Orion Announces an Acquisition in the Woodford Shale of Oklahoma

Rhea-AI Summary

Orion Diversified Holding Co (OTC PINK:OODH) announced the acquisition of a 0.62% royalty interest in the Woodford Shale, Oklahoma, covering 160 acres, currently producing 45 mcfpd and 5 bopd from one vertical well. This acquisition grows Orion's mineral ownership to 30,481 acres across major US onshore oil and gas regions. The company plans further acquisitions, including a non-operated working interest in 9 wells in East Texas and another operated property in West Texas, without issuing new shares or taking loans.

Positive

• Acquisition expands mineral ownership to 30,481 acres.
• Current production from the new acquisition adds valuable revenue stream.
• Strategic focus on acquiring producing oil and gas properties.
• Future acquisitions planned without share issuance or debt.

Negative

• None.

CARSON CITY, NV / ACCESSWIRE / November 2, 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 Woodford Shale of Oklahoma. The property consists of a 0.62% royalty interest in 160 acres currently producing 45 mcfpd and 5 bopd from 1 vertical well. Orion now has mineral ownership in 30,481 acres in all major US onshore oil and gas regions.

MANAGEMENT COMMENTS

"We are going on a buying spree for producing oil and gas properties. This week we have negotiated and anticipate closing on a non-operated working interest in 9 wells located in East Texas. This week we have also negotiated and anticipate closing another operated property in West Texas." Commented Tom Lull, CEO of Orion. Oil and gas properties are very expensive, and we have been able to grow organically without issuing new shares or taking on loans."

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/723467/Orion-Announces-an-Acquisition-in-the-Woodford-Shale-of-Oklahoma

FAQ

What royalty interest did Orion Diversified acquire in Oklahoma?

Orion acquired a 0.62% royalty interest in the Woodford Shale covering 160 acres.

What is the production capacity of the newly acquired property?

The property currently produces 45 mcfpd and 5 bopd from one vertical well.

How many acres does Orion Diversified now own in total?

Orion now owns mineral interests in a total of 30,481 acres across major US regions.

What future acquisitions does Orion Diversified plan?

Orion plans to acquire a non-operated working interest in 9 wells in East Texas and another operated property in West Texas.

Is Orion Diversified taking on debt for these acquisitions?

No, Orion is growing organically without issuing new shares or taking on loans.