This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

GreenHunter Resources Reports First Quarter 2014 Financial And Operating Results

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 Company’s quarterly report Form 10-Q for the three months ended March 31, 2014.

OPERATIONAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2014

Highlights from the Company’s financial and operating results include the following:

  • During the three months ended March 31, 2014, GreenHunter Resources’ wholly-owned subsidiary, GreenHunter Water, continued to strengthen its dominant position as an owner and operator of commercial salt water disposal (SWD) wells in the Marcellus and Utica Shale plays in Appalachia where it exited the first quarter 2014 with over 13,900 barrels per day (BBL/D) of operating permitted disposal capacity, along with operating a fleet of 39 vacuum trucks capable of transporting brine and condensate. Total disposal volumes for the Company’s nine (9) Appalachia SWD’s increased approximately 97% in the first quarter 2014 to 927 thousand barrels as compared to 471 thousand barrels disposed in the first quarter 2013. The company continues to develop barge transloading and bulk storage facilities for oilfield brine and condensate in the Appalachia region along the Ohio River with operations anticipated to begin in the near future.
  • Operating revenues from continuing operations were $8.5 million during first quarter 2014 compared to $4.7 million for first quarter 2013, an increase of 79%. Our loss for 2014 from continuing operations was $1.3 million for fiscal year 2014 compared to a loss of $1.7 million for 2013. Our net loss per share from continuing operations for both 2014 and 2013 was ($.08) per share, basic and diluted. Our loss on discontinued operations for 2014 was $130 thousand (a loss of ($.00) per common share, basic and diluted), compared to loss from discontinued operations of $5.8 million (loss of ($.17) per share, basic and diluted) for 2013. Our net loss per share for both continuing operations and discontinued operations, basic and diluted, was ($.08) compared to ($.25) for the years 2014 and 2013, respectively.
  • The Company reported positive EBITDA from continuing operations of $378,072 for the first quarter 2014.
  • On January 28, 2014, the Company sold the Kenedy Hunter well to Sable Environmental for aggregate consideration of approx. $3.9 million. Total consideration of $1 million cash and a promissory note for approximately $2.9 million with an interest rate of 10% per annum and maturity date of January 31, 2016 was received at closing.
  • On January 31, 2014 the Company sold its second MAG Tank™ and had revenue of $800 thousand related to this sale.
  • On February 19, 2014, GreenHunter Mesquite Lake entered an agreement to sell the biomass project to ML Energy Park, LLC for $2.0 million. The closing is scheduled for March 15, 2015. The prospective buyer made an initial payment of $50 thousand as earnest money deposit and has continued to pay $50 thousand per month to date and is required to continue the monthly payments for a year or until deciding to ultimately purchase the property. The monthly payments, as well as the initial $25 thousand fee, are non-refundable.
  • On February 28, 2014 the Company closed on the private placement of approx. $1.1 million of the Company’s unsecured term notes due one year from the date of issuance together with 100,879 common stock purchase warrants with an exercise price of $2.25.
  • On March 16, 2014 the Company began operations of the Mills Hunter #2 SWD well, located in Meigs County, Ohio. The well has a permitted capacity of approximately 1,500 bbls per day and has been running near capacity since going operational.
  • On March 26, 2014, the Company sold the Westhoff Hunter disposal well to Clearwater Resources for a purchase price of $3.4 million. Total consideration of $1.0 million in cash and a promissory note for approximately $2.4 million with an interest rate of 10% per annum and a maturity date of May 1, 2016 was received at closing.
  • On May 1, 2014, the Company sold the Dilley disposal well to Sable Environmental for a purchase price of $4.7 million. As part of the agreement, the purchaser paid off the original $2.9 million promissory note that was issued on January 28, 2014.

RECENT EVENTS

The Company recently established a new environmental solutions division, GreenHunter Environmental Solutions’ (GHES). Based on customer demand and the amount of business that has been referred to locally based environmental service companies, the company made the decision to add this new business segment to our Total Water Management Solutions™ package of services.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,031.14 +43.63 0.26%
S&P 500 1,984.13 -1.41 -0.07%
NASDAQ 4,518.9020 -48.6960 -1.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs