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 released its next-generation modular above-ground water storage tank system for general availability to the oil and gas industry. The fabrication of panels for the first MAG Tank unit has been completed with deployment slated for the last week in December in St. Mary Parish, Louisiana.
The Patent Pending MAG Tank™ design provides operators with a customizable steel tank footprint in unlimited capacity and shape configurations above 10,900 barrels. The MAG Tank™ is GreenHunter Water’s response to requests from our existing customers for a large capacity temporary water storage system that can be installed on a variety of well pads – especially those in challenging terrain as found in the states of Ohio, West Virginia, Pennsylvania and Kentucky in the Appalachian region. MAG Tank is an innovative substitute to the industry-standard circular above ground tank systems.
The MAG Tank™ significantly reduces truck traffic and environmental disturbance when compared to traditional frac tank and earthen impoundment alternatives. The tank’s robust steel standard panel wall units enable quick assembly and disassembly and a disposable impermeable liner and geotextile substrate provide fluid containment and a puncture resistant ground covering. After pad site preparation, a MAG Tank is typically installed in one to two days. The MAG Tank design exceeds current safety and engineering standards.
MANAGEMENT COMMENTSCommenting on this new product line, Mr. Jonathan D. Hoopes, GreenHunter Energy’s President and COO, stated, “For oil and gas operators who are looking to reduce their cost, minimize truck traffic, increase safety, improve logistics and reduce environmental impact, the MAG Tank System is the solution. We have worked extremely hard over the past year to design a product that met all the requirements of our customers and at a manufacturing cost that insures our margin objectives. We are anxious to offer this uniquely designed system to our oilfield customers and anticipate this product to be significantly accretive to our projected earnings in fiscal 2013.”