GreenHunter Resources, Inc. (NYSE MKT:GRH) (NYSE MKT:GRH.PC), a diversified water resource, waste management, environmental services, and hydrocarbon marketing company specializing in the unconventional oil and natural gas shale resource plays within the Appalachian Basin, announced today financial and operating results for the three months and nine months ended September 30, 2015.
Third Quarter Financial and Operational Highlights and Current Developments
- The Company reported positive adjusted EBITDA of $482 thousand for the third quarter of 2015.
- Injection volumes for the three and nine month period ended September 30, 2015 were 969 thousand and 2.6 million, respectively compared to 1.0 million and 2.9 million for the corresponding year ago period, respectively.
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- In late July 2015 GreenHunter announced commencement of two new disposal wells at its Mills Hunter facility located in southeastern Ohio. The initial combined injection rate for these two new wells is approximately 6,000 - 8,000 barrels per day. The increased injection capacity effectively raises the Company’s overall disposal capacity by approximately 50%. There are two additional wells which are in final stages of regulatory approval at this location that are expected to be placed in service over the next ninety days.
- The Company previously ordered eight new Peterbilt trucks and specialized condensate rated DOT 407 trailers. Three of these truck/trailer combinations were completed in the third quarter of 2015 and two were actively working at the end of the quarter. Four additional trucks were in the process of having the trailers installed at quarter end and the remaining truck was still on order, which is expected to be delivered sometime in December 2015. DOT 407 trailers are designed to transport mixed loads of condensate and brine which generate higher margins.
- GreenHunter Resources continues to attract new customers and work with a diverse client base of small, mid, and large cap exploration and production companies. In the third quarter, no one customer represented more than 21 percent of GreenHunter’s total revenue.
- The Company has continued to decrease selling, general and administrative expenses, excluding non-cash stock compensation, from $2.1 million in the third quarter of 2014 to $1.5 million in the third quarter of 2015, a decrease of 29%.
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