Orion Oil & Gas Corporation
TSX : OIP

February 22, 2010 13:41 ET

Orion Announces Filing of 2009 Annual Informaton Form and Information Circular and Details of Annual Meeting

CALGARY, ALBERTA--(Marketwire - Feb. 22, 2010) - Orion Oil & Gas Corporation (TSX:OIP) ("Orion") announces that it has filed Orion's Annual Information Form for the period ending December 31, 2009 and the Information Circular for the Annual Meeting to be held on March 18, 2010 at 10:30 a.m. (Calgary time) at the Conference Centre, Sun Life Plaza, 210, 140 – 4 Avenue S.W., Calgary, Alberta. The business of the meeting includes the election of directors which currently are Kent Jespersen (Chairman), Paul Dimitriadis, Gary Guidry, Robert Hodgins, and Roger Thomas. Wayne Thomson has agreed to stand for election at the upcoming Annual Meeting.

Mr. Thomson has extensive experience in international exploration and development, having been President of and a director of companies focused in Yemen and New Zealand, and earlier in his career the Chief Reservoir Engineer for the Danish sector of the North Sea. His domestic experience includes being President and a director of successful companies; Hadrian Energy Corp. and Gardiner Oil and Gas Limited, a TSX listed company. Mr. Thomson has over 30 years experience in the domestic and international oil and gas industry.

"We are very excited to have a person with Wayne's experience involved as we move forward with both the development of our domestic assets and our international new ventures in South America," said Gary Guidry, Orion's President and CEO. "His experience in exploration and development and strategic decisions will be of immense value."

Mr. Thomson was a director of Encana Corp. and is currently a director of Cenovus Energy Inc. and TG World Energy Corp.. He is a member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta (APEGGA) and the World Presidents' Organization. Mr. Thomson has a Bachelor of Science in Mechanical Engineering from the University of Manitoba. He resides in Calgary.

Summary Information Relating to Orion

Orion is engaged in the exploration for and development of oil and natural gas interests located primarily in the Kaybob, Redwater and Bigstone areas of Alberta. Orion's current production is 3,499 boe/d, which is comprised of approximately 45% light oil and natural gas liquids and 55% natural gas. At its Kaybob property, a natural gas condensate field, Orion operates and has a 91% working interest in 25,600 gross acres. Orion has drilled 8 wells at Kaybob, with a 100% success rate. At its Redwater property, a light oil field, Orion has mainly 100% working interest in 8,786 gross acres. Orion N.A. has drilled 14 wells at Redwater, with a 100% success rate. At its Bigstone property, a natural gas field, Orion has 100% working interest in 1,920 acres. Orion is operator at its Kaybob, Redwater and Bigstone properties and has sufficient capital to fully fund the development of its properties.

Cautionary Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements relating to expectations with respect to the timing of the annual meeting and the matters of business to be considered thereat. Although the Corporation believes that the expectations reflected in its forward looking statements are reasonable, such statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. These factors and assumptions are based upon currently available information to the Corporation. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking statements. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, the Corporation does not undertake any obligation to publicly update or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation, Orion or their respective financial or operating results or (as applicable), their securities.

MEANING OF BOE: When used in this press release, boe means a barrel of oil equivalent on the basis of 1 boe to 6 thousand cubic feet of natural gas. Boe/d means a barrel of oil equivalent per day. Boe's may be misleading, particularly if used in isolation. A boe conversion ratio of 1 boe for 6 thousand cubic feet of natural gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Contact Information

  • Orion Oil & Gas Corporation
    Gary Guidry
    President and Chief Executive Officer
    (403) 297-1430
    (403) 237-9791 (FAX)
    or
    Orion Oil & Gas Corporation
    Douglas Allen
    Chief Financial Officer
    (403) 297-1430
    (403) 237-9791 (FAX)
    or
    Orion Oil & Gas Corporation
    Trevor Peters
    Vice President, Business Development and Corporate Planning
    (403) 297-1430
    (403) 237-9791 (FAX)
    www.orionoilandgas.ca