A lot of news to report about GreenHunter Resources, the fresh water and wastewater subsidiary of Magnum Hunter Resources, focused totally on the Marcellus and Utica Shale region. On Friday GreenHunter released their first quarter 2015 update and held an earnings call with analysts. If we could sum it up in our own layman’s terms–we’d say GreenHunter is currently treading water (pun intended) as they wait to turn around their lack of revenue by bringing online a series of wastewater injection wells in both Ohio and West Virginia. Although GreenHunter’s COO Kirk Trosclair rightly pointed out the company has gotten much more efficient–driving down costs–there’s no papering over the fact that GreenHunter’s revenues for 1Q15 were down 39% from the same quarter in 2014 ($5.1 million in 1Q15 vs. $8.5 million in 1Q14). Which seems odd as GreenHunter’s CEO, Gary Evans, said that the company currently turns down 20 to 25,000 barrels a day of water that they can’t handle because they are currently “full.” GreenHunter currently has two operating injection wells at their Mills Hunter facility, located in Meigs County, OH and one injection well operating in Ritchie County, WV. By the end of June they plan to have six wells operating at the Mills facility and a second well at the Ritchie location…
