GreenHunter Energy receives $2.9 from 2009 wind project sale

Source: GreenHunter Energy, Inc.

GreenHunter Energy, Inc. (NYSE MKT: GRH) (NYSE MKT: GRH.PRC), a diversified water resource, waste management and environmental services company specializing in the unconventional oil and natural gas shale resource plays, announced today that it has received a cash payment of $2,936,500 as consideration for the sale of its Ocotillo wind project which originally occurred in 2009. These cash proceeds will be reflected in the Company’s fourth quarter and year-end financial statements.

GreenHunter sold the Ocotillo wind power development project in July 2009 to Ocotillo Express, LLC, a wholly-owned subsidiary of Pattern Renewables, LP, for an initial cash payment plus additional cash milestone payments that were determined based upon the amount of installed megawatts of power generation ultimately to be constructed at a project site which consisted of approximately 6,280 leased acres of Bureau of Land Management property located in Imperial County, California.

Commenting on the receipt of this milestone cash payment from the sale of the Ocotillo wind project, Jonathan D. Hoopes, President and COO stated, “Management has been focused on building a leading water management services business for oilfield operators active in the unconventional resource plays over the past 16 months. These additional cash proceeds which were derived from our discontinued operations in the renewable business, have arrived at a time when our capital expenditure program and salt water disposal well drilling plan has significantly expanded and is presently in high gear. Our last remaining renewable energy asset, GreenHunter Mesquite Lake, a biomass repowering project located in Imperial County, California, continues to be marketed for divestiture to a number of potential buyers actively reviewing the data room materials.”


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