* Proved reserves up 32 pct
* Proved & probable reserves rise 34 pct
* Shares up 7 pct
Jan 24 (Reuters) - Orion Oil & Gas Corp OIP.TO said its reserves in 2010 rose by more than a third.
Orion Oil's proved and probable reserves' rose 34 percent to 24.8 million barrels of oil equivalent (boe), while proved proved reserves rose 32 percent to 16.3 million boe.
The company, which is majority owned by Sprott Resource Corp SCP.TO, also said oil and liquids account for 48 percent of reserves.
Shares of Orion Oil were up 7 percent at C$1.09, while Sprott Resource's shares were trading up about a percent at C$4.89 on Monday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel) (firstname.lastname@example.org; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: email@example.com))