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GreenHunter Sells Non-Core Asset in South Texas Operations

Source: www.gulfoilandgas.com 6/11/2013, Location: North America

GreenHunter Resources, 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 closed on the sale of its Helena, Karnes County salt water disposal (SWD) well.

Cash proceeds of $5.2 million have been received from the sale of the Helena SWD, which has a daily permitted disposal capacity of 10,000 barrels (BBL) and which was 100% owned by GreenHunter. This SWD well was originally drilled in September 2012. GreenHunter Water has also entered into an operating agreement with the purchaser, Sable Environmental, until the UIC permit transfer with the Texas Railroad Commission (TRRC) has been completed and approved.

GreenHunter also provided an operational update on its SWD operations in South Texas which are not associated with this asset sale. One month after going operational in mid-January, GreenHunter’s Dilley SWD operation began taking flowback and production water from a largeTexas-based international oil and gas exploration and production company. Average daily disposal volumes from this and other customers have exceeded 4,400 BBL during the last 90 days. GreenHunter Water’s fleet of 26South Texas vacuum trucks have been working around the clock in transporting these volumes and management is in the process of hiring additional drivers in an effort to further increase utilization. During the month of May, management significantly restructured our South Texas field operations. This restructuring of personnel and operations should result in a payroll savings in excess of $1.0 million annually for this Division.

Management Comments

Commenting on the sale of this non-core asset, Kirk Trosclair, GreenHunter’s Executive Vice President, stated, “Since initiating our South Texas SWD operations and drilling wells late last year, the environment in this region has become increasingly competitive which has driven down SWD disposal prices. Despite this tougher competitive environment, we have been successful in finding a strong customer base at our Dilley SWD.

After being approached by Sable, who has existing operations in the Eagle Ford, we decided that this sale would allow us to shift our focus on our Dilley SWD and redeploy capital to new areas of the play which have seen a rapid increase in drilling activity. Additionally, our reorganization completed last month has right sized our operations in this region going forward.”

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