XASE:GRH GreenHunter Resources Inc Insider Activity 4 Filing - 9/12/2012

Effective Date 9/12/2012

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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
WEST COAST OPPORTUNITY FUND LLC
  2. Issuer Name and Ticker or Trading Symbol
GreenHunter Energy, Inc. [GRH]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
1205 COAST VILLAGE ROAD
3. Date of Earliest Transaction (Month/Day/Year)
09/12/2012
(Street)

MONTECITO, CA 93108
4. If Amendment, Date Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 09/12/2012   C   2,450,500 A (1) 2,450,500 D  
Series C Preferred Stock 09/12/2012   P   345,000 A (1) 345,000 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Series A Preferred Stock (1) (4) 09/12/2012   S(1)     5,978   (2)(3)   (2) Common Stock 1,711,832(3)(4) (1) (4) 0 D  
Warrant $1.5               (2) 01/31/2014 Common Stock 772,500   772,550 D  
Warrant $2.5               (2) 01/31/2014 Common Stock 772,500   772,550 D  
Series B Preferred Stock (1) (5) 09/12/2012   C(1)     9,802   (2)(3)   (2) Common Stock 2,450,500(3)(4) (1) (5) 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
WEST COAST OPPORTUNITY FUND LLC
1205 COAST VILLAGE ROAD
MONTECITO, CA 93108
    X    
WEST COAST ASSET MANAGEMENT INC
1205 COAST VILLAGE ROAD
MONTECITO, CA 93108
    X    
Lowe R Atticus
1205 COAST VILLAGE ROAD
MONTECITO, CA 93108
    X    
Helfert Lance W
1205 COAST VILLAGE ROAD
MONTECITO, CA 93108
    X    
Orfalea Paul J
1205 COAST VILLAGE ROAD
MONTECITO, CA 93108
    X    

Signatures

 /s/ West Coast Opportunity Fund, LLC By: West Coast Asset Management, Inc., its Managing Member /s/ By: Diana Pereira Chief Financial Officer By: Power of Attorney   09/21/2012
** Signature of Reporting Person Date

 West Coast Asset Management, Inc. By Diana Pereira, Chief Financial Officer   09/21/2012
** Signature of Reporting Person Date

 Atticus R. Lowe By Diana Pereira By Power of Attorney   09/21/2012
** Signature of Reporting Person Date

 Lance Helfert By: Diana Pereira By Power of Attorney   09/21/2012
** Signature of Reporting Person Date

 Paul Orfalea By: Diana Pereira By Power of Attorney   09/21/2012
** Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Reporting Person entered into a Securities Exchange Agreement with Issuer, whereby Reporting Person (i) exchanged all of its shares of Series A Preferred Stock into 345,000 shares of 10% Series C Cumulative Preferred Stock, and (ii) exchanged all of its Series B Preferred Stock for 2,450,500 shares of Common Stock, which represented the number of such shares that would have been received by Reporting Person if Reporting Person had exercised its option to convert all of the Series B Preferred Stock on the Closing Date in accordance with Section 5(c) of the Series B Certificate of Designations at a conversion price of $4.00 per share.
(2) May be converted at any time.
(3) The Certificate of Designations for each of the Series A Preferred Stock and Series B Preferred Stock contained a "Blocker" provision preventing the Reporting Person from converting any shares of such stock into shares of common stock if and to the extent that such conversion would result in Reporting Person acquiring beneficial ownership of more than 9.99% of the outstanding shares of common stock.
(4) The 5,978 shares of Series A Preferred Stock had a stated value of $1,000 per share, plus an aggregate of $2,581,162 of Series A added stated value (accrued interest added to the stated value pursuant to the certificate of designations of Series A Preferred Stock), for an aggregate stated value of $8,559,162, convertible into common stock at a conversion price of $5.00 per share. Therefore, the 5,978 shares of Series A Preferred Stock, with an aggregate stated value of $8,559,162, were convertible into 1,711,832 shares of common stock prior to execution of the Securities Exchange Agreement referred to in footnote 1.
(5) The 9,802 shares of Series B Preferred Stock had a stated value of $1,000 per share and prior to the execution of the Securities Exchange Agreement referred to in footnote 1 were convertible into common stock at a conversion price of $7.50 per share. Pursuant to the Securities Exchange Agreement, the conversion price was amended to $4.00 per share. Therefore, the 9,802 shares of Series B Preferred Stock were convertible into 1,306,933 shares of common stock prior to execution of the Securities Exchange Agreement, and 2,450,000 shares immediately thereafter and upon conversion.
 
Remarks:
West Coast Asset Management, Inc. (the "Investment Manager") is the investment manager to separately managed accounts, some of which are affiliated with the Reporting Persons (the "Accounts").  The Accounts directly own all of the shares reported herein.  Atticus Lowe, Lance Helfert and Paul Orfalea serve on the investment committee of the Investment Manager.  Each Reporting Person disclaims beneficial ownership of all securities reported herein, except to the extent of their pecuniary interest therein, if any, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the shares for purposes of Section 16 of the Securities and Exchange Act of 1934 or for any other purpose.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

XASE:GRH GreenHunter Resources Inc Insider Activity 4 Filling

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XASE:GRH GreenHunter Resources Inc Insider Activity 4 Filing - 9/12/2012
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