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TheStreet Open House

GreenHunter Resources Reports Second Quarter 2013 Financial And Operating Results

Stocks in this article: GRH

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 and six months ended June 30, 2013.

  • Total Revenue Increased 172% to $17.5 million for the six months ended June 30, 2013 versus the similar period in 2012 of $6.4 million
  • Total Disposal Volumes Increased 216% in the first six months of 2013 to 2.3 million barrels (BBL) injected compared to 728,700 BBL injected in the first six months of 2012
  • Total Operating Salt Water Disposal Permitted Injection Capacity as of June 30, 2013 Exceeded 97,000 BBL per day representing a 1,400% Increase from June 30, 2012
  • The Company has received guidance from the US Coast Guard for Waterborne Transport of Oil Field Wastes regarding plans to convert existing infrastructure into a water recycling station and build up to 19,000 barrels of water tank storage
  • Three new Hazmat vacuum trucks ordered and delivered for the Appalachia division in August 2013

FINANCIAL AND OPERATIONAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2013

GreenHunter reported revenues for the three months ended June 30, 2013 of $8.9 million, compared to $4.2 million reported during the Second Quarter of 2012. The increase in revenues of 113% or $4.7 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 1,400% increase in permitted operating injection capacity compared to one year ago.

The operating loss for the three months ended June 30, 2013 was ($2.1) million, compared to an operating loss of ($0.4) million during the Second Quarter of 2012. Net loss to common shareholders was ($1.7) million, (($0.05) loss per common share basic and diluted) for the three months ended June 30, 2013 compared to a net loss of ($1.0) million, (($0.04) loss per common share basic and diluted), during the Second Quarter of 2012.

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