Orion Diversified Announces an Acquisition in East Texas

Rhea-AI Summary

Orion Diversified Holding Co (OTC PINK: OODH) has successfully acquired a 0.41% royalty interest in four gas wells in Freestone County, Texas. The company owns a total of 16,241 royalty mineral acres, including 3,047 acres with a 70%+ net revenue interest across 10 producing wells in various U.S. basins. In June 2022, the company anticipates revenues exceeding $43,000, with 360 barrels of oil sold and 4,000 mcfpm produced. CEO Tom Lull aims to acquire nine more wells in the Permian Basin, targeting production of over 1,000 barrels of oil per month.

Positive

• Acquisition of a producing royalty interest expected to enhance revenue.
• Current production of 360 barrels of oil sold and 4,000 mcfpm adds to financial stability.
• Plans to acquire nine additional wells could significantly increase production capacity.

Negative

• None.

CARSON CITY, NV / ACCESSWIRE / June 17, 2022 / Orion Diversified Holding Co Inc. (OTC PINK:OODH) ("OODH" or the "Company") announced today that it has closed on an acquisition of a producing royalty interest in Freestone County Texas. The property consists of a 0.41% royalty interest in four producing gas wells on 241 acres.

ACREAGE & REVENUE MILESTONES

16,241 Royalty Mineral Acres Owned.

3,047 Acres at 70%+ Net Revenue Interest are held by 10 producing Oil and Gas Wells in the Eagle Ford Shale, Permian Basin, and Piceance Basin.

June 2022 Revenues: On target to exceed $43,000. 360 barrels of oil sold, and 4000 mcfpm produced.

MANAGEMENT COMMENTS

"Our Permian property is now making oil and we are increasing oil production at this location. I am increasing our bond with the Rail Road Commission of Texas to $50,000 because I have agreed to purchase 9 more wells in the Permian Basin. " commented Tom Lull, CEO of Orion. "I anticipate our next 9 well producing property acquisition will produce more than 1000 barrels of oil per month, and with our already producing 9 wells, we expect to exceed 1500 barrels of oil sold per month. My goal over the next three years is to place Orion in more than 1,000,000 royalty acres. We are finally producing the results in revenues and assets our shareholders deserve."

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/705520/Orion-Diversified-Announces-an-Acquisition-in-East-Texas

FAQ

What is the recent acquisition by Orion Diversified Holding Co?

Orion Diversified Holding Co has acquired a 0.41% royalty interest in four gas wells located in Freestone County, Texas.

How many royalty acres does OODH own?

Orion Diversified Holding Co owns a total of 16,241 royalty mineral acres.

What are the anticipated revenues for June 2022 for OODH?

OODH anticipates revenues exceeding $43,000 in June 2022.

How much oil does Orion plan to produce from new wells?

Orion plans to produce over 1,000 barrels of oil per month from the anticipated acquisition of nine new wells in the Permian Basin.

What is OODH's strategy in the oil and gas industry?

OODH focuses on investing in operated majority working interest, non-operated working interest, and mineral interests in premier U.S. oil and gas properties.