GreenHunter Resources, 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 financial and operating results for the three months ended March 31, 2013.
- Total Revenue Increased 279% to $8.6 million for the Quarter Ended March 31, 2013 versus last year’s first quarter results of $2.3 million
- Total Disposal Volumes Increased 249% in the First Quarter 2013 to 1.1 million barrels (BBL) Injected compared to 317,100 BBL Injected in the First Quarter of 2012
- Total Operating Salt Water Disposal Permitted Injection Capacity as of March 31, 2013 Exceeded 115,000 BBL per day representing a 1,455% Increase from March 31, 2012
- The Company Operated Fifteen SWD Wells at March 31, 2013 Compared to Four at March 31, 2012
FINANCIAL AND OPERATIONAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2013
GreenHunter reported revenues for the three months ended March 31, 2013 of $8.6 million, compared to $2.3 million reported during the first quarter of 2012. The increase in revenues of 279% or $6.3 million was driven primarily by increases in daily salt water disposal volumes as a result of both organic SWD capacity growth and acquisitions that resulted in a 1,455% increase in permitted operating injection capacity compared to one year ago.
The operating loss for the three months ended March 31, 2013 was $(7.2) million, compared to an operating loss of $(0.4) million during the first quarter of 2012. Net loss to common shareholders was $(8.5) million, ($(0.25) loss per common share basic and diluted) for the three months ended March 31, 2013 compared to a net loss of $(0.8) million, ($(0.03) loss per common share basic and diluted), during the first quarter of 2012.