Orion Diversified Announces Large Acquisitions in the Permian Basin

Rhea-AI Summary

Orion Diversified Holding Co (OTC PINK:OODH) announced the successful closure of two key acquisitions in the Permian Basin on June 1, 2022. The acquisitions include 9,280 acres in Pecos County and a 1% working interest in the Pinon Overthrust Gas Area, along with five oil and gas wells in Ector County averaging 15 barrels of oil per day and 10 thousand cubic feet per day. CEO Thomas Lull stated that revenues for June 2022 are projected to exceed $35,000, indicating a strong growth trajectory under new leadership.

Positive

• Acquired 9,280 acres in Pecos County, enhancing asset portfolio.
• Increased production capabilities with five oil and gas wells averaging 15 BOPD.
• Projected revenues exceeding $35,000 for June 2022.

Negative

• None.

CARSON CITY, NV / ACCESSWIRE / June 1, 2022 / Orion Diversified Holding Co Inc. (OTC PINK:OODH) ("OODH" or the "Company") announced today two significant acquisitions in the Permian Basin have closed on June 1, 2022.

HIGHLIGHTS

PERMIAN BASIN

9280 Acres in Pecos County Texas, 1% Working Interest in the Pinon Overthrust Gas Area.

5 Oil and Gas wells in Ector County averaging 15 BOPD and 10 MCFPD with a 1.179 Working Interest.

MANAGEMENT COMMENTS

"Under new leadership Orion has grown fast with almost 16,000 gross mineral acres in the largest oil and gas fields from the Permian Basin to the Bakken Shale. This is a very large acreage acquisition for Orion and these wells are being operated by Occidental Petroleum. Revenues are on target to exceed $35,000 for the month of June 2022.," commented Thomas Lull, Chief Executive Officer of Orion. "Management is working closely with petroleum engineers to perforate and increase production on the already producing Eagle Ford 1680 acre 3 well Rhode Ranch property. We are also working on the final closing of another 320 acre 7 well operated property in the Permian Basin."

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/703488/Orion-Diversified-Announces-Large-Acquisitions-in-the-Permian-Basin

FAQ

What acquisitions did Orion Diversified Holding Co announce on June 1, 2022?

Orion Diversified Holding Co announced the acquisition of 9,280 acres in Pecos County and a 1% working interest in the Pinon Overthrust Gas Area, along with five oil and gas wells in Ector County.

How is the revenue projection for Orion Diversified Holding Co in June 2022?

The company projects revenues to exceed $35,000 for June 2022.

What is the significance of the recent acquisitions for OODH?

The acquisitions significantly enhance OODH's asset portfolio in the Permian Basin, positioning the company for potential revenue growth and operational expansion.

Who is operating the newly acquired wells for Orion Diversified Holding Co?

The five oil and gas wells are being operated by Occidental Petroleum.

What is the working interest of the wells acquired by Orion Diversified Holding Co?

The company holds a 1.179 working interest in the five oil and gas wells in Ector County.