Daybreak Oil and Gas, Inc. Continues Success With Ninth Oil Well in Kentucky
16 Maggio 2014 - 2:50PM
Marketwired
Daybreak Oil and Gas, Inc. Continues Success With Ninth Oil Well in
Kentucky
SPOKANE, WA--(Marketwired - May 16, 2014) - Daybreak Oil and
Gas, Inc. (OTCQB: DBRM) ("Daybreak" or the "Company"), a Washington
corporation, is pleased to announce the successful drilling of its
ninth consecutive successful oil well at the Twin Bottoms Field in
Lawrence County, Kentucky. The Gerald Grove H-10 well was
drilled to a measured depth ("MD") of 4,512 feet. Logs and
other measurement data indicate that the horizontal section of the
wellbore encountered 3,000 feet of oil-bearing sandstone. The
drilling rig has been released to another operator whereby that
company will use the rig to drill four wells. At the end of
their four-well drilling cycle, Daybreak and App Energy LLC ("App")
will regain use of the rig to drill another series of wells at the
Twin Bottoms Field.
James F. Westmoreland, President and Chief Executive Officer,
commented, "Completion operations are underway on all the recently
drilled oil wells. The Company and App have hydraulically
fractured the Gerald Grove H-7, H-8 and H-9 oil wells and final
completion operations are ongoing on these wells. The Gerald
Grove H-10 oil well is scheduled to be hydraulically fractured the
week of May 19, 2014. We expect to put all these wells on
production during June 2014. Location work has also begun on
the next series of wells that the Company and App plan to drill in
their ongoing 20-well development drilling program."
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 nine 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 Twin Bottom Field Project and 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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