The standing lateral side stretch, like the standing back rotation stretch focuses on the internal and external obliques and the qyadratus lumborum, but this stretch also includes the rotators and multifidus in your spine and the illiocostalia lumborum.
Don't ever under estimate the importance of stretching and the benefits it holds.
The standing lateral side stretch can help lower back muscle strain, lower back ligament sprain and abdominal muscle strain.
Always remember that while stretching may be recommended to aid recovery out of injury, you should always be very careful when stretching through rehabilitation. Your soft tissues are likely to be more vulnerable to re-injury if you stretch too much or too hard during this time. Always check with your Health Care Professional who is guiding you through your recovery to make sure it is appropriate to start stretching, and please - ALWAYS FOLLOW THE RULES FOR SAFE STRETCHING (The first posting on this stretching blog).
Image taken from "Upper Body Stretches" wall chart by B. Walker.