Orion Provides Corporate Update
06/21/2023 - 10:50 AM
CARSON CITY, NV / ACCESSWIRE / June 21, 2023 / Orion Diversified Holding Co Inc. (OTC PINK:OODH) ("OODH" or the "Company") announced today that it has increased its .06% royalty interest to a 1.0% royalty interest in the Stack Shale of Kingfisher County Oklahoma. The property now consists of a 1% royalty interest in 156 acres with an active rig currently drilling multi well horizontals. Orion now has mineral ownership in 34,637 acres in all major US onshore oil and gas regions.
Orion Diversified Holding Co Inc., Friday, November 11, 2022, Press release picture
MANAGEMENT COMMENTS
"On June 2, 2023, Orion closed on a 37% non-operated working interest in 2 wells currently producing 168 mcfpd and 1 bopd. The 2 wells are located in Lincoln and Uinta County Wyoming and hold 1,000 acres by production. The 12-month net cash flow has averaged $823.13 per month from the 2 wells in Wyoming and includes a 4% royalty across this acreage. In addition, we are working on a closing of 8 producing oil wells in the Permian Basin, and working towards a closing on 800 acres in the DJ Basin." Commented Tom Lull, CEO of Orion. Orion now has under 5.33 million shares outstanding after our recent corporate restructuring. Orion has generated more than $24,000 in revenues from royalties, non-operated working interest, and override royalties in the 2nd Qtr. of 2023. We acquired all the mineral interest from North Dakota to Texas in 2022, and one year later this strategy of buying mineral interest across the US is working."
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.tom@orionenergyco.com
SOURCE: Orion Diversified Holding Co Inc.
https://www.accesswire.com/762771/Orion-Provides-Corporate-Update
