Orion Diversified Holding Co., a revenue-generating diversified company, closed on an acquisition of a royalty interest in the Midcontinent's SCOOP/STACK play in Garvin County, Oklahoma, the company said. (Source: Orion Energy)
Orion Diversified Holding Co., a revenue-generating diversified company, closed on an acquisition of a royalty interest in the SCOOP/STACK play in Garvin County, Oklahoma, the company said.
The Austin, Texas-based company said it acquired a 0.59% royalty interest on 170 acres with active drilling leases already permitted in the area. With the deal, Orion said it now owns mineral ownership in 34,200 acres in all major U.S. onshore oil and gas regions.
"We have received notice from the State of Oklahoma that Citizen Energy is planning to drill multiple well horizontals on our Kingfisher County acreage,” Orion CEO Tom Lull said. “We are being pooled into a 320-acre horizontal drilling and spacing unit.”
Lull said the company is also negotiating with several oil companies in the Permian Basin to acquire producing and non-producing oil and gas assets, according to a Nov. 6 press release.
Orion Diversified invests in operated majority working interest, non-operated working interest and mineral interests in producing oil and gas properties with a core area of focus in U.S. basins. Orion receives monthly income from operators including Chevron, ConocoPhillips, APA Corp.’s Apache, Occidental Petroleum, EOG Resources and several other E&Ps.
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