Orion Announces an Acquisition in the Anadarko Basin of Oklahoma

Rhea-AI Summary

Orion Diversified Holding Co (OTC PINK:OODH) has completed the acquisition of a royalty interest in the Anadarko Basin, Oklahoma. This includes a 2.04% non-operated working interest in 640 acres currently yielding 50 mcfpd from three vertical wells. With this acquisition, Orion increases its mineral ownership to 29,161 acres across major US oil and gas regions. CEO Tom Lull emphasized that each acquisition boosts revenue streams and highlights the strategic importance of their growing portfolio in the current market.

Positive

• Acquisition enhances revenue potential from new working interest.
• Increased mineral ownership to 29,161 acres in key US regions.

Negative

• None.

CARSON CITY, NV / ACCESSWIRE / September 16, 2022 / Orion Diversified Holding Co Inc. (OTC PINK:OODH) ("OODH" or the "Company") announced today that it has closed on an acquisition of a royalty interest in the Anadarko Basin of Oklahoma. The property consists of a 2.04% non-operated working interest in 640 acres currently producing 50 mcfpd from 3 vertical wells. Orion now has mineral ownership in 29,161 acres in all major US onshore oil and gas regions.

MANAGEMENT COMMENTS

"Every acquisition builds more revenue, and we are receiving revenue checks from our working interest operations and royalties. We own royalties all over the United States, and this latest acquisition is operated by Merit Energy." commented Tom Lull, CEO of Orion. Royalties are very expensive, and we feel very fortunate to be able to continue growing in this overinflated market."

ABOUT ORION DIVERSIFIED HOLDING CO INC.

Orion Diversified Holding Co Inc. is a company with a primary strategy of investing in operated majority working interest, non-operated working interest, and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about Orion Diversified Holding Co Inc. can be found at www.orionenergyco.com.

SAFE HARBOR STATEMENT

This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for markets, and the demand for products. Forward-looking statements are no guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. Such statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry and competition. The Company assumes no duty to update its forward-looking statements.

CONTACT:

Orion Diversified Holding Co Inc.
Thomas Lull, President
tom@orionenergyco.com
Phone: 760-889-3435

SOURCE: Orion Diversified Holding Co Inc.

View source version on accesswire.com:
https://www.accesswire.com/716289/Orion-Announces-an-Acquisition-in-the-Anadarko-Basin-of-Oklahoma

FAQ

What is the recent acquisition by Orion Diversified Holding Co (OODH)?

Orion Diversified Holding Co has acquired a 2.04% non-operated working interest in 640 acres in the Anadarko Basin, Oklahoma.

How much production is expected from the newly acquired property by OODH?

The acquired property is currently producing 50 mcfpd from three vertical wells.

What does the acquisition mean for OODH's revenue?

The acquisition is expected to contribute positively to OODH's revenue through additional royalty checks.

In which regions does Orion Diversified Holding Co hold mineral interests?

Orion holds mineral interests in all major US onshore oil and gas regions, totaling 29,161 acres.

Who operates the wells in the new acquisition by OODH?

The acquisition is operated by Merit Energy.