Daybreak Announces Oil Discovery at Its East Slopes Prospect in the San Joaquin Basin, California
Inc. (OTC Bulletin Board: DBRM) (“Daybreak” or the “Company”) a Washington
Corporation, is pleased to announce that the Sunday # 1 well at the Company’s
East Slopes Prospect in the
been drilled to a total depth of 3,065 feet. Based on interpretation of
logging results, the well encountered approximately 24 feet of oil pay in the
Vedder formation at 2,000 feet. Production casing has been set and the well
will be completed and tested; pending successful test results, the well will
be put on production in the near future. The results of the tests will be
announced following completion.
The Sunday # 1 well tested Vedder formation targets that were identified
by 3-D seismic in a relatively unexplored area. The well encountered a highly
porous and permeable sandstone reservoir which is expected to contain 15 to 25
degree crude oil. The oil produced out of this well will be sold to Chevron
U.S.A. Inc. at competitive posted prices.
The drilling rig has moved to the
Joaquin Valley
in a four well exploration program by Daybreak and its partners. Following
the completion of the four well program, Daybreak will own a 25% working
interest in the prospect.
Daybreak Oil and Gas, Inc. is an independent oil and gas company engaged
in the exploration, development and production of oil and gas. The Company
holds projects in
For more information about Daybreak Oil and Gas Inc., please visit its
website at http://www.daybreakoilandgas.com.
Contact:
Ed Capko Telephone: 815-942-2581
Investor Relations Email: edc@daybreakoilandgas.com
“Safe Harbor” Statement under Private Securities Litigation Reform Act of
1995: Certain statements contained herein constitute “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995. Information contained herein contains “forward-looking statements”
which 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 or given that the future results covered
by such forward looking statements will be achieved. Such forward-looking
statements involve a number of known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of the Company to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements.
SOURCE Daybreak Oil and Gas, Inc.