Orion Announces an Acquisition in the Stack Shale of Kingfisher County Oklahoma

Rhea-AI Summary

Orion Diversified Holding Co (OTC PINK: OODH) announced the acquisition of a 0.64% royalty interest in 156 acres located in the Stack Shale of Kingfisher County, Oklahoma. This acquisition enhances Orion's mineral ownership to 33,637 acres across major U.S. oil and gas regions. Additionally, the company recently acquired a 0.13% to 0.38% non-operated working interest in 13 wells in Lavaca County, Texas, currently producing 27,000 mcfpm. Initial production rates in Kingfisher County suggest potential income growth from this acquisition.

Positive

• Acquisition of 0.64% royalty interest in 156 acres in Stack Shale may lead to increased revenue.
• Expanded mineral ownership to 33,637 acres across key U.S. oil and gas regions.
• Previous acquisition of a non-operated working interest in 13 wells producing 27,000 mcfpm indicates strong operational performance.

Negative

• None.

CARSON CITY, NV / ACCESSWIRE / November 11, 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 Stack Shale of Kingfisher County Oklahoma. The property consists of a 0.64% royalty interest in 156 acres with an active drilling lease already permitted. Orion now has mineral ownership in 33,637 acres in all major US onshore oil and gas regions.

Orion Diversified Holding Co Inc., Friday, November 11, 2022, Press release picture

MANAGEMENT COMMENTS

"Last week we closed on a 0.13% to 0.38% non-operated working interest in 13 wells currently producing 27,000 mcfpm. The 13 wells are located in Lavaca County Texas and hold 3,000 acres by production. Several wells on the Lavaca County property are currently being reworked to increase production. " Commented Tom Lull, CEO of Orion. This week we have closed on a 156-acre royalty in the Stack Shale area of Kingfisher County Oklahoma. Several oil companies have reported Initial production from horizontals in Kingfisher County at 6,000 BOE per day from 10,000-foot laterals. The potential income from this Stack Shale royalty is truly exciting."

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/725190/Orion-Announces-an-Acquisition-in-the-Stack-Shale-of-Kingfisher-County-Oklahoma

FAQ

What acquisition did Orion Diversified Holding Co announce on November 11, 2022?

Orion Diversified Holding Co announced the acquisition of a 0.64% royalty interest in 156 acres in the Stack Shale of Kingfisher County, Oklahoma.

How much mineral ownership does Orion Diversified Holding Co now have?

Orion now has mineral ownership in a total of 33,637 acres in major U.S. onshore oil and gas regions.

What is the production rate of the wells acquired by Orion in Lavaca County, Texas?

The 13 wells in Lavaca County are currently producing 27,000 mcfpm.

What are initial production rates from horizontals in Kingfisher County?

Initial production rates reported from horizontals in Kingfisher County are at 6,000 BOE per day from 10,000-foot laterals.

What is the stock symbol for Orion Diversified Holding Co?

The stock symbol for Orion Diversified Holding Co is OODH.