Daybreak Oil and Gas, Inc. Announces the Start of 2014 Kentucky Drilling Program
20 Março 2014 - 11:45AM
Marketwired
Daybreak Oil and Gas, Inc. Announces the Start of 2014 Kentucky
Drilling Program
SPOKANE, WA--(Marketwired - Mar 20, 2014) - Daybreak Oil and
Gas, Inc. (OTCQB: DBRM) ("Daybreak" or the "Company"), a Washington
corporation, is pleased to announce the start of the 2014 - 2015
fiscal year development drilling program, in which the Company
plans to participate in drilling approximately 20 development wells
at the Twin Bottoms Field in Lawrence County, Kentucky. The
first of these wells, the Gerald Grove H-7 well, was spud on March
19, 2014. The Company and the Operator, App Energy LLC
("App"), plan to subsequently drill the Gerald Grove H-8, H-9 and
H-10 wells. At the completion of the fourth well, the rig will
be released to a nearby operator whereby that company will use the
rig to drill four wells. At the end of the four-well drilling
cycle, Daybreak and App will regain use of the rig to drill another
four wells at the Twin Bottoms Field. It is planned to
continue utilizing the drilling rig in a rotating manner for the
remainder of this fiscal year, until the proposed 20 wells are
drilled.
James F. Westmoreland, President and Chief Executive Officer,
commented, "The 2014-2015 fiscal year will be a transforming year
for the Company and our shareholders. During the winter, we
completed vital infrastructure improvements, which will allow us to
more efficiently produce our oil and gas in Kentucky. This
work involved the installation of a six-inch gas pipeline and
natural gas compressor, as well as the construction and
installation of a centralized oil storage facility. During
this time, we also brought four of the five oil wells on-line that
were drilled last fall. We expect to bring the remaining well, the
Dwight Dillon H- 6, on to production next week. With the five
oil wells we have already drilled in Kentucky, in addition to the
20 oil wells we expect to drill this year, along with our
development plans and 20 producing wells in California, Daybreak
should exit the 2014-2015 fiscal year as a significantly stronger
Company with positive cash flows and earnings per share for the
first time in the history of the Company."
Daybreak Oil and Gas, Inc. is an independent oil and gas company
currently engaged in the exploration, development and production of
oil and gas in California and Kentucky. The Company is
headquartered in Spokane, Washington with an operations office
in Friendswood, Texas. Daybreak owns a 3-D seismic survey
that encompasses 20,000 acres over 32 square miles with
approximately 13,000 acres under lease in the San Joaquin Valley of
California. The Company operates production from 20 wells in
our East Slopes project area, Kern County,
California. Daybreak also owns an average 25% working interest
in approximately 6,400 acres under lease in the Appalachian Basin
in Lawrence County, Kentucky; where, we have recently participated
in the drilling and completion of five producing oil wells in the
Twin Bottoms field.
More information about Daybreak Oil and Gas, Inc. can be found
at www.daybreakoilandgas.com.
Certain statements contained in this press release constitute
"forward-looking statements" as defined by the Securities and
Exchange Commission. Such statements can be identified by the use
of forward-looking terminology such as "believe," "expect," "may,"
"should," "up to," approximately," "likely," or "anticipates" or
the negative thereof. These forward-looking statements are based on
our current expectations, assumptions, estimates and projections
for the future of our business and our industry and are not
statements of historical fact. Such forward-looking statements
include, but are not limited to, statements about our expectations
regarding our financing, our future operating results, our future
capital expenditures, our expansion and growth of operations and
our future investments in and acquisitions of oil and natural gas
properties. We have based these forward-looking statements on
assumptions and analyses made in light of our experience and our
perception of historical trends, current conditions, and expected
future developments. However, you should be aware that these
forward-looking statements are only our predictions and we cannot
guarantee any such outcomes. Future events and actual results may
differ materially from the results set forth in or implied in the
forward-looking statements. The following factors, among others,
could cause actual results to differ from those set forth in the
forward-looking statements: general economic and business
conditions; exposure to market risks in our financial instruments;
fluctuations in worldwide prices and demand for oil and natural
gas; fluctuations in the levels of our oil and natural gas
exploration and development activities; our ability to find,
acquire and develop oil and gas properties, including the ability
to develop the East Slopes Project prospects; risks associated with
oil and natural gas exploration and development activities;
competition for raw materials and customers in the oil and natural
gas industry; technological changes and developments in the oil and
natural gas industry; legislative and regulatory uncertainties,
including proposed changes to federal tax law and climate change
legislation, and potential environmental liabilities; our ability
to continue as a going concern; and our ability to secure
additional capital to fund operations. Additional factors that may
affect future results are contained in our filings with the
Securities and Exchange Commission ("SEC") and are available at the
SEC's web site http://www.sec.gov. Daybreak Oil and Gas, Inc.
disclaims any obligation to update and revise statements contained
in this press release based on new information or otherwise.
Contact: Ed Capko Telephone: 815-942-2581 Investor Relations
Email: edc@daybreakoilandgas.com
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