Following a major new announcement yesterday, Orion Diversified Holding Co Inc (OTCMKTS:OODH) was on the radars of many investors and the stock ended the day with gains of as much as 4% as a consequence.
On Thursday, OODH stock soared 4% to $0.0260 with more than 39K shares traded, compared to volume of 135.44K shares. The stock moved within a range of $0.0250 – 0.0260 after opening trading at $0.0252.
The company announced yesterday that it had been successful in closing an acquisition of a royalty interest in the Las Animas Gas Fields. The property in question is located in Colorado and Orion Diversified managed to pick up a royalty interest to the tune of 1.6%. The property stretches across an area of 320 acres. The latest acquisition takes the total royalty interests of the company to as much as 29681 acres in some of the better known energy properties in the United States.
However, that is not all. Last week on September 16 the company had also been in the news when it announced that it had managed to pick up a royalty stake in the Andarko Basin in Oklahoma. The company picked up a non-operated royalty interest of 2.04% in the property that stretches across an area of 640 acres. The management noted that all these acquisitions of royalty interests are eventually going to lead to higher revenues for Orion Diversified.
“We have acquired a 1.5% royalty across 520 acres this week in Colorado.” commented Tom Lull, CEO of Orion. ” Royalties give us revenues from the sale of oil and gas with no expenses. In the past 6 months we have acquired more than 25,000 royalty acres.”
OODH stock is trading below the 20-Day and 50-Day Moving averages of $0.0313 and $0.0322 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0306. The company has a total market capitalization of $5.07 million.