It was a hard day in the markets for investors in Orion Diversified Holding Co Inc (OTCMKTS:OODH) as the company’s stock suffered from a significant selloff and went down by as much as 15% as a consequence. That being said, it is perhaps also important to keep in mind that the company had also made a fairly important announcement that investors ought to look into.
On Wednesday, OODH stock lost 15.23% to $0.0250 with 561.02K shares, compared to its average volume 136.61K shares. The stock moved within a range of $0.0250 – 0.0340 after opening trade at $0.0295.
Orion Announces an Acquisition in the Las Animas Gas fields of Colorado
Yesterday the company announced that it had been successful in acquiring a royalty interest in the Las Animas Gold fields. The property in question is situated in the state of Colorado. Orion Diversified picked up a royalty interest of 2.5% in the property, which stretched across an area of 200 acres.
It was a significant development for the company since it took the company’s mineral ownership across all the onshore oil and gas regions in the United States to 29361 acres. However, the development did not come as a source of optimism for investors and it now remains to be seen if the stock can manage to make a recovery in the coming days. Tom Lull, who is the Chief Executive Officer of Orion Diversified, noted that Colorado is in ranked among the top 5 in the United States with regards to natural gas production.
“Las Animas County Colorado is ranked in the top 5 counties in Colorado for natural gas production. The orange dots on the map identify recent leases ready to be drilled. Oil and Gas companies typically only have three years to drill on these leases before the primary term expires. This means a very significant amount of capital has already been deployed at these locations before the drilling begins,” commented Tom Lull, CEO of Orion.
OODH stock is trading below the 20-Day and 50-Day Moving averages of $0.0318 and $0.0323 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0306.