Sprott Resource Corp. Announces 34% Increase in Proved + Probable Reserves of Orion Oil & Gas Corporation

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[{"type":"text","content":"\n\n\n\n Jan. 24, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTORONTO, Jan. 24 /CNW/ - Sprott Resource Corp. ("SRC") announced today\n that Orion Oil & Gas Corporation ("Orion") (TSX:OIP), which is 78.9%\n owned by SRC on an undiluted basis, has announced today the results of\n its 2010 year-end oil and gas reserves evaluation conducted by GLJ\n Petroleum Consultants ("GLJ") and Sproule Associates Limited\n ("Sproule") as at December 31, 2010.\n\n\nHighlights for year-end 2010 compared to year-end 2009 include:\n\n\n\nProved reserves of 16.3 million ("MM") boe, an increase of 32%\n\n\n\n\nProved plus Probable ("2P") reserves of 24.8 MMboe, an increase of 34%\n\n\n\n\nOil and liquids account for 48% of 2P reserves\n\n\n\n\nNet Present Value of 2P reserves (discounted at 10% before tax)\n increased 32% ($106 MM), to $439 MM\n\n\n\n\n2P reserve life index of approximately 12.6 years based on estimated\n fourth quarter 2010 production\n\n\n\n\n2P Reserve Replacement Ratio of approximately 490% (see note 5)\n\n\n\nOrion Oil and Gas Reserves\n\n\nThe tables below summarize certain information contained in the\n independent reserves reports prepared by GLJ and Sproule as of December\n 31, 2010 (collectively, the "Reports"). The information relating to\n reserves and the associated Net Present Value of Orion's Beaverhill\n Lake (Kaybob), Bigstone and Redwater properties was prepared by GLJ. \n The informatio...

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