Orion Oil & Gas Corporation
Orion Oil and Gas Corporation (“Orion”) is a publicly traded (TSX: OIP) oil and gas company focused on exploration and development of oil and natural gas interests in the Kaybob and Redwater areas of Alberta. Orion is led by a management team with extensive experience that focuses on “deep value” concentrations of hydrocarbon reserves where it can apply its superior execution and operating skills to create value for its shareholders.
Orion currently produces approximately 4,600 boe/d comprised of roughly 48% light oil and natural gas liquids and 52% natural gas. The company is committed to pursuing international business development activities. For fiscal 2010, the company expects to have an average annual production rate of between 4,050 and 4,900 bbls/d. Orion’s development program is fully funded using internally generated cash flow and an asset based line of credit.
Sprott Resource Corp. first invested in Orion in October of 2009 and has invested a total of $105.1 million for a 79% ownership stake in the company.
