American Marconi Wireless News - Orion Diversified Holding Accelerates Energy Expansion With Major 24.75% Non-Operated Working Interest Acquisition

The acquisition expands Orion's participation in two established U.S. energy-producing regions and adds additional producing assets to the Company's growing multi-state portfolio.

According to acquisition information, the three-property package has recently averaged approximately 180 MCF of natural gas production per day on a combined gross basis, in addition to oil production associated with the New Mexico property.

24.75% Non-Operated Working Interest

The cornerstone of the acquisition is Orion's 24.75% non-operated working interest (WI) and approximately 21.65625% net revenue interest (NRI) in a producing property located in San Juan County, New Mexico.

Acquisition information reports cumulative gross production of approximately 17,900 barrels of oil and 305 million cubic feet of natural gas from the property.

The substantial 24.75% non-operated position provides Orion with meaningful participation in the economics of the producing asset while allowing the Company to maintain its non-operated business model.

Oklahoma Producing Interests

The acquisition also includes two additional producing non-operated working interests located in Oklahoma.

The first includes a 1.451549% non-operated working interest and approximately 1.269483% net revenue interest in a producing natural-gas property. Acquisition information reports approximately 7.61 billion cubic feet of cumulative gross natural-gas production and a recent daily average of approximately 67 MCF per day.

The second includes a 0.911060% non-operated working interest and approximately 0.740240% net revenue interest in another producing natural-gas property. Acquisition information reports approximately 3.24 billion cubic feet of cumulative gross natural-gas production and a recent daily average of approximately 104 MCF per day.

Major Gulf Coast Acquisition Progress

Orion also reports continued progress surrounding its major Gulf Coast energy acquisition. The Company believes the matter is advancing toward an important stage and looks forward to providing shareholders with a more comprehensive update when appropriate.

Continued Portfolio Expansion

The acquisition continues Orion's strategy of selectively acquiring non-operated working interests, mineral rights, royalties and overriding royalty interests in established U.S. producing regions.

These newly acquired interests complement Orion's recently announced North Dakota acquisition, which added another producing non-operated working interest to the Company's portfolio.

Orion continues to evaluate additional producing properties and mineral opportunities throughout the United States as management works to expand the Company's recurring energy revenue base while maintaining a lean corporate operating structure.

Executive Commentary

"We continue to execute our strategy of acquiring producing energy assets with established production histories at attractive entry points," said Tom Lull, President and CEO of Orion Diversified Holding Co. Inc.

"The highlight of this acquisition is the substantial 24.75% non-operated working interest in New Mexico, accompanied by two additional producing natural-gas interests in Oklahoma. These acquisitions further expand Orion's producing footprint while maintaining the non-operated structure that is central to our energy strategy."

Lull continued:

"Combined with our recent North Dakota acquisition and continued progress surrounding our major Gulf Coast acquisition, Orion continues to expand its producing energy portfolio. We remain focused on identifying opportunities where we believe the underlying assets provide attractive long-term economic potential and building Orion one acquisition at a time."

About Orion Diversified Holding Co. Inc.

Orion Diversified Holding Co. Inc. is a diversified natural-resource holding company primarily focused on acquiring producing non-operated working interests, royalty interests, overriding royalty interests and mineral acreage across established U.S. energy regions.

The Company maintains a lean corporate operating structure while building a diversified portfolio of energy and natural-resource assets across the United States.

For additional information, visit:

www.orionenergyco.com

Media & Investor Relations Contact

Thomas Lull, President & CEO
Orion Diversified Holding Co. Inc.
Email: [email protected]
Phone: 760-889-3435
X: www.x.com/TomLull1

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 concerning anticipated revenues, production, operating cash flows, future acquisitions, development activities and the Company's business strategy. Forward-looking statements are not guarantees of future performance and are inherently subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Such statements are based upon assumptions made by, and information currently available to, management, including management's knowledge and assessment of the Company's industry, properties and competitive environment. The Company assumes no obligation to update forward-looking statements except as required by applicable law.

SOURCE: Orion Diversified Holding Co Inc.

View the original press release on ACCESS Newswire

Th.Berger--AMWN