Orion Diversified Holding Co Inc. Announces Significant Acquisitions in the Eagle Ford Shale and Bakken Shale

Rhea-AI Summary

Orion Diversified Holding Co (OTC PINK:OODH) announced the completion of two key acquisitions on December 17, 2021, in the Eagle Ford Shale and Bakken Shale. The Eagle Ford acquisition includes 1,680 acres in McMullen County, Texas, with a working interest of 100% and net revenue interest exceeding 70%. The Bakken acquisition covers 386 acres in Montana with a 29.21% non-operated working interest. CEO Thomas Lull emphasized the revenue potential from these strategic asset additions.

Positive

• Acquisition of 1,680 acres with significant production potential in Eagle Ford Shale.
• Bakken Shale acquisition offers additional growth opportunities.
• Existing wells in both areas contributing to revenue generation.

Negative

• None.

CARSON CITY, NV / ACCESSWIRE / December 20, 2021 / Orion Diversified Holding Co Inc. (OTC PINK:OODH) ("OODH" or the "Company") announced today two significant acquisitions in the Eagle Ford Shale and Bakken Shale closed on December 17, 2021.

HIGHLIGHTS

EAGLE FORD SHALE

• 1680 Acres in McMullen County Texas, 100% Working Interest - 70+% Net Revenue Interest - 131 MCFPD and 3 BOPD
• 2.6 square miles of land is held by 3 producing vertical oil and gas wells; allowing for future infill horizontal well development.
• Multiple oil and gas zones have been identified in the 3 existing wells for re-entry to increase production.
• Property includes 8 oil tanks, 3-10,000 PSI Trees, 3 Modular Production Skids, 3 Line Heaters, 3 Dehy Reboilers

BAKKEN SHALE

• 386 Acres in a 1280 Acre pooled unit in Sheridan County Montana, 29.21% Non-Operated Working Interest - 23.09% Net Revenue Interest.
• 2 Existing wells averaging 16 BOPD and 3 MCFPD.
• Future horizontal well development

MANAGEMENT COMMENTS

"These transactions place Orion with large acreage positions in two of the largest oil and gas producing basins in the US, and the Texas property is already making significant revenues," commented Thomas Lull, Chief Executive Officer of Orion. "Management is also working on closing another producing oil and gas property this December 2021, and the current November 2021 acquisitions are going to add significant increases to Orion's revenues and assets."

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/675406/Orion-Diversified-Holding-Co-Inc-Announces-Significant-Acquisitions-in-the-Eagle-Ford-Shale-and-Bakken-Shale

FAQ

What are the details of the Eagle Ford Shale acquisition by OODH?

The Eagle Ford acquisition includes 1,680 acres in McMullen County, Texas, with a 100% working interest and over 70% net revenue interest.

What is the significance of the Bakken Shale acquisition for OODH?

The Bakken acquisition comprises 386 acres with a 29.21% non-operated working interest, providing further revenue streams and development potential.

When were the acquisitions by OODH completed?

The acquisitions were completed on December 17, 2021.

How will these acquisitions impact OODH's revenues?

These acquisitions are expected to significantly increase OODH's revenues and assets, as noted by CEO Thomas Lull.