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GreenHunter Closes Financial of Salt Water Disposal Wells

Source: www.gulfoilandgas.com 11/5/2012, Location: North America

GreenHunter Energy, Inc., a diversified water resource, waste management and environmental services company specializing in the unconventional oil and natural gas shale resource plays, announced that on November 2, 2012, its wholly owned subsidiary, GreenHunter Water, LLC, has completed the financial closing on the previously announced agreement to acquire two operating Class II salt water disposal (SWD) wells located in Washington County, Ohio and Ritchie County, West Virginia.

These SWD wells have contributed an additional 3,000 to 4,000 Barrels per day (BBL/D) of combined commercial SWD capacity into the Company’s existing water services portfolio.

With the addition of these two SWD wells, the Company’s Appalachia region owned and operated salt water disposal capacity is now 12,500 BBL per day which meets our 2012 year-end target guidance of 12,500 BBL per day.

Including existing SWD operations in the Mississippian Lime play in Oklahoma and the SWD drilling program in the Eagle Ford play in South Texas, the Company’s anticipated 2012 year-end SWD owned and operated capacity target is 70,000 BBL per day. Management remains very active on the acquisition and development front in the Marcellus, Utica, Eagle Ford and Bakken shale play as well as the Horizontal Mississippian Lime.

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Related Categories: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

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