Orion Oil & Gas Corporation
TSX : OIP

May 03, 2010 22:52 ET

Orion Files Revised Annual Information Form

CALGARY, ALBERTA--(Marketwire - May 3, 2010) - Orion Oil & Gas Corporation (TSX:OIP) ("Orion" or the "Company") announces that it has filed a revised Annual Information Form for the year ended December 31, 2009, which contains the disclosure and reports relating to reserves data and other oil and gas information, effective as of December 31, 2009, required pursuant to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators ("NI 51-101"). A copy of this document may be found for viewing on the System for Electronic Document Analysis and Retrieval website at www.sedar.com. The revised Annual Information Form contains amendments to correct certain deficiencies to the reserves information provided therein and to make such information consistent with the requirements of NI 51-101 and does not constitute a restatement or adjustment to the reserves of the Company for the year ended December 31, 2009.

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 4,000 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. At its Redwater property, a light oil field, Orion operates and has an 82% average working interest in 8,786 gross acres. At its Bigstone property, a natural gas field, Orion operates and has a 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.

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)