GreenHunter Water Goes Operational on New Disposal Facility in Meigs County, Ohio
Strategically Located Riverside Salt Water Disposal Facility
GRAPEVINE, Texas--(BUSINESS WIRE)-- 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 its wholly-owned subsidiary, GreenHunter Water, LLC, has begun operations at a new salt water disposal (SWD) facility located in Racine, Meigs County, Ohio. This riverside SWD has the potential to inject more than 3,000 barrels per day (BBL/D) of oilfield brine. GreenHunter's property lease at this facility also allows for a barge receiving terminal to be installed on the river so material can be piped directly to the disposal well from the barge cells. The barge terminal phase of this project will commence once all necessary permits have been received.
A large number of GreenHunter's existing Appalachian customers have oilfield operations in close proximity to the Racine SWD. This will immediately reduce truck transportation costs for the customers because product can now go directly to the facility.
GreenHunter Water now has eight active SWD wells in the Appalachian region which includes five located in the state of Ohio, two located in the state of West Virginia and one located in Kentucky.
Commenting on the start of operations at the new Racine salt water disposal facility, John Jack, GreenHunter Vice President in the Appalachian region, stated, "The Racine riverside SWD is a key component of GreenHunter's strategy to become an industry-leading barge operation which we continue to build out along the Ohio River. Now that this facility is up and running, we are able to receive truck traffic and we are anxious to begin construction of a new receiving terminal and pipeline infrastructure to supplement our New Matamoras and Wheeling water reuse, barge transloading and bulk storage operations. GreenHunter also continues to look for ways to assist our Appalachia oilfield customers in reducing their impact on the environment by recycling and reusing production water and flowback. We are excited to be the first to implement a barging program and we expect our efforts to result in a significant reduction in truck traffic benefiting the neighboring communities."
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-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 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.
Non-GAAP Measures: Reconciliation to Standardized Measures
This release contains certain financial measures that are non-GAAP measures.We have provided reconciliations within this release of the non-GAAP financial measures to the most directly comparable GAAP financial measures. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, measures for financial performance prepared in accordance with GAAP that are presented in this release. We believe adjusted EBITDA (as defined by period net loss as adjusted for income tax, interest expense, depreciation expense, impairment of asset value, non-cash stock based compensation and other non cash gains) to be an important measure for evaluating the company's operational progress and as useful information to investors because it is widely used by professional analysts and investors in evaluating companies in a state of high growth. However, adjusted EBITDA should not be considered as an alternative to the standardized measure as computed under GAAP.
GreenHunter Energy, Inc.
Jonathan D. Hoopes
Interim CEO, President and COO
1048 Texan Trail
Grapevine, TX 76051
Tel: (972) 410-1044
KEYWORDS: United States North America Ohio Texas
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