Orion Announces Its Second Quarter Results Continuing Strong Growth in Its Production

Orion Oil & Gas Corporation (TSX:OIP) announced that it has filed its second quarter financial statements and the related Management Discussion and Analysis for the period ended June 30, 2010.

The press release is quoted as saying:

Highlights for the second quarter of 2010 are : Increased average daily production by 34% to 4,424 barrels of oil equivalent (“boe”) per day, up from 3,314 boe/d in the first quarter of 2010. Achieved second quarter exit production of approximately 4,500 boe/d, up 13% over the first quarter exit level, and up 80% over the exit production level on December 31, 2009. We are currently maintaining this production level pending our summer drilling program. Generated $7.8 million in funds flow from operations during the three months ended June 30, 2010. The fact that our funds flow from operations was substantially unchanged from first quarter levels despite increased production was due in large part to non-recurring business development expenses incurred during the second quarter. Realized an operating netback of $28.47 per boe, down 12% from $32.34 realized during the first quarter.

Click here to access the entire press release

Click here to access Orion Oil & Gas Corporation Corporate Site