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.
RELATED
Serial-acquirer Orion Diversified Adds Hugoton Field Interests
Recommended Reading
Belcher: Election Outcomes and Their Impacts on Future US Policy
2024-10-14 - Trump would back ‘energy dominance,’ while Harris would pursue a climate change agenda.
US Offshore Driller Asks Judge to Block Insurers' Demands for $250MM Collateral
2024-12-12 - W&T Offshore has asked a federal judge to block insurance companies' demands for $250 million.
Electrification of Permian Faces a Problem: Not Enough Shock for the System
2024-11-21 - Permian Basin producers may have to wait years for Texas utilities to grow the grid.
RBAC: Environmental Pressures Undercutting the Global Gas Network
2024-10-10 - RBAC founder and energy economist Robert Brooks worries that environmental goals and pressures have taken a front seat at the expense of affordable energy access to countries such as Africa.
Mexico to Extend $6.7B to Cover Oil Producer Pemex's Debt in 2025
2024-11-15 - The Mexican government expects to transfer 136 billion pesos (US$6.69 billion) to state oil producer Pemex next year to help the heavily indebted firm meet its debt and loan repayments.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.