Orion Announces an Acquisition in the SCOOP Stack of Oklahoma & Files a Provisional Patent

Rhea-AI Summary

Orion Diversified Holding Co (OTC PINK:OODH) has announced two significant developments: First, the acquisition of a 0.59% royalty interest in 170 acres in the SCOOP Stack of Garvin County, Oklahoma, bringing their total mineral ownership to 34,200 acres across major US onshore oil and gas regions. Citizen Energy is planning multiple horizontal wells on their Kingfisher County acreage, with Orion being pooled into a 320-acre horizontal drilling unit. Second, the company has filed a provisional patent through Angle Tools Corp. for an innovative crescent wrench designed to work with electric drills.

Positive

• Acquisition of 0.59% royalty interest in 170 acres in SCOOP Stack
• Total mineral ownership reaches 34,200 acres across major US oil/gas regions
• Planned multiple horizontal wells by Citizen Energy on Kingfisher County acreage
• Active negotiations for additional Permian Basin acquisitions

Negative

• None.

CARSON CITY, NV / ACCESSWIRE / November 6, 2024 / Orion Diversified Holding Co, Inc. (OTC PINK:OODH, "Orion"), a revenue generating diversified company, announced today that it has closed on an acquisition of a royalty interest in the SCOOP Stack of Garvin County, Oklahoma. The property consists of a 0.59% royalty interest in 170 acres with active drilling leases already permitted in the area. Orion now has mineral ownership in 34,200 acres in all major US onshore oil and gas regions.

FOUNDERS COMMENTS

"We have received notice from the State of Oklahoma that Citizen Energy is planning to drill multiple well horizontals on our Kingfisher County acreage. We are being pooled into a 320 acre horizontal drilling and spacing unit. We are currently negotiating with several oil companies in the Permian Basin to acquire producing and non producing oil and gas operations." Commented Tom Lull, CEO of Orion. In addition to this we have filed another patent pending product under the Angle Tools Corp. for a crescent wrench designed to work with an electric drill. Finding a socket to fit a ratchet can be challenging and turning a crescent wrench by hand can be frustrating as well. This prototype design works with an electric drill and has a moveable shaft with grooves in the jaws of the crescent wrench to grip any bolt or nut."

ABOUT ORION DIVERSIFIED HOLDING CO INC.

Orion Diversified Holding Co Inc. is a holding company with a primary strategy of creating innovative construction products and investing in operated majority working interest, non-operated working interest, and mineral interests in producing oil & gas properties, with a core area of focus in the premier basins within the United States. Orion receives monthly income from 34,200 mineral acres and receives income from Chevron, Conoco Phillips, Apache, Occidental Petroleum, EOG Resources, Mewbourne Oil, Merit Energy, Hilcorp Oil, Kraken Oil, DCP, Raybaw Operating, and many others. More information about Orion Diversified Holding Co Inc. can be found at www.orionenergyco.com; www.angle-tools.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
www.x.com/TomLull1
www.instagram.com/ryanlulldad

SOURCE: Orion Diversified Holding Co Inc.

View the original press release on accesswire.com

FAQ

What royalty interest did OODH acquire in Oklahoma's SCOOP Stack?

Orion acquired a 0.59% royalty interest in 170 acres located in the SCOOP Stack of Garvin County, Oklahoma.

How many total acres of mineral ownership does OODH now have?

Orion now owns mineral rights in 34,200 acres across all major US onshore oil and gas regions.

What is the size of OODH's horizontal drilling unit in Kingfisher County?

Orion is being pooled into a 320-acre horizontal drilling and spacing unit in Kingfisher County.

What new patent has OODH filed through Angle Tools Corp?

Orion has filed a patent for a crescent wrench designed to work with an electric drill, featuring a moveable shaft and grooved jaws.