Daybreak Announces Results of Bear #7 Well in Successful Drilling Program at California Oil Project
SPOKANE, Wash., June 20, 2013 /PRNewswire/ — Daybreak Oil and Gas, Inc. (OTCBB: DBRM) (“Daybreak” or the “Company”), a Washington corporation, is pleased to announce the results of the final well in the current drilling program at the East Slopes Project in Kern County, California. The Bear #7 well was drilled to 2,146 feet and encountered approximately 20 feet of oil pay in the Vedder Sand. The well is currently being completed, and production results will be announced following production testing. The Company owns a 37.5% working interest in this well.
James. F. Westmoreland, President and Chief Executive Officer, commented, “The Bear #7 well was the final well in a successful drilling program in which the Company drilled seven productive wells. We are very pleased with the results of this drilling program, which resulted in more oil being sold in the first 17 days of this month than in the full month of May 2013; this being done without all of our newly completed wells producing at full capacity. As we complete each well, we bring them on production at reduced rates which are gradually increased over time to find an optimum production rate. All of the East Slopes area development wells in this drilling campaign have been successful and final production rates for each well will be reported following completion of the testing programs. In addition to substantially increasing our production, we have proved up additional drilling locations and added new oil reserves. We are currently planning and permitting for our fall drilling program; which includes drilling at least five wells at our Bear and Ball locations. We expect to begin drilling in late October or early November 2013.”
Daybreak Oil and Gas, Inc. is an independent oil and gas company engaged in the exploration, development and production of oil and gas in California. 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.
More information about Daybreak Oil and Gas, Inc., can be found at www.daybreakoilandgas.com.
Ed Capko Telephone: 815-942-2581
Investor Relations Email: email@example.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.
SOURCE Daybreak Oil and Gas, Inc.