Orion Diversified Holding Co Inc. Announces a Significant Acquisition in the Heart of the Permian Basin

Rhea-AI Summary

Orion Diversified Holding Co (OTC PINK: OODH) announced the acquisition of 320 acres in the Permian Basin, finalized on March 15, 2022. The property boasts 100% working interest with over 75% net revenue interest, featuring five producing oil and gas wells and one permitted injection well. Key assets include oil tanks, separators, and pumpjacks, with additional potential for Wolfcamp horizontal well completion.

CEO Thomas Lull emphasized the strategic importance of the site, noting zero debt and no share dilution amidst anticipated revenues from this key oil-producing region.

Positive

• Acquisition of 320 acres in high-potential Permian Basin enhancing asset portfolio.
• Zero debt and no share dilution after acquisition.
• Significant infrastructure already in place, including five producing wells and a permitted injection well.
• Potential for enhanced revenue from Wolfcamp horizontal well completion.

Negative

• None.

CARSON CITY, NV / ACCESSWIRE / March 16, 2022 / Orion Diversified Holding Co Inc. (OTC PINK:OODH) ("OODH" or the "Company") announced today a significant acquisition in the Permian Basin has closed on March 15, 2022.

HIGHLIGHTS

PERMIAN BASIN

320 Acres in Ward County Texas held by production, 100% Working Interest - 75+% Net Revenue Interest.

5 producing vertical oil and gas wells and 1 permitted injection well. Water injection easements are already in place.

Multiple oil and gas zones have been identified in the 5 existing oil wells.

Potential for Wolfcamp horizontal well completion and injection.

Property includes 4 oil tanks, 2 Seperators, 5 Pumpjacks, and a triplex pump for injection.

MANAGEMENT COMMENTS

"This property is located in the heart of the Wolfcamp Shale with immediate access to interstate 20. We can produce oil on this property and inject significant quantities of produced water from our neighbors." commented Thomas Lull, Chief Executive Officer of Orion. "The Wolfcamp shale is one of the largest producing onshore oil fields in the US, and we have substantial revenues with zero debt and zero share dilution for all of these assets."

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/693269/Orion-Diversified-Holding-Co-Inc-Announces-a-Significant-Acquisition-in-the-Heart-of-the-Permian-Basin

FAQ

What acquisition did Orion Diversified Holding Co make?

Orion Diversified Holding Co acquired 320 acres in the Permian Basin, including five producing wells and one permitted injection well.

What is the significance of the Wolfcamp Shale for Orion Diversified Holding Co?

The Wolfcamp Shale is one of the largest onshore oil fields in the U.S., providing significant revenue opportunities for Orion Diversified Holding Co.

What are the financial implications of the acquisition for OODH?

The acquisition is expected to generate substantial revenues for OODH with zero debt and no dilution of shares.

When was the acquisition by Orion Diversified Holding Co finalized?

The acquisition was finalized on March 15, 2022.

What infrastructure is included in the acquisition?

The acquisition includes five producing oil and gas wells, one permitted injection well, and several oil tanks and separators.