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Thursday 23rd of October 2014
2/8/2011

GreenHunter Water acquires Marcellus water service property

GreenHunter Water acquires Marcellus water service property

GreenHunter Energy Inc. said in a news release that its GreenHunter Water subsidiary executed a definitive agreement to acquire about 99 mineral acres and 84 surface acres in West Virginia, where it will develop a commercial water service facility.

The acquisition includes an existing well that has been approved for commercial water disposal, according to the release.

GreenHunter Water, with this initial acquisition, will establish a foothold in the fast-growing Appalachian region. Planned uses for the location include a treatment facility for oilfield produced water, frac water and drilling mud, one or more salt water disposal wells and a heavy equipment and frac tank lay-down yard.

The property to be acquired through the transaction is strategically located in the heart of the drilling activity within the Appalachian resource plays of the Marcellus Shale and new Utica Shale, as well as being strategically located nearby existing highways where water hauling trucks are very active, the company said.

“This important move marks GreenHunter Energy’s formal entry into the water management space. Since deciding to pursue this multi-billion dollar market opportunity earlier this year, we have been exploring how best to leverage management’s oil field experience and long term relationships with established oil and gas producers. We have decided to focus our efforts on the Marcellus Shale in the Appalachian Basin, the Eagle Ford Shale in West Texas and the Bakken Shale in the Williston Basin. These unconventional shale plays are experiencing the most prolific growth in activity within the United States and we are presently in negotiations for three other potential acquisitions to significantly increase our presence in these unconventional resources plays. We believe that GreenHunter Water is uniquely positioned to grow our asset base and revenues in a manner that should provide exceptional shareholder returns,” GreenHunter Energy President and COO Jonathan Hoopes said.

 

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