GreenHunter Changes Strategy with USCG re Wastewater Barging
GreenHunter Resources, the fresh water and wastewater subsidiary of driller Magnum Hunter Resources, has changed strategies and has backed off their tough talk in dealing with the U.S. Coast Guard (USCG) with respect to barging brine down the Ohio River. You may recall MDN was the first to decipher just what was going on between GreenHunter and the USCG with respect to GreenHunter’s intention on barging (see GreenHunter/Coast Guard War of Words — MDN Explains It). The USCG is being manipulated by the Obama administration into blocking a request for GreenHunter to begin barging of wastewater (brine, actually). GreenHunter informed the USCG they have the legal right to do it under an existing 1987 rule that allows for it. The USCG has said not so fast, brine from shale wells may contain more radioactivity than brine from conventionally drilled oil and gas wells. In so many words, GreenHunter told the USCG they would move forward, daring the USCG to stop them (see GreenHunter to Coast Guard, We’re Barging While You Fiddle Around). As recently as May, GreenHunter claimed barging would begin soon (see GreenHunter Says OH River Wastewater Barging to Begin September). However, in an analyst conference call on Friday reviewing second quarter 2015 results, both parent company CEO Gary Evans and GreenHunter COO Kirk Trosclair changed their tune. Now GreenHunter is talking with the USCG again and attempting to convince them to let barging operations begin. You can hear the frustration both in GreenHunter’s comments, and in the comments by investors probing them on the topic…
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