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ORION DIVERSIFIED HOLDING CO INC. (NASDAQ:OODH) Orion Diversified Holding Co, Inc. Announces an Acquisition & Revenue Updates From Texas Properties

Transparency directive : regulatory news

09/03/2022 16:00

CARSON CITY, NV / ACCESSWIRE / March 9, 2022 / Orion Diversified Holding Co Inc. (OTC PINK:OODH) ("OODH" or the "Company") announced today that it has closed on an acquisition of a non-operated royalty interest in the Anadarko Basin of Oklahoma. The property consists of 160 acres and a 2.08 % non-operated royalty interest located in Greer County Oklahoma. Management has also agreed to a price on 2 separate producing oil and gas properties located in the Spayberry field and Wolfcamp field in the Permian Basin of West Texas.

REVENUE MILESTONES

The Rhode Ranch 1680 Acre 3 well property is currently averaging 4000 mcf per month and 90 barrels of oil per month. In the first quarter of 2022 revenues are on target to exceed $60,000, and this revenue recognition does not take into account the recent spike in oil and gas prices. The Rhode 1301 well was recently stimulated and this did not improve results, so management has decided to perforate the upper zones next at 3000ft to increase production.

MANAGEMENT COMMENTS

"The Rhode 7801 well drilled in 2010 is an 11,000ft horizontal well that had an initial production rate of 30,000 mcf per month and 1500 barrels of oil per month." commented Tom Lull, CEO of Orion. "There are 2 more Wilcox zones to be perforated in the 7801 well, and there are two more Wilcox zones to be perforated in the 7701 well to increase production on this magnificent 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.

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/692184/Orion-Diversified-Holding-Co-Inc-Announces-an-Acquisition-Revenue-Updates-From-Texas-Properties



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