Daybreak Announces New Partner in California Oil Project
June 11 2009 - 2:09PM
PR Newswire (US)
SPOKANE, Wash., June 11 /PRNewswire-FirstCall/ -- Daybreak Oil and
Gas, Inc., (OTC:DBRM) (BULLETIN BOARD: DBRM) ("Daybreak" or the
"Company") a Washington Corporation, is pleased to announce that
O&G Energy Partners, LLC and its partners ("O&G") have
acquired a 25% working interest in Daybreak's East Slopes Project
located in the southern San Joaquin Basin, California. Daybreak
recently acquired this interest from its original partners in the
East Slopes Project, when the original partners defaulted in their
financial obligations with respect to the project. Daybreak will
receive total compensation in the amount of $1,212,500; of which
$512,500 in cash was received at today's closing; and, a future
production payment of $700,000 to be payable out of production from
(a) 25% of the purchasing party's net revenue from the Sunday #1
and Bear # 1 wells; and, (b) 50% of their net revenue from all
future wells. O&G will also assign to Daybreak a 25%
participating interest in a 14,100 acre Seismic Option Area under
lease in Kern County, California. This acreage is immediately north
of the East Slopes Project area. James F. Westmoreland, President
and Chief Executive Officer, stated, "We are very pleased with our
new partners. The principals are very experienced in the oil and
gas business and will bring added value and financial stability to
our project. Also by participating in the Seismic Option Area,
Daybreak was able to expand its exploration exposure to the north
of our Sunday and Bear discoveries. We plan to shoot the seismic
over the acreage during 2010." 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 Alabama, California, and Louisiana. 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: "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. DATASOURCE: Daybreak Oil and Gas, Inc. CONTACT: Ed
Capko, Investor Relations of Daybreak Oil and Gas, Inc.,
+1-815-942-2581, Web Site: http://www.daybreakoilandgas.com/
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