Orion Diversified Acquisitions Continue
Orion Diversified Holding Co (OTC PINK:OODH) announced an acquisition of 40 oil and gas wells over 1,480 acres in the Permian Basin, averaging 60 boepd. Orion Energen Inc. will operate these wells, holding a 100% working interest and 76% net revenue interest. The acquisition is part of Orion's strategy to expand its acreage, approaching 6,000 acres post-acquisition, with anticipated revenues exceeding $65,000 in Q2 2022. Management expresses confidence in generating over 80 boepd from the new properties.
- Acquisition of 40 oil and gas wells expected to increase production to over 80 boepd.
- Strong revenue target of $65,000 for Q2 2022.
- Expansion of acreage to nearly 6,000 acres enhances market positioning.
- None.
CARSON CITY, NV / ACCESSWIRE / May 20, 2022 / Orion Diversified Holding Co Inc. (OTC PINK:OODH) ("OODH" or the "Company") announced today that it has agreed on a price for 40 oil and gas wells on 1,480 acres in the Permian Basin. Preliminary estimates show these properties are averaging 60 boepd and hold multiple in-fill drilling locations. Orion Energen Inc. will operate these properties and hold no less than a
ACREAGE & REVENUE HIGHLIGHTS
- Mineral interest in more than 5,500 acres in the Bakken Shale, Permian Basin, Woodford Shale, & Eagle Ford Shale.
- 2500+ acres are currently being operated by Orion at a 70 %+ NRI.
- Revenues are on target for
$65,000 in the 2nd Quarter.
MANAGEMENT COMMENTS
"Our acreage position is growing fast and will be approaching 6,000 acres once the Permian acquisition closes. We have been analyzing several properties in the Permian Basin for operations, and we anticipate generating in excess of 80 boepd once this acquisition closes. The Permian Basin is where I had early sucess in the oil and gas industry, and I have established relationships with oil field personnel and executives." commented Tom Lull, CEO of Orion.
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.
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FAQ
What is the significance of Orion Diversified's acquisition of 40 oil and gas wells?
How much revenue does Orion expect from its operations in Q2 2022?
What is the total acreage Orion will have after the acquisition?
Who will operate the newly acquired wells in the Permian Basin?
