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.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV