Orion Diversified Provides Operational and Acquisition Updates

Rhea-AI Summary

Orion Diversified Holding Co (OTC PINK: OODH) announced the completion of a producing royalty interest acquisition in Colorado's Piceance Basin, covering 1,127 acres with an 18.75% royalty on one producing gas well. Additionally, the company is in negotiations for an oil and gas property in the Permian Basin. Operational updates reveal the Ward County property is producing 5 boepd, with efforts underway to enhance production from other wells. The Rhode Ranch property in Eagle Ford is averaging 5,000 MCFPM and 90 barrels of oil monthly. Future plans include perforating more zones in existing wells.

Positive

• Acquired a producing royalty interest in 1,127 acres in Piceance Basin, enhancing OODH's asset portfolio.
• Negotiating a producing oil and gas property in the high-potential Permian Basin.
• Current production levels at Eagle Ford property are promising with 5,000 MCFPM and 90 barrels of oil monthly.

Negative

• Ward County property is generating only 5 boepd, indicating limited current output potential.

CARSON CITY, NV / ACCESSWIRE / May 5, 2022 / Orion Diversified Holding Co Inc. (OTC PINK:OODH) ("OODH" or the "Company") announced today that it has closed on a producing royalty interest in the Piceance Basin of Colorado. The property consists of 1,127 acres with a 18.75 % royalty interest in 1 producing gas well on 80 acres, and a 100% Working Interest on the remaining 1047 acre unit located in San Miguel County Colorado. Management has also agreed to a price on a producing oil and gas property with operations located in the Sprayberry field in the Permian Basin of West Texas.

OPERATIONAL UPDATES

The recently acquired 320 Acre 6 well property located in Ward County of the Permian Basin is currently producing 5 boepd and water is being injected into the disposal well. Management is evaluating the other wells on the newly acquired Permian Basin property to increase oil production. The 1680 Acre Eagle Ford Rhode Ranch property is currently averaging 5,000 MCFPM and 90 barrels of oil per month sold.

MANAGEMENT COMMENTS

"We have finally received a favorable estimate to perforate new zones in the Rhode Ranch wells. 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 5 more Wilcox zones to be perforated in the 3 Rhode Ranch wells."

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/700265/Orion-Diversified-Provides-Operational-and-Acquisition-Updates

FAQ

What is the recent acquisition by Orion Diversified Holding Co?

Orion Diversified has acquired a producing royalty interest in the Piceance Basin of Colorado, covering 1,127 acres with an 18.75% royalty interest in a producing gas well.

How does the acquisition impact OODH's operations?

The acquisition enhances OODH's asset portfolio, potentially increasing revenue through royalty payments.

What are the production levels at the Eagle Ford Rhode Ranch property?

Currently, the Eagle Ford Rhode Ranch property is averaging 5,000 MCFPM and 90 barrels of oil sold monthly.

What future plans does Orion Diversified have for its wells?

Orion plans to perforate additional zones in the Rhode Ranch wells to boost oil production.