GreenHunter Resources Inc. (NYSE: GRH), a junior oil and gas services provider,
experienced strong upward share price momentum, touching a new 52-week high on
the news that the company’s planned pipeline destination will be somewhere in
the Northern Panhandle. The company’s shares rallied more than 14% touching its new intraday highs during the past two consecutive trading days with massive number of shares exchanging hands. In the last trading session, GRH was among the top gainers in the U.S. energy space after climbing 14% and ended at its 52-week high of $2.85 while recording huge volumes of 4.3 million shares. During the last 5-trading sessions, GRH gained 44.7% with 5-day average trading volumes of 1.6 million shares, while the stock accumulated over 76% during the past one month with daily average trading volumes of 587,190 shares. We note that the stock has provided returns of over 145% year-to-date.
Last month, GRH entered into a 10-years definitive agreement with Major Pipeline LLC for the exclusive use of three independent pipelines to transport freshwater, oilfield waste water (brine) and hydrocarbons (oil, condensate and NGLs) through Pennsylvania and West Virginia to the Ohio River. Meanwhile, a recent report disclosed that according to John Jack, vice president of GRH business operations, the destination point for the company’s planned pipeline will be somewhere in the Northern Panhandle. Construction of the pipeline is expected to begin in 2015, and will become fully operational in early 2016.
Company Description:
GreenHunter Resources Inc. (NYSE: GRH) provides total water management solutions for shale or “unconventional” oil and gas exploration. The company develops and manages salt water disposal wells, customized water purification facilities, comprehensive fluid tracking systems, modular water tank storage, trucking, rail and barge modes of fluid transfer.
1-Year Stock Chart:
Source: Bloomberg
