GlassPoint Extends its Lead in Solar EOR with Appointment of Executive from Occidental Petroleum (OXY)

GlassPoint selects VP of Oman Projects to expedite solar enhanced oil recovery (EOR) deployment in the Sultanate of Oman

FREMONT, Calif. & MUSCAT, Oman - Saturday, October 1st 2011 [ME NewsWire]

(BUSINESS WIRE)-- GlassPoint Solar, the leading provider of solar steam generators for enhanced oil recovery (EOR), today announced the appointment of Glenn Griffith as Vice President of Oman Projects. With more than three decades in the upstream oil industry, Griffith will lead project execution for GlassPoint in the gulf state of Oman, including its solar EOR project with PDO – a joint venture between Shell, Total and the Sultanate of Oman.

“Solar EOR is a compelling solution for the global oil industry, and GlassPoint has demonstrated a clear cost advantage over other solutions. No other solar technology has addressed oilfield specific needs. The glasshouse design protects the system from harsh Middle Eastern desert conditions and produces direct steam with unmatched energy density,” said Griffith. “The Middle Eastern market, rich in sunshine and heavy oil, but with limited gas supplies, is especially well positioned to adopt GlassPoint’s solar steam technology. I’m excited to join GlassPoint in this growing sector and drive solar enhanced oil recovery throughout the region.”

Griffith joins GlassPoint from Occidental Petroleum’s (OXY) giant Mukhaizna project, where he successfully insured continuity of operations through a complete surface-facilities transition bringing production from 8,000 barrels of oil per day (BOPD) to 125,000 BOPD. During this transition, steam generation grew from zero barrels of steam per day to over 400,000 barrels of steam per day. Prior to OXY, Griffith led the surface facilities team for AERA's pioneering work in steaming tight formations of diatomite, opening up production of more than 11 billion barrels of original oil in place (BOOIP) in California.

"Glenn has extensive engineering, project management and surface construction experience rooted in two of the world's largest oil companies,” said Rod MacGregor, President and CEO of GlassPoint. “He brings a depth of capability and oilfield knowledge that no other solar steam provider can offer, underscoring our leadership position in solar EOR.”

PDO’s solar EOR facility will use concentrated thermal energy from the sun to produce low-cost, emission-free steam that will be fed directly into PDO’s existing steam distribution network. The PDO project, located in southern Oman, will begin construction this year and span more than four acres at completion.

The key to GlassPoint’s cost advantage is its innovative glasshouse architecture, protecting the reflective mirrors from external elements and allowing the use of lightweight, low-cost and pre-fabricated components. GlassPoint’s Single Transit Trough (STT) technology produces more than 90 barrels of steam per acre, roughly five times more steam than a central tower design. The company has deployed its technology at Berry Petroleum’s 21Z lease in Kern County, California, the world’s first commercial solar EOR project.

About GlassPoint Solar

GlassPoint is the leading provider of solar steam generators to the oil and gas industry. When used for Enhanced Oil Recovery (EOR) GlassPoint solar steam generators reduce natural gas consumption by up to 80 percent, releasing large amounts of gas for use in higher value applications. This is only possible because, unlike previous solar designs, GlassPoint steam generators deliver steam at a lower cost than steam produced by burning natural gas. GlassPoint’s steam generators are sealed for protection from sand, dust, dirt and high humidity typical of oilfield environments throughout the world. GlassPoint is headquartered in Fremont, California with offices in Bakersfield, California, Muscat, Oman and Shenzhen, China. For more information, visit www.glasspoint.com.

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Contacts

Antenna Group for GlassPoint

Katie Struble, 415-977-1928

glasspoint@antennagroup.com