It was a fairly good day in the markets for investors in Orion Diversified Holding Co Inc (OTCMKTS:OODH) as its stock went on a strong rally and ended the day with gains of as much as 11%.
Trading Data
On Thursday, OODH stock jumped up 11.11% to $0.0350 with 16.70K shares, compared to its average volume 106.37K shares. The stock moved within a range of $0.0349 – 0.0390 after opening trade at $0.0390.
Key Details
The company announced yesterday that it had been successful in completing the acquisition of a royalty interest in the Woodford Shale property located in Oklahoma. It led to considerable interest in the stock and it appears that investors were happy with the development. The company picked up a 0.62% royalty interest in the property, which stretches across an area of 160 acres. At this point, it consists of a solitary vertical well and produces 5 bopd and 45 mcfpd.
However, that is not all. It should be noted that Orion Diversified Holding has been working on acquiring royalty interests in a number of properties. Not too long ago it had completed the acquisition of a 0.13% to 0.38% non-operational working interest in as many as 13 wells in Lavaca County in Texas.
Those wells produce around 25000 mscfpm. At this point in time, the company has taken its mineral ownership to as much as 33481 acres in all the best known oil and gas regions in the United States.
Key Quote
“We are going on a buying spree for producing oil and gas properties.. This week we have also negotiated and anticipate closing another operated property in West Texas.” Commented Tom Lull, CEO of Orion. Oil and gas properties are very expensive, and we have been able to grow organically without issuing new shares or taking on loans.”
Technical Data
OODH stock is trading above the 20-Day and 50-Day Moving averages of $0.0328 and $0.0326 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0306.
