Glori completes acquisition of East Texas oil property

Infinity Cross Border Acquisition Corp. and Glori Energy Inc.

Infinity Cross Border Acquisition Corp. (Nasdaq: INXB), a special-purpose acquisition company, and Glori Energy Inc., an energy technology company that deploys its proprietary AERO system to increase oil production from mature oil fields, have completed Glori’s acquisition of producing oil assets in Wood County, Texas, from Petro-Hunt LLC for $40 million. Current net production of approximately 500 barrels of oil equivalent per day from 28 wells

The $40 million purchase price was funded with $24 million in debt facilities, including $2 million in a 6% convertible promissory note issued to Petro-Hunt, which may be converted into common stock of the post-merger entity at $8 per share subsequent to the consummation of the merger and share exchange agreement between Glori and Infinity, and $16 million from Glori's cash on hand. 

In January, Glori and Infinity entered into a merger and share exchange agreement whereby Glori became a publicly listed company through its merger with Infinity, in a transaction valued at approximately $185 million.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...