Orion Oil & Gas Corporation Announces Commencement of Listing on the TSX, $85 Million Capital Program for 2010 and Provides Operations Update

Orion Oil & Gas Corporation (TSX: OIP.TO) ("Orion" or the "Company") today announced a capital spending program of $85 million in 2010 for production development operations (the "Capital Program") at its Alberta properties held by its wholly-owned subsidiary, Orion Oil & Gas (North America) Ltd. ("Orion N.A.").

Trading on TSX - Orion is pleased to confirm that it has today officially commenced trading on the TSX under the symbol: OIP.

Capital Program - The Capital Program, which commenced with a winter drilling program in November 2009, includes the drilling of 17 development wells at Kaybob and 18 development wells at Redwater, with the remainder being spent on optimization, workover and facilities programs at Orion's Kaybob, Redwater and Bigstone properties.

ProspEx Resources Announces Results of Second Kakwa Horizontal Well

ProspEx Resources Ltd. ("ProspEx" or the "Company") is providing an operational update with respect to recent drilling activity at its East Kakwa project in the Deep Basin.

"The initial flow test results from ProspEx's most recent horizontal well substantially exceed results from our successful first horizontal well announced in September, 2009. These results provide further evidence of the ability of horizontal, multi-frac drilling technology to dramatically improve production at East Kakwa, and of our successful strategic transition to repeatable projects utilizing this technology", said John Rossall, President and Chief Executive Officer.

Energy XXI Announces Major Discovery at Davy Jones Ultra-Deep Well in Shallow Water on the Gulf of Mexico Shelf

Energy XXI (Bermuda) Limited (Nasdaq:EXXI) (LSE:EXXI) today announced a discovery on its Davy Jones ultra-deep prospect located on South Marsh Island Block 230 in approximately 20 feet of water. The well has been drilled to 28,263 feet and has been logged with pipe-conveyed wireline logs to 28,134 feet. The wireline log results indicated a total of 135 net feet of hydrocarbon-bearing sands in four zones in the Wilcox section of the Eocene/Paleocene. All of the zones were full to base, with two of the zones containing a combined 90 net feet. The Eocene/Paleocene (Wilcox) suite of sands logged below 27,300 feet appears to be of exceptional quality. Flow testing will be required to confirm the ultimate hydrocarbon flow rates from the four separate zones.

Candelilla-1 Well Produces Over 11,500 bopd of 44 Degree API Oil

Petrominerales Ltd. ("Petrominerales" or the "Company") (TSX: PMG.TO), a 67% owned subsidiary of Petrobank Energy and Resources Ltd. (TSX: PBG.TO), is pleased to announce that our Candelilla-1 well commenced production at over 11,500 barrels of oil per day ("bopd") of 44 degree API oil with less than 1% water cut using an electric submersible pump ("ESP"). Currently the ESP has been taken offline and the well is free-flowing naturally at 7,400 bopd with less than 0.1% water cut through a half inch choke. The well is being produced through temporary well-site facilities that have a capacity of 10,000 barrels of fluid per day ("bfpd"). Production has been temporarily restricted due oil transport limitations over the recent holiday period. We expect to resume production at the capacity of the well-site facilities later this week. The well will be produced through the temporary facilities while we await approval from the Ministry of Environment to tie into the Corcel Central Processing Facility, expected in the second quarter of 2010.