GreenHunter Energy Inc. announced today that it had purchased three brine disposal wells and associated facilities in Ohio and Kentucky.
The company, based in Grapevine, Texas, is spending $8.8 million through its GreenHunter Water LLC subsidiary for the facilities in Washington County, Ohio, and Lee County, Kentucky.
Assets acquired by GreenHunter, a renewable energy company that is focusing on water resource management in Ohio's Utica shale. include nine water-hauling vacuum trucks and 37 tanker trucks, each capable of holding 500 42-gallon barrels of water.
The two wells in Ohio are currently handling 600 barrels per day of briny wastewater; the Kentucky well is handling about 3,000 barrels per day.
The seller of the wells and trucks was not identified.
GreenHunter paid a combination of cash, GreenHunter Energy restricted stock, GreenHunter Energy perpetual preferred stock and a promissory note.
The company said its purchase is expected to create 40 new jobs.
GreenHunter wants to achieve 12,500 barrels per day in the Marcellus and Utica shales by the end of 2012, said company president and COO Jonathan D. Hoopes in a statement.
The company also expects to expand soon in the Bakken shale in North Dakota and the Eagle Ford shale in Texas, he said.
It began its Appalachian water-disposal operations last December, and conducted a pilot water recycling for a Marcellus operator last fall, the company said.
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