GreenHunter Resources Receives Letter from NYSE MKT
GRAPEVINE, Texas--(BUSINESS WIRE)-- GreenHunter Resources, Inc. (NYSE MKT: GRH and 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 on May 21, 2013, the Company received notice from the Exchange Staff of the NYSE MKT LLC indicating that the Company has not met one of the Exchange's continued listing requirements of the NYSE MKT LLC's Company Guide due to the failure to timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2013 as required by Sections 134 and 1101 of the Company Guide.
The Company has been afforded the opportunity to submit a plan of compliance to the Exchange by June 4, 2013, that demonstrates the Company's ability to regain compliance with Sections 134 and 1101 by August 15, 2013. The Company intends to submit a plan by the time specified, however, if the plan is not accepted by the Exchange, the Company will be subject to delisting procedures as set forth in Section 1010 and Part 12 of the Company Guide.
As previously announced, the Company believes it will file its Quarterly Report on Form 10-Q for the period ended March 31, 2013 by June 10, 2013. On December 31, 2012, the Company acquired two privately held oilfield water service and construction companies that provide services to oil and natural gas producers in the Eagle Ford Shale. The two acquired entities had previously been providing services to operators active in the Eagle Ford Shale play. The Company has been diligently working to consolidate the financial statements from these two private companies into the Company's financial statements in accordance with GAAP but needs additional time to complete the consolidation.
About GreenHunter Water, LLC (a wholly owned subsidiary or GreenHunter Resources, 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-CycleTM), 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 (RAMCATTM) that allow Shale producers to optimize the efficiency of their water resource management and planning while complying with emerging regulations and reducing cost.
For a visual animation of the Class II Salt Water Disposal well development and completion technique that is being utilized in GreenHunter Water's Appalachia, Eagle Ford, Mississippian Lime and Bakken SWD program, navigate to the video by clicking on "Salt Water Disposal Animation" button on the Operations tab at GreenHunterEnergy.com or click here.
Additional information about GreenHunter Water may be found at www.GreenHunterWater.com.
Any statements in this press release about future expectations and prospects for GreenHunter Resources 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 Resources undertakes no obligation to update these forward-looking statements in the future.
CONSOLIDATED STATEMENT OF OPERATIONS
For the Year Ended December 31,
Water disposal revenue
Storage rental revenue and other
COST OF SERVICES PROVIDED:
Cost of services provided
Depreciation and accretion expense
Loss on impairment of biomass project
Stock based compensation
Selling, general and administrative
Total costs and expenses
OTHER INCOME (EXPENSE):
Interest and other income
Interest, amortization and other expense
Gain on sale of assets
Gain on settlements of payables
Gain on debt extinguishment
Unrealized gain (loss) on convertible securities
Total other expense
Net loss before taxes
Income tax expense
Loss from continuing operations
Gain on disposal of discontinued operations
Preferred stock dividends
Deemed dividend on Series A Preferred Stock conversion
Gain on Series B Preferred Stock conversion
Net loss to common stockholders
Weighted average shares outstanding, basic and diluted
Net loss per share from continuing operations, basic & diluted
Net earnings per share from discontinued operations, basic & diluted
Net loss per share, basic & diluted
SELECTED BALANCE SHEET DATA
Cash and cash equivalents
Total current assets
Net fixed assets
Total current liabilities
Total long-term liabilities
Total stockholders' equity
GreenHunter Resources, Inc.
Jonathan D. Hoopes
Interim CEO, President and COO
1048 Texan Trail
Grapevine, TX 76051
Tel: (972) 410-1044
KEYWORDS: United States North America Texas
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