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 that it has established a new hydrocarbons division, GreenHunter Hydrocarbons, LLC, a wholly-owned subsidiary of GreenHunter Resources. This new business line will further complement the company’s Total Fluids Management Solutions services currently provided to producers in the Marcellus and Utica Shale plays.
GreenHunter Hydrocarbons’ business lines will focus on the transportation, storage, processing, and marketing of hydrocarbons (oil, condensate, and NGLs) in the Appalachian region. Leveraging off of our existing asset base and infrastructure, which includes up to six different barge terminal locations, presently owned or leased by GreenHunter Resources, GreenHunter Hydrocarbons is uniquely positioned to immediately garner a significant portion of this business opportunity.
GreenHunter Hydrocarbons also announces today the hiring of Mr. Terry Clark as Vice President of GreenHunter Hydrocarbons and manager of this division. Mr. Clark has 17 years of experience managing hydrocarbons in the Appalachian Basin and has established industry-wide relationships with producers and refiners that will be extremely valuable to this new business segment.
Offering some insights that shape his strategy on becoming a participant in the hydrocarbons/condensate market, Mr. Clark states that, “Higher quality Bakken and Eagleford condensates which now saturate the gulf coast market are lowering demand for Marcellus and Utica condensates. Unprocessed condensate pricing will continue to be volatile as shale production increases and Marcellus/Utica condensates’ Reid Vapor Pressure (RVP) exceed market requirements and limits. With the stabilization and processing of condensates, added value we can create for our customers’ accounts will be crucial in keeping the condensates generated from this region as a viable revenue stream for producers. Additionally, moving condensate via pipeline in this region will ultimately reduce transportation liability and risk, while at the same time, eliminating and/or reducing higher cost trucking.”
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