Proprietary MAG Tank™ Design Employs Patent Pending Standardized Interlocking Steel Panels Allowing Oil and Gas Operators to Customize Tank Footprint and Capacity
GRAPEVINE, Texas--(BUSINESS WIRE)--Dec. 14, 2012-- GreenHunter Energy, Inc. (NYSE MKT: GRH) (NYSE MKT: GRH.PRC), a diversified water resource, waste management and environmental services company specializing in the unconventional oil and natural gas shale resource plays, announced today that its wholly owned subsidiary, GreenHunter Water, LLC, has released its next-generation modular above-ground water storage tank system for general availability to the oil and gas industry. The fabrication of panels for the first MAG Tank unit has been completed with deployment slated for the last week in December in St. Mary Parish, Louisiana.
The Patent Pending MAG Tank™ design provides operators with a customizable steel tank footprint in unlimited capacity and shape configurations above 10,900 barrels. The MAG Tank™ is GreenHunter Water's response to requests from our existing customers for a large capacity temporary water storage system that can be installed on a variety of well pads - especially those in challenging terrain as found in the states of Ohio, West Virginia, Pennsylvania and Kentucky in the Appalachian region. MAG Tank is an innovative substitute to the industry-standard circular above ground tank systems.
The MAG Tank™ significantly reduces truck traffic and environmental disturbance when compared to traditional frac tank and earthen impoundment alternatives. The tank's robust steel standard panel wall units enable quick assembly and disassembly and a disposable impermeable liner and geotextile substrate provide fluid containment and a puncture resistant ground covering. After pad site preparation, a MAG Tank is typically installed in one to two days. The MAG Tank design exceeds current safety and engineering standards.
Commenting on this new product line, Mr. Jonathan D. Hoopes, GreenHunter Energy's President and COO, stated, "For oil and gas operators who are looking to reduce their cost, minimize truck traffic, increase safety, improve logistics and reduce environmental impact, the MAG Tank System is the solution. We have worked extremely hard over the past year to design a product that met all the requirements of our customers and at a manufacturing cost that insures our margin objectives. We are anxious to offer this uniquely designed system to our oilfield customers and anticipate this product to be significantly accretive to our projected earnings in fiscal 2013."
About GreenHunter Water, LLC (a wholly owned subsidiary of GreenHunter Energy, Inc.)
GreenHunter Water, LLC provides Total Water Management Solutions™ in the oilfield. An understanding that there is no single solution to E&P fluids management shapes GreenHunter's technology-agnostic approach to services. In addition to licensing of and joint ventures with manufacturers of mobile water treatment systems (Frac-Cycle™), 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 (RAMCAT™) 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.
Any statements in this press release about future expectations and prospects for GreenHunter Energy and its business and other statements containing the words "believes," "anticipates," "plans," "expects," "will," "could," "should," "budget," "continue," and similar expressions constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in the press release include, without limitation forecasts of growth, revenues, adjusted EBITDA and SWD well and rolling stock expansion. 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 fund and implement its business plan, government regulation and competition. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011, as well as the Company's other reports filed with the United States Securities and Exchange Commission and are available at http://www.sec.gov/ as well as the Company's website at http://greenhunterenergy.com/. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All forward-looking statements are qualified in their entirety by this cautionary statement. GreenHunter Energy undertakes no obligation to update these forward-looking statements in the future.
Source: GreenHunter Energy, Inc.
GreenHunter Energy, Inc.
Jonathan D. Hoopes
President & COO
1048 Texan Trail
Grapevine, TX 76051
Tel: (972) 410-1044