation allowance. For the three months ended March 31, 2015 the Company had an income tax expense of $17,000 due to taxes payable on foreign income. For the three months ended March 31, 2016 the Company had no income tax expense.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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. The Company does not intend to renew this lease upon expiration in October 2016. 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. Approximate minimum future rental payments under these noncancelable operating leases as of March 31, 2016 are as follows (in thousands) : Year Ending March 31, (Unaudited) 2017 240 2018 21 $ 261 Total rent expense was approximately $71,000 and $90,000 for the three months ended March 31, 2015 and March 31, 2016 , respectively.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
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. Stock-based compensation expense, included primarily in selling, general and administrative expense, was $432,000 and $233,000 for the three months ended March 31, 2015 and March 31, 2016 , respectively. The Company has future unrecognized compensation expense for nonvested shares at March 31, 2016 of $1.8 million with a weighted average vesting period of 2.7 years . Stock Option Awards: The Company has computed the fair value of all options granted during the year ended December 31, 2015 , using the Black-Scholes option pricing model using the following assumptions: Year ended December 31, 2015 Risk-free interest rate 1.55 % Expected volatility 66 % Expected dividend yield — Expected life (in years) 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, 2015 2,834,635 $ 1.01 6.9 $ 89,000 Awarded (unaudited) — Exercised (unaudited) — Forfeited or Expired (unaudited) (61,864 ) 2.86 Outstanding as of March 31, 2016 (unaudited) 2,772,771 $ 0.96 6.57 $ — Exercisable as of December 31, 2015 1,934,605 $ 0.84 5.7 $ 89,000 Exercisable as of March 31, 2016 (unaudited) 1,999,231 $ 0.91 5.5 $ — The weighted-average grant date fair value for equity options granted during the three months ended March 31, 2015 was $2.40 . There were no option awards issued in the three months ended March 31, 2016 . The total fair value of options vested during the three months ended March 31, 2015 and March 31, 2016 was $60,000 and $127,000 , respectively. Restricted Share Awards: In addition to options the Company has granted restricted share awards to certain executives and members of the board of directors. The following table shows a summary of restricted stock activity for the three months ended March 31, 2016 : Shares Weighted-average grant date fair value Non-vested awards outstanding, December 31, 2015 844,592 $ 2.67 Vested (157,387 ) 2.99 Forfeited (38,265 ) 1.96 Non-vested awards outstanding, March 31, 2016 648,940 $ 2.64

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
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 for oil sales, 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 March 31, 2015 Revenues $ 2,000 $ 567 $ — $ 2,567 Total operating expenses 2,392 521 2,192 5,105 Depreciation, depletion and amortization 953 100 15 1,068 Loss from operations (1,345 ) (54 ) (2,207 ) (3,606 ) Other income (expense), net 1,369 — (730 ) 639 Income tax expense — — 17 17 Net income (loss) 24 (54 ) (2,954 ) (2,984 ) Oil and Gas AERO Services Corporate Total (Unaudited) Three Months Ended March 31, 2016 Revenues $ 1,024 $ 174 $ — $ 1,198 Total operating expenses 1,891 273 1,752 3,916 Depreciation, depletion and amortization 375 90 41 506 Loss from operations (1,242 ) (189 ) (1,793 ) (3,224 ) Other income (expense), net 155 — (332 ) (177 ) Income tax benefit — — — — Net loss (1,087 ) (189 ) (2,125 ) (3,401 )

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
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, 2015 and March 31, 2016 (unaudited), condensed consolidated statements of operations for the three months ending March 31, 2015 and March 31, 2016 (unaudited), condensed consolidated statement of stockholders’ equity for the three months ended March 31, 2016 (unaudited) and condensed consolidated statements of cash flows for the three months ended March 31, 2015 and March 31, 2016 (unaudited). All such adjustments represent normal recurring items. The financial information contained in this report for the three months ended March 31, 2015 and March 31, 2016 , and as of March 31, 2016 , 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, 2015 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.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In the first quarter of 2016, ASU No. 2015-03, "Interest--Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs" became effective for the Company. The standard moved the presentation of the Company's deferred loan costs from an asset to a contra-liability account thus reducing the liability balance of loans by the amount of the deferred loan costs. The deferred loan costs are amortized to interest expense over the life of the loan. The standard was applied retrospectively and accordingly the December 31, 2015 previously reported total current and non-current loan principal balance of $10,525,000 is now shown net of total deferred loan costs of $227,000 and the March 31, 2016 total current and non-current loan principal balance of $10,329,000 is now shown net of total deferred loan costs of $211,000 . The change did not have an impact to net income. During the first quarter of 2016 the Company also chose to adopt Accounting Standards Update No. 2015-17: Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ("ASU 2015-17" or the "Standard"). ASU 2015-17 is part of an initiative to reduce complexity in accounting standards. Current GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. However, this classification does not generally align with the time period in which the recognized deferred tax amounts are expected to be recovered or settled. To simplify the presentation of the deferred income taxes, ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of an entity be offset and presented as a single amount is not affected by the amendments of ASU 2015-17. For public entities, ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years; early application is permitted. Because the Company has applied a 100% valuation allowance to its net deferred tax asset, there are no deferred tax accounts reported in the consolidated balance sheet as of March 31, 2016. This Standard would have otherwise been effective for the Company’s fiscal year beginning January 1, 2017, but Management believes that the revised presentation more realistically reflects the Company’s financial position related to deferred income taxes. As allowed by the Standard, the company has elected to apply the provisions prospectively, and accordingly, has not adjusted deferred tax accounts retrospectively for any earlier periods.

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment consists of the following ( in thousands ): December 31, 2015 March 31, 2016 (Unaudited) Proved oil and gas properties - successful efforts $ 48,454 $ 49,435 Unproved oil and gas properties 443 459 Construction in progress 594 594 Laboratory and warehouse facility 648 648 Laboratory and field service equipment 3,355 3,355 Office equipment, computer equipment, vehicles and other 1,399 1,399 54,893 55,890 Less: accumulated depreciation, depletion and amortization (1) (47,578 ) (48,040 ) Total property and equipment, net $ 7,315 $ 7,850 (1) Excludes accretion of asset retirement obligation. Depreciation, depletion, amortization and impairment consists of the following ( in thousands ): Three Months Ended March 31, 2015 2016 (Unaudited) Depreciation and amortization expense $ 155 $ 151 Depletion expense 877 312 Accretion of asset retirement obligation 36 43 Total depreciation, depletion and amortization of property and equipment $ 1,068 $ 506

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2015 and March 31, 2016 (in thousands) : Fair value measurements using Level 1 Level 2 Level 3 Total December 31, 2015 Short-term commodity derivatives, asset — $ 3,411 — $ 3,411 Fair value measurements using Level 1 Level 2 Level 3 Total (Unaudited) March 31, 2016 Short-term commodity derivatives, asset — $ 2,404 — $ 2,404

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	As of March 31, 2016 , the Company had the following open positions on outstanding commodity derivative contracts: Period Volume/Month (Bbls) Price/Unit Fair Value - Asset (Unaudited) April 2016 - December 2016 6,550 $ 82.46 2,404,000
Gain (Loss) on Derivatives	The following tables summarize the unrealized and realized gain (loss) on commodity derivatives (in thousands) : Three Months Ended March 31, 2015 2016 (Unaudited) Unrealized gain (loss) on commodity derivatives $ 223 $ (1,007 ) Realized gain on commodity derivatives 1,146 1,162 $ 1,369 $ 155

Long Term Debt (Tables)

Long Term Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt	Maturities on long-term debt during the next five years are as follows (in thousands). Year ending March 31, Amount (Unaudited) 2017 10,290 2018 8 2019 8 2020 9 2021 9 Thereafter 5 $ 10,329

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2015 2016 (Unaudited) Numerator: Net loss $ (2,984 ) $ (3,401 ) Denominator: Weighted-average common shares outstanding - basic 31,563 31,940 Effect of dilutive securities — — Weighted-average common shares - diluted 31,563 31,940 Net loss per common share - basic and diluted $ (0.09 ) $ (0.11 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following weighted average securities outstanding during the three months ended March 31, 2015 and March 31, 2016 were not included in the calculation of diluted shares outstanding as they would have been anti-dilutive ( in thousands ): Three Months Ended March 31, 2015 2016 (Unaudited) Common stock warrants ($10 strike price) 5,321 5,321 Common stock options 2,240 2,793 Restricted shares 469 720

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Minimum Future Capital Lease Payments	Approximate minimum future rental payments under these noncancelable operating leases as of March 31, 2016 are as follows (in thousands) : Year Ending March 31, (Unaudited) 2017 240 2018 21 $ 261

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2015 , using the Black-Scholes option pricing model using the following assumptions: Year ended December 31, 2015 Risk-free interest rate 1.55 % Expected volatility 66 % Expected dividend yield — Expected life (in years) 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, 2015 2,834,635 $ 1.01 6.9 $ 89,000 Awarded (unaudited) — Exercised (unaudited) — Forfeited or Expired (unaudited) (61,864 ) 2.86 Outstanding as of March 31, 2016 (unaudited) 2,772,771 $ 0.96 6.57 $ — Exercisable as of December 31, 2015 1,934,605 $ 0.84 5.7 $ 89,000 Exercisable as of March 31, 2016 (unaudited) 1,999,231 $ 0.91 5.5 $ —
Schedule of Restricted Stock Activity	he following table shows a summary of restricted stock activity for the three months ended March 31, 2016 : Shares Weighted-average grant date fair value Non-vested awards outstanding, December 31, 2015 844,592 $ 2.67 Vested (157,387 ) 2.99 Forfeited (38,265 ) 1.96 Non-vested awards outstanding, March 31, 2016 648,940 $ 2.64

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2015 Revenues $ 2,000 $ 567 $ — $ 2,567 Total operating expenses 2,392 521 2,192 5,105 Depreciation, depletion and amortization 953 100 15 1,068 Loss from operations (1,345 ) (54 ) (2,207 ) (3,606 ) Other income (expense), net 1,369 — (730 ) 639 Income tax expense — — 17 17 Net income (loss) 24 (54 ) (2,954 ) (2,984 ) Oil and Gas AERO Services Corporate Total (Unaudited) Three Months Ended March 31, 2016 Revenues $ 1,024 $ 174 $ — $ 1,198 Total operating expenses 1,891 273 1,752 3,916 Depreciation, depletion and amortization 375 90 41 506 Loss from operations (1,242 ) (189 ) (1,793 ) (3,224 ) Other income (expense), net 155 — (332 ) (177 ) Income tax benefit — — — — Net loss (1,087 ) (189 ) (2,125 ) (3,401 )

Summary of Significant Accoun28

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Long-term debt	$ 10,329,000	$ 10,525,000
Deferred loan costs	211,000	$ 227,000
Long-term debt	$ 10,329,000
Percentage of valuation allowance applied to deferred tax asset	100.00%
Deferred tax assets	$ 0

Risks and Uncertainties (Detail

Risks and Uncertainties (Details)	3 Months Ended
	Mar. 31, 2016USD ($)injection_well	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Risks and Uncertainties [Abstract]
Cash and cash equivalents	$ 5,045,000	$ 23,475,000	$ 8,380,000	$ 29,751,000
Net cash used in operating activities	(2,035,000)	(3,928,000)
Repayments of Long-term Debt	196,000	$ 2,054,000
Capital expenditures	979,000
Debt Instrument [Line Items]
Long-term debt	$ 10,329,000
Number of additions to productive oil wells | injection_well	2
Total productive oil wells | injection_well	3
11% Senior Secured Term Loan [Member] | Glori Energy Production, Inc. [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 10,264,000		$ 10,500,000
United States Department of Energy Loan [Member]
Debt Instrument [Line Items]
Principal amount	$ 150,000,000
Percentage of project costs funded by loan guarantee (up to)	80.00%

Property and Equipment - Summar

Property and Equipment - Summary of Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Proved oil and gas properties - successful efforts	$ 49,435	$ 48,454
Unproved oil and gas properties	459	443
Property and equipment, gross	6,455	6,439
Total property and equipment and proved oil and gas properties, gross	55,890	54,893
Less: accumulated depreciation, depletion and amortization	(48,040)	(47,578)
Total property and equipment and proved oil and gas properties, net	7,850	7,315
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	594	594
Laboratory and warehouse facility [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	648	648
Laboratory and field service equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,355	3,355
Office equipment, computer equipment, vehicles and other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,399	$ 1,399

Property and Equipment - Deprec

Property and Equipment - Depreciation, Depletion, and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 151	$ 155
Depletion expense	312	877
Accretion of asset retirement obligation	43	36
Total depreciation, depletion and amortization of property and equipment	$ 506	$ 1,068

Property and Equipment - Etzold

Property and Equipment - Etzold Field (Details) - USD ($) $ in Thousands	Jul. 01, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Long Lived Assets Held-for-sale [Line Items]
Revenues		$ 1,024	$ 2,000
Net loss		$ 3,224	3,606
Etzold Field [Member]
Long Lived Assets Held-for-sale [Line Items]
Net assets				$ 89
Revenues			16
Net loss			$ 97
Etzold Field [Member] | Mining Properties and Mineral Rights [Member]
Long Lived Assets Held-for-sale [Line Items]
Asset retirement obligation				$ 435
Purchase consideration for mineral interests	$ 75
Gain on sale of mineral interests	$ 422

Property and Equipment - Bonnie

Property and Equipment - Bonnie View Assets (Details) - Glori Energy Production, Inc. [Member] - Bonnie View Assets [Member] - USD ($) $ in Thousands	Jun. 01, 2015	Jun. 30, 2015
Business Acquisition [Line Items]
Purchase price	$ 2,644
Asset retirement obligation		$ 432

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities (Details) - Commodity Contract [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term commodity derivatives, asset	$ 2,404	$ 3,411
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
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term commodity derivatives, asset	2,404	3,411
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

Derivative Instruments - Outsta

Derivative Instruments - Outstanding Commodity Derivative Contracts (Details) - Not Designated as Hedging Instrument [Member] - Commodity Contract [Member] - April 2016 - December 2016 [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / bblbbl
Derivative [Line Items]
Volume per month (Bbls) | bbl	6,550
Price (usd per barrel) | $ / bbl	82.46
Fair Value - Asset | $	$ 2,404

Derivative Instruments - Realiz

Derivative Instruments - Realized and Unrealized Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on commodity derivatives	$ (1,007)	$ 223
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on commodity derivatives	(1,007)	223
Realized gain on commodity derivatives	1,162	1,146
Gain (loss) on oil and natural gas derivatives	$ 155	$ 1,369

Long Term Debt - Narrative (Det

Long Term Debt - Narrative (Details) - USD ($)	Mar. 18, 2016	Mar. 14, 2014	Jun. 11, 2012	Mar. 31, 2016	Dec. 31, 2015	Mar. 02, 2015
Debt Instrument [Line Items]
Outstanding loan balance				$ 10,329,000
Deferred loan costs				211,000	$ 227,000
Glori Energy Production, Inc. [Member] | Coke Field [Member]
Debt Instrument [Line Items]
Cash consideration		$ 38,000,000
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)			18,208
Repayment period			27 months
Repurchased face amount						$ 888,000
End of term charge recognized						$ 280,000
Secured Debt [Member] | 10% Secured Term Promissory Note [Member] | Other Noncurrent Liabilities [Member]
Debt Instrument [Line Items]
Accrued debt financing charges			$ 280,000
Senior Notes [Member] | 11% Senior Secured Term Loan [Member] | Glori Energy Production, Inc. [Member]
Debt Instrument [Line Items]
Principal amount		$ 18,000,000
Interest rate (percent)	13.00%
Loan term		3 years
Minimum stated interest rate (percent)	11.00%	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%
Debt issuance cost		$ 360,000
Paid in kind (percent)	2.00%
Outstanding loan balance				$ 10,264,000	$ 10,500,000
Senior Notes [Member] | 11% Senior Secured Term Loan [Member] | Glori Energy Production, Inc. [Member] | Minimum [Member]
Debt Instrument [Line Items]
Principal payment	$ 37,500	$ 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%

Long Term Debt - Maturities on

Long Term Debt - Maturities on Long-Term Debt (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2,017	$ 10,290,000
2,018	8,000
2,019	8,000
2,020	9,000
2,021	9,000
Thereafter	5,000
Total	$ 10,329,000	$ 10,525,000

Loss Per Share - Summary of Ear

Loss Per Share - Summary of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net loss	$ (3,401)	$ (2,984)
Denominator:
Weighted-average common shares outstanding - basic (in shares)	31,940	31,563
Effect of dilutive securities (in shares)	0	0
Weighted-average common shares - diluted (in shares)	31,940	31,563
Net loss per common share - basic and diluted (in dollars per share)	$ (0.11)	$ (0.09)

Loss Per Share - Summary of Ant

Loss Per Share - Summary of Antidilutive Securities (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock warrant strike price (in dollars per share)	$ 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 (in shares)	5,321	5,321
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded in the calculation of diluted shares outstanding (in shares)	2,793	2,240
Restricted Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded in the calculation of diluted shares outstanding (in shares)	720	469

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
NOL carryforward	$ 68,400		$ 64,500
Tax credit carryforward	521		$ 508
Reduction to NOL carryforward not applied and likely to expire	5,400
Income tax expense	$ 0	$ 17

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	1 Months Ended	3 Months Ended
	Oct. 31, 2014USD ($)ft²	Mar. 31, 2016CADbuilding	Mar. 31, 2016USD ($)building	Mar. 31, 2015USD ($)
Operating Leased Assets [Line Items]
Number of buildings | building		2	2
Rent expense			$ 90,000	$ 71,000
Office Building [Member]
Operating Leased Assets [Line Items]
Lease term	2 years
Square footage | ft²	7,805
Monthly rental amount	$ 18,000
Office, Warehouse, and Laboratory [Member]
Operating Leased Assets [Line Items]
Monthly rental amount			$ 11,000
Warehouse [Member]
Operating Leased Assets [Line Items]
Monthly rental amount | CAD		CAD 1,000
Notice required for lease termination		30 days	30 days

Commitments and Contingencies43

Commitments and Contingencies - Summary of Minimum Future Capital Lease Payments (Details) $ in Thousands	Mar. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,017	$ 240
2,018	21
Total	$ 261

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Future unrecognized compensation expense for nonvested shares	$ 1,800
Weighted-average grant date fair value		$ 2.40
Option awards issued	0	0
Total fair value of options vested	$ 127	$ 60
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 233	$ 432
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average vesting period	2 years 8 months 15 days
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

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value Assumptions (Details) - Stock Option [Member]	12 Months Ended
	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.55%
Expected volatility	66.00%
Expected dividend yield	0.00%
Expected life (in years)	6 years
Expected forfeiture rate	0.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Number of options
Outstanding as of December 31, 2015 (in shares)	2,834,635
Awarded (in shares)	0	0
Exercised (in shares)	0
Forfeited or Expired (in shares)	(61,864)
Outstanding as of March 31, 2016 (in shares)	2,772,771		2,834,635
Exercisable (in shares)	1,999,231		1,934,605
Weighted average exercise price per share
Outstanding as of December 31, 2015 (in dollars per share)	$ 1.01
Forfeited or Expired (in dollars per share)	2.86
Outstanding as of March 31, 2016 (in dollars per share)	0.96		$ 1.01
Exercisable (in dollars per share)	$ 0.91		$ 0.84
Weighted average remaining contractual term (years)
Outstanding (in years)	6 years 6 months 25 days		6 years 11 months
Exercisable (in years)	5 years 6 months 6 days		5 years 8 months 7 days
Aggregate intrinsic value
Outstanding	$ 0		$ 89
Exercisable	$ 0		$ 89

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Activity (Details) - Restricted Shares [Member]	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Shares
Non-vested awards outstanding, beginning balance (in shares) | shares	844,592
Vested (in shares) | shares	(157,387)
Forfeited (in shares) | shares	(38,265)
Non-vested awards outstanding, ending balance (in shares) | shares	648,940
Weighted-average grant date fair value
Non-vested awards outstanding, beginning balance (in dollars per share) | $ / shares	$ 2.67
Vested (in dollars per share) | $ / shares	2.99
Forfeited (in dollars per share) | $ / shares	1.96
Non-vested awards outstanding, ending balance (in dollars per share) | $ / shares	$ 2.64

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)arrangement	Mar. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of first purchaser arrangements | arrangement	2
Revenues	$ 1,198	$ 2,567
Total operating expenses	3,916	5,105
Depreciation, depletion and amortization	506	1,068
Net income (loss) from operations	(3,224)	(3,606)
Other income (expense), net	(177)	639
Income tax expense	0	17
Net income (loss)	(3,401)	(2,984)
Operating Segments [Member] | Oil And Gas [Member]
Segment Reporting Information [Line Items]
Revenues	1,024	2,000
Total operating expenses	1,891	2,392
Depreciation, depletion and amortization	375	953
Net income (loss) from operations	(1,242)	(1,345)
Other income (expense), net	155	1,369
Income tax expense	0	0
Net income (loss)	(1,087)	24
Operating Segments [Member] | AERO Service [Member]
Segment Reporting Information [Line Items]
Revenues	174	567
Total operating expenses	273	521
Depreciation, depletion and amortization	90	100
Net income (loss) from operations	(189)	(54)
Other income (expense), net	0	0
Income tax expense	0	0
Net income (loss)	(189)	(54)
Corporate [Member]
Segment Reporting Information [Line Items]
Revenues	0	0
Total operating expenses	1,752	2,192
Depreciation, depletion and amortization	41	15
Net income (loss) from operations	(1,793)	(2,207)
Other income (expense), net	(332)	(730)
Income tax expense	0	17
Net income (loss)	$ (2,125)	$ (2,954)