Orion Diversified Holding Co Inc. (OTCMKTS:OODH) Stock Gains Momentum After Acquisition News
Orion Diversified Holding Co Inc. (OTCMKTS:OODH) is up 9% in a week after closing the purchase of a non-operated royalty stake in Oklahoma’s Anadarko Basin.
Market Stats
On Wednesday, OODH stock gained 2.40% to $0.0430 with more than 1.62 million shares, compared to its average volume of 242K shares. The stock moved within a range of $0.0390 – 0.0590 after opening trading at $0.0390.
Orion Diversified Holding Co, Inc. Announces an Acquisition & Revenue Updates From Texas Properties
In Greer County, Oklahoma, the asset comprises 160 acres with a 2.08 percent non-operated royalty stake. The company has also settled on a value for two distinct gas and oil-producing properties in West Texas’ Permian Basin, the Spayberry and the Wolfcamp fields.
Currently, the Rhode Ranch 1680 Acre 3 asset produces around 4000 mcf and 90 oil barrels per month. Currently, the Rhode Ranch 1680 Acre 3 well property is producing 4000 mcf and 90 barrels of oil per month.
Revenues are expected to reach $60,000 in Q1 2022, and the revenue realization doesn’t account for the current jump in natural gas and oil prices. After recent stimulation of the Rhode 1301 well failed to improve performance, management has chosen to perforate the higher zones at 3000 feet to boost production. So in the coming weeks, OODH is worth watching.
Key Quote
“The Rhode 7801 well drilled in 2010 is an 11,000ft horizontal well that had an initial production rate of 30,000 mcf per month and 1500 barrels of oil per month.” commented Tom Lull, CEO of Orion. “There are 2 more Wilcox zones to be perforated in the 7801 well, and there are two more Wilcox zones to be perforated in the 7701 well to increase production on this magnificent property.”
Traders Corner
OODH stock is above the 20-Day and 50-Day Moving averages of $0.0357 and $0.0314 respectively. The stock is trading in the neutral zone with the RSI at 61.
