Orion Diversified Holding Co Inc. (OTC PINK:OODH) (“OODH” or the “Company”) announced today that it has closed on an acquisition of a royalty interest in the Arkoma Basin of Oklahoma. The property consists of a 1.04% royalty interest in 240 acres. Orion now has mineral ownership in 28,121 acres in all major US onshore oil and gas regions. Orion owns 15,640 acres in the Permian Basin Wolfcamp Shale & Sprayberry fields.
MANAGEMENT COMMENTS
“We already own these great assets, and with natural gas at an all-time high we are working on perforating new zones in our 3 gas wells in the Eagle Ford. Our Eagle Ford property gives us the best ability to increase production above 2,000 mcfpd without the expensive cost associated with stimulating oil and gas wells.” commented Tom Lull, CEO of Orion. ” We anticipate our capital expenditures will be under $50,000 to perforate all 3 already producing Eagle Ford wells. We are also negotiating to acquire more operated properties in Texas.”
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.
