  Using XMM-Newton we have obtained the first X-ray observation covering a
complete orbit of the longest period polar, V1309 Ori. The X-ray light curve is
dominated by a short, bright phase interval with EPIC pn count rates reaching
up to 15 cts/sec per 30 sec resolution bin. The bright phase emission is well
described by a single blackbody component with kT_bb = (45 +- 3) eV. The
absence of a bremsstrahlung component at photon energies above 1 keV yields a
flux ratio F_bb/F_br > 6700. This represents the most extreme case of a soft
X-ray excess yet observed in an AM Herculis star. The bright, soft X-ray
emission is subdivided into a series of individual flare events supporting the
hypothesis that the soft X-ray excess in V1309 is caused by accretion of dense
blobs. In addition to the bright phase emission, a faint, hard X-ray component
is visible throughout the binary orbit with an almost constant count rate of
0.01 cts/sec. Spectral modelling indicates that this emission originates from a
complex multi-temperature plasma. At least three components of an optically
thin plasma with temperatures kT= 0.065, 0.7, and 2.9 keV are required to fit
the observed flux distribution. The faint phase emission is occulted during the
optical eclipse. Eclipse ingress lasts about 15--20 min and is substantially
prolonged beyond nominal ingress of the white dwarf. This and the comparatively
low plasma temperature provide strong evidence that the faint-phase emission is
not thermal bremsstrahlung from a post-shock accretion column above the white
dwarf. A large fraction of the softer faint-phase emission could be explained
by scattering of photons from the blackbody component in the infalling material
above the accretion region. The remaining hard X-ray flux could be produced in
the coupling region, so far unseen in other polars.
