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 its wholly-owned subsidiary, GreenHunter Water, LLC has begun sales of its first MAG Tank™. Sixty-six MAG Panels™ are in the process of being delivered to an existing customer. The large independent oil and gas producer will use the MAG Tank as a fresh water holding impoundment at a multi-well Utica Shale drill pad located in southeastern Ohio.
Proprietary Modular Above Ground Tank System
GreenHunter’s next generation modular above ground MAG Tank design was engineered to accommodate heavy fluids in addition to fresh water. The proprietary and patent-pending design uses standardized steel modular trapezoidal MAG Panels™ that are capable of supporting fluid weight independent of other panels together with a reusable impermeable liner. MAG Panels allow operators to configure tank footprints to match the well pad in multiple shapes and in virtually unlimited capacities above 11,000 barrels. The MAG Tank meets or exceeds industry standards for above ground oilfield fluid storage and provides oil and gas operators with a flexible, low-cost and environmentally friendly water storage solution as compared to traditional 500 barrel frac tanks and earthen impoundments. GreenHunter’s MAG Panels are available for short-term and long-term lease or purchase.
Commenting on the sale of the industry’s first MAG Tank, Mr. Jonathan D. Hoopes, Interim CEO, President and COO, stated, “Our first sale of the MAG Tank supports our business strategy and belief that producers need an alternative above-ground storage tank option beyond second-generation 40,000 barrel cylindrical tanks. The unique design of the MAG Panel gives operators a very flexible solution to match their drilling program at a variety of field locations. Unlike many other above-ground tank providers, GreenHunter offers a lease and/or purchase option to meet specific operators’ business model objectives. We continue to look for ways to assist operators in their goal to reduce truck traffic and reduce below ground containment. We anticipate significant demand for this new proprietary product.”