Who is GreenHunter Water’s New Mystery Marcellus Customer?
GreenHunter Water has picked up a new drilling company for their water management services (see the full press release below). The new customer is an independent driller somewhere in the Marcellus Shale play that owns leases on approximately 90,000 acres in Pennsylvania and West Virginia and is looking to expand. Thing is, GreenHunter won’t (or can’t) disclose the identity of this new mystery customer they’ve just signed on. But MDN thinks it can! There’s one independent driller who claims to have 90,000 acres of leases in PA/WV and is looking to expand, and that company is…
Stone Energy’s Marcellus headquarters is located in Morgantown, WV. According to the Stone website: “As of January 2012, Stone Energy owns approximately 90,000 acres of Marcellus Shale leasehold rights in West Virginia and Pennsylvania and is actively looking to expand its operations in this play.” Oh, and Stone is a publicly traded company on the New York Stock Exchange, which is also mentioned in the press release’s description of the mystery company.
Looks like the mystery is solved. The real mystery is, why didn’t GreenHunter just name Stone to begin with?
Here’s the GreenHunter press release:
GreenHunter Energy, Inc., a diversified renewable energy company predominately focused on water resource management in the unconventional oil and natural gas shale resource plays, announced today that its wholly owned subsidiary, GreenHunter Water, LLC, has begun providing today water management services to an independent Marcellus Shale exploration and production company.
Pursuant to the terms of a new agreement, GreenHunter Water services has been awarded an exclusive contract which includes the hauling and disposal of fresh water, produced water, flowback water and drilling mud. This NYSE MKT listed customer owns approximately 90,000 acres of Marcellus Shale leasehold and is further expanding its operations in Pennsylvania and West Virginia. GreenHunter Energy management is also in discussions with this customer to further expand the contract to include handling and remarketing of natural gas "drip" condensate. Management estimates initial brine injection volumes which began today will be in excess of 2,000 barrels per day.
Commenting on this new water services contract, John Jack, Vice President of Business Development in the Appalachian Division stated, "We are very encouraged by the increased pace of commercial interest that we have been seeing for services from our existing Appalachia salt water hauling assets and disposal properties. This new contract is the result of a referral from an established existing water customer. We are very pleased that our clients are continuing to report very positive experiences with our services and are continuing to refer GreenHunter Water as the premiere ‘one-stop shop’ for water handling services in this region."*
*GreenHunter Energy (Jun 25, 2012) – GreenHunter Water Announces New Appalachia Customer for Total Water Management Solutions