GreenHunter Resources, Inc. (NYSE MKT: GRH and GRH.PRC) (the “Company”), a diversified water resource, fluids management and environmental services company specializing in the unconventional oil and natural gas shale resource plays, announced today financial results for the three months and the nine months ended September 30, 2013.
- Total Revenues increased 119% to $10.7 million for the three months ended September 30, 2013 as compared to the similar period in 2012 of $4.9 million
- Total Disposal Volumes increased 230% in the three months ended September 30, 2013 to 1.2 million barrels (BBL) injected compared to 522 thousand BBL injected in the similar period in 2012
- Total Operating Salt Water Disposal Permitted Injection Capacity as of September 30, 2013 exceeded 94 thousand BBL per day representing a 343% increase from September 30, 2012
- The Company recently executed a Letter of Intent to enter into a $35 million Second Lien Credit Facility with a closing anticipated prior to year-end.
FINANCIAL AND OPERATIONAL RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013
GreenHunter reported revenues for the three months ended September 30, 2013 of $10.7 million, compared to $4.9 million reported during the Third Quarter of 2012. The increase in revenues of 119% or $5.8 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 343% increase in permitted operating injection capacity compared to one year ago. Additionally, billable trucking hours in the Appalachian region increased 33% to 12 thousand hours in the third quarter of 2013 compared to 9 thousand in the same period of 2012. The Company’s fleet of trucks increased to 39 vacuum trucks and 23 bobtail trucks during the third quarter 2013. During the third quarter of 2013, the Company recorded its first MAG Tank sale for $1.7 million.