Daybreak Oil and Gas, Inc. Announces Initial Production Rates on New Kentucky Wells
12 Junho 2014 - 12:45PM
Marketwired
Daybreak Oil and Gas, Inc. Announces Initial Production Rates on
New Kentucky Wells
SPOKANE, WA--(Marketwired - Jun 12, 2014) - Daybreak Oil and
Gas, Inc. (OTCQB: DBRM) ("Daybreak" or the "Company"), a Washington
corporation, is pleased to announce that the Gerald Grove H-7 and
H-8 wells at the Twin Bottoms Field in Lawrence County, Kentucky
were put on production on June 10, 2014. The combined initial flow
rate from both wells is approximately 570 barrels of oil and 150
Mcf of natural gas per day. Separately, the Gerald Grove H-7 well
is producing approximately 330 barrels of oil and 75 Mcf per day of
natural gas, and the Gerald Grove H-8 well is producing
approximately 240 barrels of oil per day and 75 Mcf per day of
natural gas.
James F. Westmoreland,
President and Chief Executive Officer, commented, "We continue to
be very pleased with the results of our wells in Kentucky. We
expect to have the Gerald Grove H-9 and H-10 wells on production
sometime next week. Daybreak and its partner App Energy LLC ("App
Energy") are expanding our acreage position in and around the Twin
Bottoms Field. We have recently added an additional 500 acres that
are strategic to the overall expansion of our acreage position in
the Twin Bottoms Field. We are continuing to evaluate
additional acreage in and around the Twin Bottoms Field, as well as
other acreage positions in Eastern Kentucky and Southwestern West
Virginia. We are also pleased with the operational efficiencies
that App Energy, as Operator of the Twin Bottoms Field, has
employed to further keep our operating costs low."
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 6,500 acres
under lease in the San Joaquin Valley of California. The Company
operates production from 20 wells in our East Slopes project area
in Kern County, California. Daybreak also owns a 25% working
interest in approximately 7,000 acres under lease in the
Appalachian Basin in Lawrence County, Kentucky; where, we currently
are participating in an on-going oil development program at 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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