CARSON CITY, NV / ACCESSWIRE / July 21, 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 Yoakum County Texas. The property consists of a 0.00175% royalty interest on 640 acres producing 416 bopd & 93mcgpd. The property is operated by White Rock Oil & Gas LLC.
ACREAGE HIGHLIGHTS
Orion owns mineral interest in more than 21,361 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 & Colorado.
MANAGEMENT COMMENTS
"Our North Dakota Bakken horizontal wells are starting to pay out. I have received a check for more than ten thousand dollars with operating expenses approaching six thousand dollars." commented Tom Lull, CEO of Orion. " Royalties and non-operated working interest allow us to make money without taking operations. We are currently negotiating to acquire more operated properties in the Permian Basin. On the backburner we are planning to perforate the Rhode property in the Eagle Ford Shale to increase existing production and increase revenues. This recent acquisition in Yoakum County Texas is making more than one million in revenue per month from a small number of producing wells, and several wells are being turned back on, and there are more wells permitted for drilling."
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/709286/Orion-Diversified-Announces-an-Acquisition-in-the-Permian-Basin
