GreenHunter Energy, Inc. (NYSE MKT: GRH), a diversified renewable energy company predominately focused on water resource management in the unconventional oil and natural gas shale resource plays, announced today that its wholly owned subsidiary, GreenHunter Water, LLC, has begun providing today water management services to an independent Marcellus Shale exploration and production company.
Pursuant to the terms of a new agreement, GreenHunter Water services has been awarded an exclusive contract which includes the hauling and disposal of fresh water, produced water, flowback water and drilling mud. This NYSE MKT listed customer owns approximately 90,000 acres of Marcellus Shale leasehold and is further expanding its operations in Pennsylvania and West Virginia. GreenHunter Energy management is also in discussions with this customer to further expand the contract to include handling and remarketing of natural gas “drip” condensate. Management estimates initial brine injection volumes which began today will be in excess of 2,000 barrels per day.
Commenting on this new water services contract, John Jack, Vice President of Business Development in the Appalachian Division stated, “We are very encouraged by the increased pace of commercial interest that we have been seeing for services from our existing Appalachia salt water hauling assets and disposal properties. This new contract is the result of a referral from an established existing water customer. We are very pleased that our clients are continuing to report very positive experiences with our services and are continuing to refer GreenHunter Water as the premiere ‘one-stop shop’ for water handling services in this region.”
About GreenHunter Energy, Inc.GreenHunter Energy, Inc. is a diversified renewable energy company predominately focused on water resource management in the unconventional oil and natural gas shale resource plays. Through its wholly owned subsidiary, GreenHunter Water, LLC, the Company 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 Forward-Looking Statements 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.
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