Josef Schachter Orion Oil & Gas OIP-T TOP PICK Apr 14, 2011

Western Canada with 2 main areas. One is the Cabob area where they are doing liquids rich natural gas and are also doing oil in Rugwater. (?) About 52% oils and liquids. Has $1.60 target. Bank debt is very low relative to their line of credit. Looking for a new 3rd core area. Doing about 6,000 BOE’s a day and cash flowing about 80. A company that you let grow by finding new projects.