GreenHunter Water Adds Additional Transport Services and Increases Size of Existing Appalachian Trucking Fleet
GRAPEVINE, Texas--(BUSINESS WIRE)-- 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 its wholly owned subsidiary, GreenHunter Water, LLC, has ordered new rolling stock equipment assets to service oil and gas operators who are active in the Marcellus and Utica Shale plays located in the states of Pennsylvania, Ohio and West Virginia. The new equipment will consist of three new Peterbilt 388 Bobtail (a.k.a., "straight") trucks with 100 barrel (BBL) Vacuum Tanks and three new Peterbilt 388 Bobtail trucks with 100 barrel HAZMAT Certified Vacuum Tanks.
To facilitate the purchase, the Company has expanded an existing commercial loan facility with an Appalachia-based regional bank. The loan was increased from our existing lending facility of $2.1 million to $3.3 million. The equipment is scheduled to be delivered to the Appalachian region by the end of January 2013 and is anticipated to be put into operation prior to the end of the first quarter of 2013. The new HAZMAT equipment will enable GreenHunter Water to enter into the oil transportation business as part of our Total Water Management Solutions™. As oil and natural gas is produced, the hydrocarbons come to the surface with water. Typically, hydrocarbons are separated from the water at the well location through mechanical separators or via a gravity separation process. GreenHunter Water now has the ability to pick up liquids from well pads where water separation equipment is not in use and transport the product to a fluids refinement center.
Commenting on the acquisition of these new assets, Mr. Jonathan D. Hoopes, GreenHunter Energy's President and COO, stated, "The addition of six new bobtail trucks to our fleet is much needed. We are presently running near full capacity utilization of our existing Appalachia fleet and with new disposal facilities in the region expected to come on line in the near future, we wanted to maintain a proper balance of transport equipment relative to expected disposal volumes. We started 2012 with only five trucks. With this acquisition, we will be running 31 transport trucks in the Appalachia region. Prior to this acquisition, we have not been able to pick up water mixed with hydrocarbons. These new trucks being added to our existing fleet are certified and will allow us to increase our services offering to existing customers and also obtain new customers who we have not been able to accommodate in the past."
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-Cycle™), 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 (RAMCAT™) 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," "could," "should," "budget," "continue," and similar expressions constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in the press release include, without limitation forecasts of growth, revenues, adjusted EBITDA and SWD well and rolling stock expansion. 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 fund and implement its business plan, government regulation and competition. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011, as well as the Company's other reports filed with the United States Securities and Exchange Commission and are available at http://www.sec.gov/ as well as the Company's website at http://greenhunterenergy.com/ . You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All forward-looking statements are qualified in their entirety by this cautionary statement. 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
KEYWORDS: United States North America Texas
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