Item 8.01. Other Events.

On January 23, 2009, GreenHunter Energy Inc., a Delaware corporation, and Aspire Oil Services Limited, a company organized under the laws of Scotland, agreed to mutually terminate that certain Securities Purchase Agreement, ("SPA") dated October 28, 2008, between Aspire Oil Services Limited and GreenHunter Energy, Inc. ("GreenHunter"). The SPA related to the acquisition by GreenHunter of 100% of the outstanding membership interests of L&L Holdings (Louisiana), LLC, a Delaware limited liability company, for a total cash consideration of approximately $27.5 million.
Aspire Oil Services Limited has discussed with GreenHunter their willingness to reopen negotiations for the sale of L&L Holdings (Louisiana), LLC to GreenHunter once GreenHunter has obtained 100% of the necessary financing for the acquisition. GreenHunter is continuing to receive financing proposals from a number of different institutions specifically related to closing this potential transaction.

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