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Sunday, June 08, 2008

GreenHunter Energy Announces Board of Director and Management Changes

GreenHunter Energy Announces Board of Director and Management Changes

GRAPEVINE, Texas, June 6 -- GreenHunter Energy,Inc. (Amex: GRH) announced today certain changes among senior management aswell as the appointment of a Lead Director to the Board. Additionally,Michael K. Studer has resigned from the Company's Board of Directors. Asummary of changes effective today is as follows:

Lead Director, GreenHunter Energy Board of Directors: Stuart W. Ray
Stuart W. Ray has been a board member of GreenHunter Energy sinceDecember, 2007. Mr. Ray is an executive with broad experience in thefinancial services and energy industry having previously been a partner andmanaging director of BT Wolfensohn, the mergers and acquisitions arm ofBankers Trust, and Wolfensohn and Company which Bankers Trust acquired in1996. He currently is a partner in Sonenshine Partners LLC, a boutiqueinvestment banking firm in New York City. He is also a partner in UrbanAmerican Partners LLC, which identifies, acquires and operates portfoliosof working class housing in metropolitan areas. Mr. Ray helped found thiscompany in 1998. Mr. Ray is also a director of SandRidge Energy, Inc. anenergy company based in Oklahoma City, Oklahoma traded on the New YorkStock Exchange.
President, GreenHunter BioPower: Stephen A. Wiley
Stephen Wiley has served as the Senior Vice President for GreenHunterWind Energy, a wholly-owned subsidiary of GreenHunter Energy, Inc., sinceSeptember, 2007.
Mr. Wiley has been involved in the independent power generationbusiness for the past 18 years in various managerial positions indevelopment, mergers and acquisitions, finance, asset management, andinvestor relations. Prior to joining GreenHunter Energy, Mr. Wiley servedas the director of development for Gamesa Energy, one of the world'sleaders in wind energy technology and development. In this role Mr. Wileywas responsible for development in the central and western part of the U.S.Under his guidance, Gamesa developed the largest wind energy project in itsinternational portfolio.
Senior Vice President of Engineering & Technology, GreenHunterBioFuels: Bruce Baughman
Bruce A. Baughman has served as GreenHunter BioFuels, Inc.'s VicePresident of Engineering and Technology since February 2007. He has servedas the General Manager of the Company's biofuels project in Houston whereGreenHunter has created the nation's first renewable fuels campus whichincludes the country's largest biodiesel refinery with a capacity of 105million gallons per year, a 21 million gallon per year methanoldistillation business unit, the nation's largest glycerin distillationplant at 200 million pounds per year, a 700,000 barrel bulkstorage/terminal facility and a 7.2 MW merchant-power cogeneration plant(biodiesel fired).
Mr. Baughman has previously served in various roles of increasingresponsibility in the oilseed processing, food/specialty chemicalprocessing, power generation and biofuels manufacturing sectors over thelast 28 years.
Vice President of Special Projects, GreenHunter BioFuels: MichaelO'Leary
Michael O'Leary has been hired to work predominately on specialinternational projects for the Company. He brings thirty years of powerindustry experience, plant operation and industrial process optimizationexperience to GreenHunter Energy. As an energy and industrial processconsultant, Mr. O'Leary's tasks included managing changing operationaleconomies, plant shutdown and preservation, as well as facilityre-activations and technology upgrades. He has extensive hands-onmanagement, operations and maintenance experience with multiple technologypower generation facility types. In addition to providing technicalsupport, Mr. O'Leary has been active in leading business development andproject financing efforts.
Special Advisor to the Chairman of the Board: Kevin D. Kuykendall
Kevin D. Kuykendall was one of the original founders of White Energy,the largest private ethanol production company in the United States. Heserved as the company's President and Chief Executive Officer from January2005 through May 2008. Mr. Kuykendall brings strong financial andoperational leadership and proven experience in developing and executinggrowth strategies in the alternative energy space.
Mr. Kuykendall's success in building premier management teams andsuccessful entrepreneurial ventures is significant. Mr. Kuykendall wasinstrumental in raising over $475 million in equity and debt and buildingWhite Energy into the fourth largest ethanol producer in the US with over260 million gallons of production per year.
Mr. Kuykendall has been retained as Special Advisor to the Chairman ina consulting capacity where he will concentrate predominately oninternational opportunities in the biofuels arena.
Effective June 30, 2008, Michael K. Studer will resign as President andChief Operating Officer but will remain as Special Advisor to the Chairmanin a consulting capacity. Gary C. Evans will also assume the title ofPresident at that time.
In response to his decision to resign as an executive officer anddirector of the Company, Michael K. Studer said, "Today we are making thenecessary changes required to position GreenHunter Energy in a manner toleverage our renewable fuels campus concept. We are committed to investingin the areas around the world necessary to achieve vertical integrationinto non-food based feedstocks that will allow us to capture the greatestmargins possible. We also aim to build the distribution assets necessary tocreate long-term value."
Commenting on the changes to the Board of Directors and management teamannounced today, Chairman and Chief Executive Officer Gary C. Evans stated,"These Board and management changes reflect the requirements we believe arenecessary in order to achieve the future growth plans we have establishedas a group for this Company. As any new enterprise begins to mature fromthe embryonic and development stage to an operational phase, specificmanagement skill requirements also change. It is incumbent on our Board ofDirectors and executive management team to anticipate these events andbegin the proper transition required. Our ultimate goal is to maximize thereturns on our capital employed. The many changes announced today reflectthe decisions to promote from within, hire new personnel, and realign ourteam in a manner that creates the greatest opportunities for success atGreenHunter Energy, Inc."
GreenHunter Energy is focused on the renewable energy sectors of wind,hydro, geothermal, solar, biofuels, and biomass power plants. Our assetsconsist of leases of real property for future development of wind energyprojects located in Montana, New Mexico, California, Texas, and China, aformer waste oil and chemical refinery that has been converted into thenation's largest biodiesel refinery and nation's largest glycerin refinerylocated in Houston, Texas, and a biomass power plant located in El Centro,California. Headquartered in Grapevine, Texas, GreenHunter Energy wasformed to be the first publicly traded renewable energy company based inthe U.S. that provides to investors a portfolio of diversified assets inthe alternative energy sector. Additional information about GreenHunterEnergy may be found at http://www.greenhunterenergy.com.

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