Orion Diversified Provides Acquisition Updates
Orion Diversified Holding Co Inc. (OTC PINK:OODH) has successfully closed a royalty interest acquisition in the Eagle Ford Shale area of Texas, covering 640 acres with a 0.15625% royalty interest. The Eagle Ford area has produced over 12 million barrels of oil since 1993. Additionally, Orion's Ward County property in the Permian Basin currently produces 5 barrels of oil equivalent per day (boepd). Management is focusing on enhancing production through evaluating existing wells and perforating new zones. The company now controls mineral interests exceeding 4,500 acres.
- Acquisition of a royalty interest in a prolific oil-producing area could enhance future revenue.
- Current production from Eagle Ford and Permian Basin properties indicates ongoing operational capabilities.
- Management's focus on acquiring producing properties suggests potential for further revenue generation.
- Current production levels in the Permian Basin stand at only 5 boepd, which is relatively low.
- Dependence on successful evaluation and perforation of new zones for increased production could present operational risks.
CARSON CITY, NV / ACCESSWIRE / May 13, 2022 / Orion Diversified Holding Co Inc. (OTC PINK:OODH) ("OODH" or the "Company") announced today that it has closed on a royalty interest in the Eagle Ford Shale area of Houston County Texas. The property consists of 640 acres with a .15625 % royalty interest across all 640 acres. Oil production in this area has been prolific passing 12,000,000 barrels of oil produced since 1993.
OPERATIONAL UPDATES
The 320 Acre 6 well property acquired this March 2022 located in Ward County of the Permian Basin is currently producing 5 boepd and water is being injected into the disposal well. Management is evaluating the other wells on the newly acquired Permian Basin property to increase oil production. The 1680 Acre Eagle Ford Rhode Ranch property is currently averaging 5,000 MCFPM and 90 barrels of oil per month sold. Management has a petroleum engineer evaluating logs with computer software to perforate new zones on the Rhode Ranch property.
MANAGEMENT COMMENTS
"We have been analyzing several properties in the Permian Basin for operations, and we have recently visited several producing properties that can immediately generate revenue for Orion. The Rhode ranch recently was producing 90,000 mcfpm and perforating untapped wilcox zones is a high priority." commented Tom Lull, CEO of Orion. "My goal every week is to buy either a producing property with operations, or a non-operated working interest, or royalties. I have agreed to a price on a producing property in the Permian Basin with 3 wells currently making 6 boepd and 30 mcfpd. We now hold mineral interest in more than 4500 acres, and 2000 acres as the operator holding more than a
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
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.
SOURCE: Orion Diversified Holding Co Inc.
View source version on accesswire.com:
https://www.accesswire.com/701240/Orion-Diversified-Provides-Acquisition-Updates
FAQ
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