GreenHunter Water announces second water service property acquisition located in a high drilling activity region with approximately 90 exploration and production drilling rigs currently active.
GreenHunter Water’s strong management team with extensive oil and gas industry experience and contacts continues to develop the Water Service Management focus with solid agreements and continued due diligence activities on future locations.
The Company executed a long-term agreement to lease approximately five acres of surface and mineral rights in the Eagle Ford Shale region of South Texas where it will develop a new commercial water service facility. The leased property is strategically located in a high drilling activity region with approximately 90 exploration and production drilling rigs currently active in the immediate area.
The planned use for this location includes:
- One or more salt water disposal wells
- A treatment facility for oilfield produced water
- Frac water and drilling mud
- A frac tank lay-down yard
This facility is the first of multiple planned locations for GreenHunter Water in the Eagle Ford Shale and is a direct response to a request from a number of operators active in the region to provide a “Total Water Management Solution.”
GreenHunter Water is ready to provide its portfolio of Total Water Management Solutions not only in the Marcellus, but now also the Eagle Ford Shale Play.
Management is continuing to explore additional opportunities in both of these active shale plays and currently is evaluating water service prospects in the Bakken Shale of North Dakota.
Strong Management History in Oil and Gas Industry
Management, which has a significant background in the oil and gas industry, has identified water reuse and water management opportunities in the energy industry as a significant growth opportunity and is exploring various ways to reposition the Company to serve this growing segment through joint ventures, targeted acquisitions, development and deployment of water resource management technologies, and services including underground injection for disposal, evaporation, pre-treatment of water for underground injection for increasing oil recovery, off site commercial disposal, on site remediation and beneficial reuse.
Gary C. Evans – Chairman and Chief Executive Officer
Gary C. Evans presently serves as Chairman of the Board and Chief Executive Officer of Magnum Hunter Resources Corporation (NYSE “MHR”), a Houston based oil and gas exploration and production company specializing in unconventional resource plays in North America; he has held that position since May 2009.
Mr. Evans previously founded and served as the Chairman and Chief Executive Officer of Magnum Hunter Resources Inc. (MHRI), a NYSE listed company, for twenty years before selling MHRI to Cimarex Energy for approximately $2.2 billion in June 2005. In 2005, Mr. Evans formed Wind Hunter Energy, LLC, a renewable energy company which was subsequently acquired in December 2006 by GreenHunter Energy, Inc.; a (NYSE Amex “GRH”) listed renewable energy company focusing on biomass power, wind, solar, and clean water technologies.
Mr. Evans has served as Chairman and Chief Executive Officer of GreenHunter Energy, Inc. since December 2006. Mr. Evans serves as an Individual Trustee of TEL Offshore Trust, a NASDAQ listed oil and gas trust, and is the Director of Novavax Inc., a NASDAQ listed clinical-stage vaccine biotechnology company. Mr. Evans was recognized by Ernst and Young as the Southwest Area 2004 Entrepreneur of the Year for the Energy Sector and was subsequently inducted into the World Hall of Fame for Ernst & Young Entrepreneurs. Mr. Evans also serves on the Board of the Maguire Energy Institute at Southern Methodist University.
Jonathan Hoopes – President, Chief operating Officer and Director
Jonathan Hoopes has served as President and Chief Operating Officer of the Company since October 2009.
Mr. Hoopes has been an active participant in the energy and technology landscape for more than 20 years. His industry experience includes leadership roles in strategy, manufacturing, international sales and distribution, equity research and asset valuation, debt and equity capital markets underwriting and syndication, sales and trading and financial management at leading multinational corporations including Bechtel, Citibank, Deutsche Bank, Goldman Sachs, PaineWebber and UBS. Mr. Hoopes has been exclusively focused on issues involving alternative energy since 2007 and he has developed an extensive network of relationships with senior management teams of leading companies and institutional investors in various energy technology industries.
Mr. Hoopes earned a MBA from Wharton in International Finance, a MA in Asian Studies from the University of Pennsylvania and a BS in Finance from Brigham Young University. In addition to English, Mr. Hoopes also speaks Cantonese and Mandarin.
Ronald H. Walker – Director
Ronald H. Walker has been a director of the company since November 1, 2007. Prior to his retirement in 2001, Mr. Walker was a senior partner with Korn/Ferry International, the world’s largest executive search firm, for over 20 years. At Korn/Ferry, Mr. Walker’s client base included the Fortune 100 companies. Mr. Walker’s extensive record of government service includes Special Assistant to the President of the United States from 1969 to 1972, where he was the founder and first director of the White House Advance Office. In this position, he was responsible for planning and coordinating all Presidential travel both domestic and international. Those visits included all 50 states and 25 countries. He personally directed the preparations for the President’s historic trips to the People’s Republic of China and Russia.
President Nixon appointed Mr. Walker the 8th Director of the National Park Service in December 1972, where he served until 1975. In this position, he was charged with the preservation and care of the country’s 300 National Park System areas encompassing 300 million acres of land. He administered a budget of $350 million and managed 15,000 employees who served the 230 million people that visit America’s park lands annually.
Mr. Walker previously served as a consultant to the White House Personnel Office. He has also served as a senior advisor to four Presidents and on Special Diplomatic assignments abroad. In addition, he has served as a senior advisor to nine Republican Conventions, highlighted by his Chairmanship and position of CEO of the 1984 Republican National Convention held in Dallas,Texas. At the request of President Ronald Reagan, he also chaired the 50th Presidential Inauguration.
Mr. Walker has served on numerous boards, both public and private, including being a public-sector member of the United States Olympic Committee (USOC), the National Collegiate Athletic Association (NCAA), Kennedy Center, Vice Chair of the President’s Council on Physical Fitness and Sports, past chairman of the Freedoms Foundation at Valley Forge, the National Park Foundation, Grand Teton National Park Foundation, Ford’s Theatre, and Vice Chairman of the Bicentennial of the U.S. Constitution.
Mr. Walker is a distinguished graduate from the University of Arizon awith a BA in Government and American History. He also served in the U.S. Army, reaching the rank of captain.
Ronald D. Ormand – Director
Mr. Ormand has been a Director of the Company since June 2009 and has over twenty-five years of investment and commercial banking experience in the energy industry. Mr. Ormand currently serves as Executive Vice President, Chief Financial Officer and Board Member of Magnum Hunter Resources, Inc.
Mr. Ormand is a previous member of the Board of Directors of Tremisis Energy Acquisition Corporation II, an NYSE Amex listed company. Mr. Ormand has over 25 years of energy investment banking experience with CIBC as Managing Director and Head of CIBC World U.S. Oil and Gas Investment Banking Group, as a member of U.S. Investment Banking Management Committee and as Managing Director and Head of Oil and Gas Investment Banking for the Americas with West LB, a German-based international bank.
Mr. Ormand received a B.A. and an M.B.A. from UCLA and attended Cambridge University where he studied Economics.
Morgan F. Johnston – Senior Vice President, General Counsel and Secretary
Morgan F. Johnston has served as Senior Vice President, General Counsel and Secretary of the Company since March 1, 2007.
From June of 2005 until March 1, 2007, Mr. Johnston was a sole practitioner representing clients in corporate and securities law. He served as the Senior Vice President, General Counsel and Secretary of Magnum Hunter Resources, Inc., an NYSE-listed company, from January 1, 2003 to June of 2005. He previously served as MHR’s Vice President and General Counsel since April 1997 and also served as MHR’s Secretary since May 1, 1996.
Mr. Johnston was in private practice as a sole practitioner from May 1, 1996 to April 1, 1997, specializing in corporate and securities law. From February 1994 to May 1996, Mr. Johnston served as general counsel for Millennia, Inc. and Digital Communications Technology Corporation, two American Stock Exchange-listed companies. He also previously served as Securities Counsel for Motel 6 L.P., an NYSE-listed company. Mr. Johnston graduated cum laude from Texas Tech Law School in May 1986 and was also a member of the Texas Tech Law Review. He is licensed to practice law in the State of Texas.
David S. Krueger – Vice President and Chief Financial Officer
David S. Krueger has served as Vice President and Chief Financial Officer of the GreenHunter since May 2006.
From June 2005 to May 2006, Mr. Krueger was Vice President and Chief Financial Officer for Sulphur River Exploration, Inc. in Dallas,Texas.
Mr. Krueger served as Vice President and Chief Accounting Officer of Magnum Hunter Resources, Inc. from January 1997 to June 2005. Mr. Krueger acted as Vice President-Finance of Cimarron Gas Holding Co., a gas processing and natural gas liquids marketing company in Tulsa,Oklahoma, from April 1992 until January 1997. Mr. Krueger served as Vice President/Controller of American Central Gas Companies, Inc., a gas gathering, processing and marketing company from May 1988 until April 1992. From 1974 to 1986, Mr. Krueger served in various managerial capacities for Southland Energy Corporation.
Mr. Krueger, a certified public accountant, graduated from the University of Arkansas with a bachelor’s degree in Business Administration and earned his M.B.A. from the University of Tulsa.
GreenHunter Energy, Inc.
Jonathan D. Hoopes President & COO
1048 Texan Trail Grapevine, TX 76051
Tel: (972) 410-1044
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.
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