GreenHunter Energy, Inc. reported that its wholly owned subsidiary, GreenHunter Water, LLC, has completed the purchase of new rolling stock equipment assets to service oil and gas operators active in the Marcellus and Utica Shale plays located in the states of Pennsylvania, Ohio and West Virginia. The equipment consists of ten new Peterbilt 388 trucks (2012 model year), five new 150 BBL aluminum vacuum trailers and five new 130 BBL steel vacuum trailers.

To facilitate the purchase, the Company expanded an existing commercial loan facility with an Appalachia regional bank. The loan was increased from our existing lending facility of $800,000 to $2.5 million. This loan facility is secured by future accounts receivable to be generated under a new long term contract with a large Texas based independent exploration and production company active in the Appalachian region. The equipment is scheduled to be delivered to the Appalachian region by the end of May and is anticipated to be 100% utilized by the middle of June.

Tags: GreenHunter Energy