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 recently begun providing water disposal services at its newly completed Ritchie County, West Virginia salt water disposal (SWD) facility.
This commercial SWD facility is comprised of newly constructed storage tanks and a fully contained offloading platform that features six unloading tractor trailer bays, a new pump house and a redundant (back-up) high-speed pump system. An abandoned natural gas well that was originally drilled in September 2008 to a total depth of 6,103 feet has been recompleted by GreenHunter Water as a SWD pursuant to the terms of an Underground Injection Control (UIC) permit that was issued by the West Virginia Department of Environmental Protection Office of Oil and Gas and Division of Water and Waste Management. The geological target disposal formation is the “Geneseo” with a top injection interval of 6,044 feet.
The results of the step-rate test that was completed earlier this year at the Ritchie County SWD were excellent, and management expects commercial disposal capacity at this Class II SWD to be in the range of 3,000 barrels of salt water and other non-hazardous oil and gas waste per day.
Commenting on this new addition to the portfolio, Jonathan D. Hoopes, President and COO, stated, “This new well has been online for less than two weeks and we are already operating near full capacity. Strong demand for Class II injection capacity in the Utica and Marcellus shale plays has management keeping busy on the acquisition front where we expect to make more announcements in this region soon. With the Ritchie County SWD online, we are very close to achieving our 2012 year-end target guidance of 12,500 BBL per day of SWD capacity. Moreover, increasing demand for GreenHunter Water’s advanced logistics services has led us to recently acquire eight new salt water transport trucks – four of which will be operated by our Hunter Hauling subsidiary in the Appalachia region and the other four will operate in our recently established Eagle Ford region of South Texas. This brings our current total water hauling fleet now to 30 units.”
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts