Shares of GreenHunter Energy, Inc.(NYSE amex: GRH) climbed more than 75 percent in morning trading Friday after the company reported improved second quarter results.

Including one-time items, GreenHunter reported earnings of $4.45 million, or $0.13 per-share on revenue of $1.7 million, compared to a net loss of $7.3 million in the same period a year ago. Excluding items, the company’s second quarter

“Our ability to negotiate the final settlement of substantial insurance claims as well as sell and monetize certain non-core assets has to-date provided sufficient working capital to keep our Company viable,” said GreenHunter’s chairman, president and CEO, Gary Evans.

For the six months ended June 30, 2009, GreenHunter reported a net loss of $4.3 million, or $0.20 per share, compared to a net loss of $15.6 million, or $0.79 per share for the six months ended June 30, 2008.

“Our Company has been in survival mode since late last year after the hurricane strike on our largest asset, our Houston biodiesel refinery, and the subsequent collapse of the financial markets,” Evans said in a statement.

The past 12 months have been turbulent for the Texas-based energy company. Last September, Hurricane Ike destroyed the company’s largest biodiesel refinery less than 60-days after it initiated operations. Falling fossil fuel prices have also weighed on the company’s revenue growth from the sales of its biodiesel products.

Despite the difficult market climate and recent setbacks, Evans was optimistic about GreenHunter’s current game plan and market opportunities. “We feel that we are methodically working through our very tight capital issues with a specific game plan that should allow for future opportunities within the renewable space,” he said.

GreenHunter Energy, Inc. works on wind, hydropower, geothermal solar and other renewable energy projects. It has the nation’s largest biodiesel refinery in Houston and a biomass-fired power plant in Brawley, Calif.