Orion Diversified Announces an Acquisition in the Permian Basin
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CARSON CITY, NV / ACCESSWIRE / July 28, 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 Garza and Lynn County Texas of the Permian Basin. The property consists of a royalty interest in 6,360 acres producing 35 bopd & 10mcfgpd. Orion now has mineral ownership in 15,640 Acres in the Permian Basin Wolfcamp Shale & Sprayberry fields.
ACREAGE & REVENUE HIGHLIGHTS
Orion owns mineral interest in more than 27,721 acres in the Bakken Shale, Permian Basin, Woodford Shale, Haynesville Shale, Niobrara Shale, Powder River Basin, & Eagle Ford Shale.
Revenues are on target to reach $100,000 in the 3rd Qtr. of 2022. Multiple income streams are coming in from 3 horizontal Bakken North Dakota wells at a 24% Non-Operated Working Interest. Orion is also starting to receive income from our 2+% royalties in 4 wells in Oklahoma, and our operated 3 well property in the Eagle Ford Shale. Orion recently purchased a 5% non-operated working interest in 10 wells that are in the pipeline to generate additional revenues.
"Our Oklahoma royalties & North Dakota Bakken horizontal wells are starting to pay out. I have received checks for more than $11,000 in the month of July without having operations" 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. We have a 1% royalty in 9,280 acres in the Pecos County Wolf Camp Shale field and this recent 6,360-acre 0.03% royalty acquisition puts us in the Sprayberry field. The Wolf Camp Shale and Sprayberry fields are the largest onshore oil and gas fields by daily oil and gas production volume in the United States. This 6,360-acre property already has cash flow on a small amount of oil and gas production, and with new Sprayberry wells permitted for drilling we should see a dramatic increase in our revenue streams on this property."
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.
Orion Diversified Holding Co Inc.
Thomas Lull, President
SOURCE: Orion Diversified Holding Co Inc.
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Create E-mail Alert Related CategoriesAccesswire, Press Releases
Related EntitiesHaynesville Shale, Bakken Formation, Earnings, Definitive Agreement
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