December 16, 2010 / 3:10 PM / 7 years ago

UPDATE 1-Orion Oil sees higher production in 2011

* Sees 2011 avg production at 6,000-6,500 boe/d

* Sets capex at C$35 mln for 2011

* Sees operating costs of C$11.75-C$12.25/boe * Expects 2010 avg production at 4,050-4,900 boe/d

Dec 16 (Reuters) - Canada’s Orion Oil and Gas Corp OIP.TO said it sees higher average production in 2011 and set a capital budget of C$35 million.

The company expects 2011 average production at 6,000-6,500 barrels of oil equivalent per day (boe/d) and exit production at 6,500-7,000 boe/d.

The company, which is engaged in oil and natural gas exploration and development in the Kaybob, Redwater and Bigstone areas of Alberta, also said it expects operating cost to be C$11.75-C$12.25 per barrel of oil.

Calgary, Alberta-based Orion’s shares were up 2 Canadian cents at 99 Canadian cents on Thursday morning on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Roshni Menon)

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