One of the companies which may be looked into this morning by investors is Orion Diversified Holding Co Inc (OTCMKTS:OODH). The company had been in the news back on September 2 when it announced that it had been successful in completing the acquisition of a royalty interest at a holding in Freestone and Houston County in Texas.
Trading Data
On Friday, OODH stock soared 0.25% to $0.0400 with more than 298.99K shares, compared to volume of 128.23K shares. The stock moved within a range of $0.0399 – 0.0429 after opening trade at $0.0399.
Orion Diversified Acquisitions Continue
The royalty interest is going to be 1.02% in a property that spans across an area of 400 acres. It was a significant new development for Orion Diversified Holding since with the latest acquisition the company would have mineral ownership in the major onshore oil and gas zones in the United States. The zones have a combined span of 28521 acres.
As it happens, the company already owns as much as 15640 acres at the Permian Basin Wolfcamp Shale and Sprayberry fields. The Chief Executive Officer of the company noted that within a year of the new management coming into place, it has been possible for Orion Diversified Holding to become a ‘solid company’ that the shareholders deserve.
He went on to note that in the past six months, the company had managed to generate revenues of $122,000 and also added royalty acres to the tune of 29,000 acres.
Key Quote
“In one year with new management we have been able to take all of our deep industry relationships, and finally turn Orion into a solid company our shareholders deserve. We have generated more than $122,000 in revenue in the past 6 months and acquired almost 29,000 royalty acres,” commented Tom Lull, CEO of Orion. “This week we are negotiating on royalties in Lea County New Mexico in the Bone Spring formation. This recent acquisition has XTO and several other top operators running gas wells in this field. We are going to bring the best oil and gas fields and assets to our shareholders.”
Technical Data
OODH stock is above the 20-Day and 50-Day Moving averages of $0.0346 and $0.0320 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0306. The company has a total market capitalization of $7.80 million. The stock is up 18% over the past month.
