Daybreak Oil and Gas, Inc. Announces 268% Increase in Proved Oil Reserves
22 Abril 2014 - 9:29AM
Marketwired
Daybreak Oil and Gas, Inc. Announces 268% Increase in Proved Oil
Reserves
SPOKANE, WA--(Marketwired - Apr 22, 2014) - Daybreak Oil and
Gas, Inc. (OTCQB: DBRM) ("Daybreak" or the "Company"), a Washington
corporation, is pleased to announce that its fully-engineered
proved oil reserves significantly increased by 268% to 750,047
Barrels of Oil Equivalent ("BOE") for the fiscal year ended
February 28, 2014. The Company's proved reserves at February 28,
2013 were 279,300 BOE.
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|
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Feb 28, 2014 |
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Feb 28, 2013 |
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BOE |
California |
|
571,810 |
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279,300 |
Kentucky |
|
178,237 |
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- |
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|
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Total |
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750,047 |
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279,300 |
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James F. Westmoreland, President and Chief Executive Officer,
commented, "We are extremely pleased with our fiscal year-end
reserve results. The East Slopes property in Kern County,
California continues to exceed our expectations with the growth of
reserves and production from our development program. In the
upcoming year in California, we plan to continue to develop the
existing reserve base and explore our acreage for new
reserves."
Mr. Westmoreland continued, "We have owned our Kentucky
interests for eight months and in that short amount of time, have
created significant value for our shareholders through a very
successful development program. We will continue our aggressive
development program in which we plan to participate in drilling at
least 45 more oil wells on the 6,400 acres in which we have an
interest. We will also evaluate and seek strategic opportunities to
expand our Kentucky presence."
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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