Daybreak Oil and Gas, Inc. Provides Operational Update
12 Janeiro 2015 - 1:42PM
eTeligis
SPOKANE, WA(Eteligis Inc.)
SPOKANE, WA, United States, via ETELIGIS INC., 01/12/2015 - -
SPOKANE, WA /ETELIGIS/ Daybreak Oil and Gas, Inc.
(OTCQB: DBRM) ("Daybreak" or the "Company"), a Washington
corporation, is pleased to provide an operational update to both
its Kentucky and California operations.
Kentucky Operations
The Company and its partner, App Energy, LLC, recently completed
the four horizontal oil wells drilled in September and October
2014.
The table below represents how these wells are performing to
date.
*Barrels of oil per day
The three wells above are still in flush production stage and
are performing as expected.
The Jackson H - 20 well was temporarily produced in November
2014 to relieve pressure on the wellbore in order for completion
operations to take place. The well produced a total of 729 barrels
in seven days. The Jackson H - 20 has now been completed and should
be put on production by late January 2015. This well is expected to
produce similar results as the other three wells mentioned
above.
California Operations
The Company continues to refine its production operations by
adjusting the speed of its pumps for maximum production efficiency
of its 20 oil wells. An exploration and development plan is being
finalized, of which the Company plans to execute as soon as oil
prices stabilize at a higher level.
James F. Westmoreland, President and Chief Executive Officer,
commented, "Our new Kentucky wells continue to deliver exceptional
results as we refine our drilling, hydraulic fracturing and
completion methods to improve results on future wells. As a result
of this, in December 2014, Daybreak had net production in
California and Kentucky of approximately 4,046 barrels of oil in
aggregate, which is a record amount of monthly oil production for
us. With regards to the current decline in oil prices, we expect
and will demand that our service contractors reduce their prices to
us. These reduced future costs, along with new efficiencies that we
have experienced in our drilling and completion of wells in both
operating areas will allow us to continue our operations during
this period of lower oil prices. We plan to be selective in our
drilling and we will remain flexible so we can adjust to the
ever-changing oil price environment. We will allocate our capital
to receive the most return for our investment and continue to use
debt wisely. We have good relationships with our vendors and
lenders and will continue to work closely with them during this
downturn to the benefit of us of all."
Continuing, Mr. Westmoreland added, "As we go into 2015 we have
two good cost-efficient properties that generate positive cash flow
even in this low oil price environment. Our California property
delivers us low-cost, stable monthly production and our property in
Kentucky is allowing us to build a new base of production that will
not only deliver a steady base of production, but give us very
solid growth from strong initial production rates. We will use the
best of what both properties will deliver to manage our business
during this oil price downturn. As in previous downturns, I expect
new opportunities to present themselves, for which we will
carefully watch and take advantage of, if they fit our criteria of
low cost to drill, shallow oil reserves."
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 7,300 acres under lease in the
Appalachian Basin in Lawrence County, Kentucky; where, we currently
are participating in an on-going horizontal oil well development
program at the Twin Bottoms field.
More information about Daybreak Oil and Gas, Inc. can be found
at www.daybreakoilandgas.com.
Forward-Looking Statements
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
www.daybreakoilandgas.com
SOURCE: Daybreak Oil and Gas, Inc.
Associated Documentation:
http://www.eteligis.com/ViewSubmission.aspx?submissionRequest=27891
- Link to submission on http://www.eteligis.com
http://www.eteligis.com/FileHandler.aspx?submissionRequest=27891&documentRequest=18157
- DBRM_1-12-2015_888_ETLpic.doc
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