Orion Announces an Acquisition in the Arkoma Basin of Oklahoma

Rhea-AI Summary

Orion Diversified Holding Co (OTC PINK:OODH) announced the acquisition of a 1.04% royalty interest in 240 acres in the Arkoma Basin, Oklahoma, expanding its mineral ownership to 28,121 acres across major US oil and gas regions. The company has significant assets in the Permian Basin, with plans to perforate three gas wells in Eagle Ford to boost production above 2,000 mcfpd at a low capital expenditure of $50,000. Further acquisitions in Texas are also being negotiated.

Positive

• Acquisition of a royalty interest in the Arkoma Basin enhances overall asset portfolio.
• Increased mineral ownership to 28,121 acres across US oil and gas regions.
• Eagle Ford wells expected to boost production significantly with low capital costs.

Negative

• None.

CARSON CITY, NV / ACCESSWIRE / August 26, 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 Arkoma Basin of Oklahoma. The property consists of a 1.04% royalty interest in 240 acres. Orion now has mineral ownership in 28,121 acres in all major US onshore oil and gas regions. Orion owns 15,640 acres in the Permian Basin Wolfcamp Shale & Sprayberry fields.

MANAGEMENT COMMENTS

"We already own these great assets, and with natural gas at an all-time high we are working on perforating new zones in our 3 gas wells in the Eagle Ford. Our Eagle Ford property gives us the best ability to increase production above 2,000 mcfpd without the expensive cost associated with stimulating oil and gas wells." commented Tom Lull, CEO of Orion. " We anticipate our capital expenditures will be under $50,000 to perforate all 3 already producing Eagle Ford wells. We are also negotiating to acquire more operated properties in Texas."

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/713512/Orion-Announces-an-Acquisition-in-the-Arkoma-Basin-of-Oklahoma

FAQ

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

The acquisition adds a 1.04% royalty interest in 240 acres of the Arkoma Basin, enhancing Orion's asset portfolio and mineral rights.

How much is Orion Diversified Holding Co planning to spend on the new project in Eagle Ford?

Orion plans to spend under $50,000 to perforate three already producing wells in Eagle Ford.

What is the expected production increase after the Eagle Ford wells are perforated?

The company anticipates increasing production above 2,000 mcfpd from the Eagle Ford wells.

Does the acquisition affect Orion's total mineral ownership?

Yes, following the acquisition, Orion's total mineral ownership rises to 28,121 acres in major US oil and gas regions.