Daybreak Oil and Gas, Inc. Announces Initial Production Rates on the Gerald Grove H-4 and H-5 Oil Wells in Kentucky
February 28 2014 - 9:50AM
Marketwired
Daybreak Oil and Gas, Inc. Announces Initial Production Rates on
the Gerald Grove H-4 and H-5 Oil Wells in Kentucky
SPOKANE, WA--(Marketwired - Feb 28, 2014) - Daybreak Oil and
Gas, Inc. (OTCQB: DBRM) ("Daybreak" or the "Company"), a Washington
corporation, is pleased to announce that the Gerald Grove H-4 and
H-5 wells in Lawrence County, Kentucky, were placed on production
on February 18, 2014. Each well is estimated to be producing 260
barrels of oil per day; however, the wells are being produced at a
limited rate until de-bottlenecking infrastructure is completed in
order to accommodate the sale of the associated natural gas
produced along with the oil production.
James F. Westmoreland, President and Chief Executive Officer,
commented, "We expect to complete the installation of a six inch
gas pipeline and compressor in the field next week. This will allow
us to gather and compress the natural gas that we are expecting to
produce and sell with our current and future oil production. Due to
the increased amount of natural gas being produced with our oil
production, we have been unable to produce all of our wells as
efficiently as possible. This new gathering line and compressor
will alleviate that condition and will allow us to produce these
oil wells on a 24 hour basis.
"We also expect to begin a 20-well drilling program during the
2014 - 2015 fiscal year with initiation of the first four oil
wells. A drilling rig is expected to arrive on the first location
around March 15, 2014."
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 a 25%
working interest in approximately 6,400 acres under lease in the
Appalachian Basin in Lawrence County, Kentucky; where, we have
recently participated in the drilling and completion of 5 producing
oil wells in the Twin Bottoms field.
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 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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