Energy/Water Stocks News: GreenHunter Energy, Inc. (NYSE MKT: GRH) (NYSE MKT: GRH.PRC) Reports New Salt Water Disposal Facility Initiates Operations in Appalachia Region
GRAPEVINE, Texas - September 5, 2012 (Investorideas.com water newswire, www.water-stocks.com) GreenHunter Energy, 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 its wholly owned subsidiary, GreenHunter Water, LLC, has recently begun providing water disposal services at its newly completed Ritchie County, West Virginia salt water disposal (SWD) facility.
This commercial SWD facility is comprised of newly constructed storage tanks and a fully contained offloading platform that features six unloading tractor trailer bays, a new pump house and a redundant (back-up) high-speed pump system. An abandoned natural gas well that was originally drilled in September 2008 to a total depth of 6,103 feet has been recompleted by GreenHunter Water as a SWD pursuant to the terms of an Underground Injection Control (UIC) permit that was issued by the West Virginia Department of Environmental Protection Office of Oil and Gas and Division of Water and Waste Management. The geological target disposal formation is the "Geneseo" with a top injection interval of 6,044 feet.
The results of the step-rate test that was completed earlier this year at the Ritchie County SWD were excellent, and management expects commercial disposal capacity at this Class II SWD to be in the range of 3,000 barrels of salt water and other non-hazardous oil and gas waste per day.
Commenting on this new addition to the portfolio, Jonathan D. Hoopes, President and COO, stated, "This new well has been online for less than two weeks and we are already operating near full capacity. Strong demand for Class II injection capacity in the Utica and Marcellus shale plays has management keeping busy on the acquisition front where we expect to make more announcements in this region soon. With the Ritchie County SWD online, we are very close to achieving our 2012 year-end target guidance of 12,500 BBL per day of SWD capacity. Moreover, increasing demand for GreenHunter Water’s advanced logistics services has led us to recently acquire eight new salt water transport trucks - four of which will be operated by our Hunter Hauling subsidiary in the Appalachia region and the other four will operate in our recently established Eagle Ford region of South Texas . This brings our current total water hauling fleet now to 30 units."
About GreenHunter Water, LLC (a wholly owned subsidiary or GreenHunter Energy, Inc.)
GreenHunter Water, LLC provides Total Water Management Solutions™ in the oilfield. An understanding that there is no single solution to E&P fluids management shapes GreenHunter’s technology-agnostic approach to services. In addition to licensing of and joint ventures with manufacturers of mobile water treatment systems (Frac-Cycle™), GreenHunter Water is expanding capacity of salt water disposal facilities, next-generation modular above-ground storage tanks (MAG Tank™), advanced hauling and fresh water logistics services—including 21st Century tracking technologies (RAMCAT™) that allow Shale producers to optimize the efficiency of their water resource management and planning while complying with emerging regulations and reducing cost.
Any statements in this press release about future expectations and prospects for GreenHunter Energy and its business and other statements containing the words "believes," "anticipates," "plans," "expects," "will," "could," "should," "budget," "continue," and similar expressions constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in the press release include, without limitation forecasts of growth, revenues and SWD well and rolling stock expansion. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the substantial capital expenditures required to fund its operations, the ability of the Company to fund and implement its business plan, government regulation and competition. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011, as well as the Company's other reports filed with the United States Securities and Exchange Commission and are available at http://www.sec.gov/ as well as the Company's website at http://greenhunterenergy.com/. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All forward-looking statements are qualified in their entirety by this cautionary statement. GreenHunter Energy undertakes no obligation to update these forward-looking statements in the future.
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