Orion Diversified Announces an Acquisition in the Powder River Basin

Rhea-AI Summary

Orion Diversified Holding Co (OTC PINK:OODH) has closed an acquisition of a 0.625% royalty interest on 320 acres in Converse County, Wyoming. This adds to their extensive portfolio, which includes interests in over 20,561 acres across major U.S. shale regions. CEO Tom Lull highlighted increasing drilling activity, particularly in the Permian Basin, with significant future plans for the Powder River Basin, including 5000 wells in the next five years. The company continues to focus on maximizing its operational interests in premier oil and gas areas.

Positive

• Acquisition of 0.625% royalty interest increases asset portfolio.
• Positioned in high-activity areas like the Permian Basin and Powder River Basin.
• CEO comments on active drilling permits signal potential revenue growth.

Negative

• None.

CARSON CITY, NV / ACCESSWIRE / July 1, 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 Converse County Wyoming. The property consists of a 0.625% royalty interest on 320 acres.

ACREAGE HIGHLIGHTS

Orion owns mineral interest in more than 20,561 acres in the Bakken Shale, Permian Basin, Woodford Shale, Haynesville Shale, Niobrara Shale, Powder River Basin, & Eagle Ford Shale.

3200+ acres are currently being operated by Orion at a 70 %+ NRI in the Eagle Ford and Permian Basin.

MANAGEMENT COMMENTS

"We are starting to see new drilling permits are being filed in our lands. With this much acreage owned the drill bit is already starting to find us. " commented Tom Lull, CEO of Orion. " Our 9280 acre property located in the Permian Basin of Pecos County Texas has gas infrastructure in place with producing wells. The Wolf Camp shale is one of the most prolific oil and gas producing fields in the US and the shale is located in the southeast corner of Pecos County near our property. The Powder River Basin in Wyoming is ramping up with leasing activity and there are 5000 wells planned to be drilled in this Basin over the next five years. You can see on the map there are already producing horizontals and we are surrounded by leasing activity."

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/707305/Orion-Diversified-Announces-an-Acquisition-in-the-Powder-River-Basin

FAQ

What is the significance of Orion Diversified Holding Co's recent acquisition?

Orion acquired a 0.625% royalty interest in 320 acres in Converse County, Wyoming, enhancing its portfolio in key oil-producing regions.

How will the acquisition impact the stock price of OODH?

The acquisition could positively influence OODH's stock price by increasing asset value and signaling potential revenue growth from new drilling activities.

What are the future plans for drilling in the Powder River Basin?

There are plans for approximately 5000 wells to be drilled in the Powder River Basin over the next five years, indicating robust activity in the region.

How many acres does Orion Diversified Holding Co currently own?

Orion owns mineral interests in more than 20,561 acres across various prominent U.S. shale regions.