By Greentech Lead Team: GreenHunter
Energy, a diversified renewable energy company focused on water resource
management in the unconventional oil and gas shale resource plays, announced
that its wholly owned subsidiary, GreenHunter Water, has acquired three fully
operational commercial salt water disposal (SWD) wells and associated
facilities located in Washington County, Ohio and Lee County, Kentucky for $8.8
Million.
“This acquisition accelerates
our growth plan and puts us on track to achieve 12,500 BBL/D total injection
capacity in the Marcellus and Utica Shale plays by the end of 2012. We look
forward to integrating these newly acquired properties, personnel, and
established customer relationships into our existing Appalachian operations,”
said Jonathan D. Hoopes, president and COO, GreenHunter.
The assets acquired also included a
fleet of nine water hauling vacuum trucks, and 37 frac tanks (500 barrel
capacity each). Total current salt water disposal capacity is 9,000 barrels per
day (BBL/D), of which 6,000 BBL/D is from two wells located in Ohio and
approximately 3,000 BBL/D is from one well located in Kentucky.
GreenHunter estimated annual revenues from this acquisition to be
approximately $15 million including disposal, hauling and water tank rental.
The Ohio facility is utilizing its
100 percent capacity for the last several months. Nearly all of the daily
capacity in Ohio has been reserved under multiple disposal capacity contracts
with major oil & gas companies and large independents active in the region
– these capacity contracts also typically contain rights for Hunter Disposal to
provide fluid transportation trucking on a first-call basis.
Management is presently exploring
various options to increase usage at the Kentucky facility by leveraging a
combination of truck hauling and barge logistics.
With these acquisitions,
GreenHunter plans to expand its existing truck fleet, Total Water
Management Solutions(TM) services portfolio within the current customer base,
and expand of the Company’s MAG Tank(TM), Frac-Cycle(TM) and RAMCAT(TM) product
lines. With these expansions GreenHunter expects to create 40 new service
industry jobs.
Recently,
GreenHunter completed the purchase of new equipment assets to be used to
service a new long term contract to haul and dispose produced water for several
major oil companies that control significant mineral leasehold acreage
positions in the Marcellus and Utica Shale plays located in Pennsylvania, West
Virginia and Ohio.