GreenHunter Water Announces Financial Closing of Appalachia Basin Salt Water Disposal Wells and Properties
GreenHunter Energy, Inc. (NYSE MKT: GRH) (NYSE MKT: GRH.PRC), a diversified water resource, waste management and environmental services company specializing in the unconventional oil and natural gas shale resource plays, announced today that on November 2, 2012, its wholly owned subsidiary, GreenHunter Water, LLC, has completed the financial closing on the previously announced agreement to acquire two operating Class II salt water disposal (SWD) wells located in Washington County, Ohio and Ritchie County, West Virginia. These SWD wells have contributed an additional 3,000 to 4,000 Barrels per day (BBL/D) of combined commercial SWD capacity into the Company's existing water services portfolio.
With the addition of these two SWD wells, the Company's Appalachia region owned and operated salt water disposal capacity is now 12,500 BBL per day which meets our 2012 year-end target guidance of 12,500 BBL per day. Including existing SWD operations in the Mississippian Lime play in Oklahoma and the SWD drilling program in the Eagle Ford play in South Texas, the Company's anticipated 2012 year-end SWD owned and operated capacity target is 70,000 BBL per day. Management remains very active on the acquisition and development front in the Marcellus, Utica, Eagle Ford and Bakken shale play as well as the Horizontal Mississippian Lime.
For a visual animation of the Class II Salt Water Disposal well development and completion technique that is being utilized in GreenHunter Water's Appalachia SWD program, navigate to the video by clicking on “Salt Water Disposal Animation” button on the Operations tab at GreenHunterEnergy.com or click here.
About GreenHunter Water, LLC (a wholly owned subsidiary of GreenHunter Energy, Inc.)
GreenHunter Water, LLC provides Total Water Management Solutions™ in the oilfield. An understanding that there is no single solution to E&P fluids management shapes GreenHunter's technology-agnostic approach to services. In addition to licensing of and joint ventures with manufacturers of mobile water treatment systems (Frac-CycleTM), GreenHunter Water is expanding capacity of salt water disposal facilities, next-generation modular above-ground storage tanks (MAG Tank™), advanced hauling and fresh water logistics services—including 21st Century tracking technologies (RAMCATTM) that allow Shale producers to optimize the efficiency of their water resource management and planning while complying with emerging regulations and reducing cost.
Additional information about GreenHunter Water may be found at www.GreenHunterWater.com.
Any statements in this press release about future expectations and prospects for GreenHunter Energy and its business and other statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the substantial capital expenditures required to fund its operations, the ability of the Company to implement its business plan, government regulation and competition. GreenHunter Energy undertakes no obligation to update these forward-looking statements in the future.
GreenHunter Energy, Inc.
Jonathan D. Hoopes
President & COO
1048 Texan Trail
Grapevine, TX 76051
Tel: (972) 410-1044