GreenHunter Water Announces First Acquisition of Marcellus Water Service Property
West Virginia Facility to Serve Active Appalachian Exploration and Production Companies
GRAPEVINE, Texas–(BUSINESS WIRE)– GREENHUNTER ENERGY, INC. (NYSE Amex: GRH), a diversified renewable energy company predominately focused on water resource management in the unconventional oil and shale resource plays, announced today that its wholly owned subsidiary, GreenHunter Water, has executed a definitive agreement to acquire approximately 99 mineral acres and 84 surface acres located in West Virginia where it will develop a commercial water service facility. The acquisition includes an existing well that has been approved for commercial water disposal.
With this initial acquisition, GreenHunter Water will establish a foothold in the fast-growing Appalachian region. Planned uses for this location include a treatment facility for oilfield produced water, frac water and drilling mud, one or more salt water disposal (SWD) wells and a heavy equipment and frac tank lay-down yard. The property to be acquired through this transaction is strategically located in the heart of the drilling activity within the Appalachian resource plays of the Marcellus Shale and new Utica Shale, as well as being strategically located nearby existing highways where water hauling trucks are very active.
This development by GreenHunter Water is a direct response to a request for a proposal for water management solutions to support the Marcellus Shale drilling activities of a number of active Appalachian exploration and production companies.
Commenting on this event, Mr. Jonathan D. Hoopes, President and Chief Operating Officer of GreenHunter Energy, stated, “This important move marks GreenHunter Energy’s formal entry into the water management space. Since deciding to pursue this multi-billion dollar market opportunity earlier this year, we have been exploring how best to leverage management’s oil field experience and long term relationships with established oil and gas producers. We have decided to focus our efforts on the Marcellus Shale in the Appalachian Basin, the Eagle Ford Shale in West Texas and the Bakken Shale in the Williston Basin. These unconventional shale plays are experiencing the most prolific growth in activity within the United States and we are presently in negotiations for three other potential acquisitions to significantly increase our presence in these unconventional resources plays. We believe that GreenHunter Water is uniquely positioned to grow our asset base and revenues in a manner that should provide exceptional shareholder returns.”
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” and similar expressions constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 implement its business plan, government regulation and competition. GreenHunter Energy undertakes no obligation to update these forward-looking statements in the future.
GreenHunter Energy is focused on water resource management in the oil and natural gas sector and the renewable energy sectors of wind, hydro, geothermal, solar, biofuels, and biomass power plants. Our assets consist of a residual interest in the future development of a wind energy project located in California and a biomass-fired power plant located near Imperial, California. Headquartered in Grapevine, Texas, GreenHunter Energy was formed to be the first publicly traded renewable energy company based in the U.S. that provides to investors a portfolio of diversified assets in the alternative energy sector. Additional information about GreenHunter Energy may be found at www.greenhunterenergy.com.
GreenHunter Energy, Inc.
Jonathan D. Hoopes
President & COO
1048 Texan Trail
Grapevine, TX 76051
Tel: (972) 410-1044
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