Daybreak Oil and Gas, Inc. Continues Successful Execution of Its Kentucky Development Program
09 Abril 2014 - 11:40AM
Marketwired
Daybreak Oil and Gas, Inc. Continues Successful Execution of Its
Kentucky Development Program
SPOKANE, WA--(Marketwired - Apr 9, 2014) - Daybreak Oil and Gas,
Inc. (OTCQB: DBRM) ("Daybreak" or the "Company"), a Washington
corporation, is pleased to announce the successful drilling of its
seventh oil well at the Twin Bottoms Field in Lawrence County,
Kentucky. The Gerald Grove H-8 oil well was drilled to a measured
depth ("MD") of 4,455 feet and a true vertical depth ("TVD") of
1,206 feet. Logs and other measurement data indicate that the
horizontal section of the wellbore encountered 3,032 feet of
oil-bearing sandstone. The drilling rig is currently being moved to
the Gerald Grove H-9 location, which will be the third oil well to
be drilled in the Company's planned 20-well development drilling
program at the Twin Bottoms Field.
James F. Westmoreland, President and Chief Executive Officer,
commented, "The successful drilling of the Gerald Grove H-8 well
has shown the potential of the southern portion of our acreage
block where we have multiple wells planned for our development
program in Kentucky. Both the Gerald Grove H-7 oil well which was
drilled in late March and this well will be hydraulically fractured
within the next two weeks and put on production soon
thereafter."
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 five producing oil wells and has
approximately 6,400 acres under lease in the Appalachian Basin in
Lawrence County, Kentucky.
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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