GRAPEVINE, Texas--(BUSINESS WIRE)--
GreenHunter Energy, Inc. (NYSE MKT: GRH) (NYSE MKT: GRH.PRC), (the “Company”) announced today that, effective May 24, 2013, the Company has changed its corporate name to GreenHunter Resources, Inc. The name change was approved by shareholders of the Company at a special meeting held on May 8, 2013. The Company’s stock symbols for both its common stock and its 10% Series C Cumulative Preferred stock shall remain the same under the existing ticker symbols described above. In addition, there is no requirement for any common or preferred shareholder to exchange their certificate(s), as CUSIP number for each security shall remain the same. The Company believes that the name change to GreenHunter Resources, Inc. more accurately reflects the nature and future business opportunities for the Company.
Over the last eighteen months, the Company has implemented a new business strategy of focusing on the water resource management business as it relates specifically to the oil and gas industry. The Company has assembled a suite of water management products and services and market them under the Total Water Management Solutions™ brand. The Company has developed water solutions needed for shale or “unconventional” oil and gas exploration, which includes salt water disposal wells, water recycling technologies, trucking and advanced fluids logistics solutions, water storage tank equipment and rental, environmental clean-up services and fresh water procurement.
In addition, the Company may possibly be involved in the future in the following services related to the water resource management business:
- transportation of hydrocarbons – the Company may pick up hydrocarbons and/or liquid natural gas in addition to produced water from oil and/or gas wells. The Company will transport this product to a refinery and earn revenue based upon transportation of the hydrocarbons.
- hot oiler service – the Company may enter into the hot oil business providing frac water heating and/or other services required for oil and or gas wells in colder climates.
- pipeline and transportation – the Company may enter into the water pipeline construction and transportation business. This service involves laying permanent and/or temporary water lines to transport produced liquids.
Any statements in this press release about future expectations and prospects for GreenHunter Resources and its business and other statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the substantial capital expenditures required to fund its operations, the ability of the Company to implement its business plan, government regulation and competition. GreenHunter Resources undertakes no obligation to update these forward-looking statements in the future.
About GreenHunter Resources, Inc.
GreenHunter Resources, Inc. is a diversified renewable energy company predominately focused on water resource management in the unconventional oil and natural gas shale resource plays. Through its wholly owned subsidiary, GreenHunter Water, LLC, the Company provides Total Water Management Solutions™ in the oilfield. In addition to licensing of and joint ventures with manufacturers of mobile water treatment systems (Frac-CycleTM), GreenHunter Water is expanding capacity of salt water disposal facilities, next-generation modular above-ground storage tanks (MAG Tank™), advanced hauling and fresh water logistics services—including 21st Century tracking technologies (RAMCATTM) that allow Shale producers to optimize the efficiency of their water resource management and planning while complying with emerging regulations and reducing cost.
Additional information about GreenHunter Water may be found at www.GreenHunterWater.com.
GreenHunter Resources, Inc.
Jonathan D. Hoopes
President & COO
1048 Texan Trail
Grapevine, TX 76051
Tel: (972) 410-1044