|By PR Newswire||
|June 5, 2013 09:51 AM EDT|
SPOKANE, Wash., June 5, 2013 /PRNewswire/ -- Daybreak Oil and Gas, Inc. (OTCBB: DBRM) ("Daybreak" or the "Company"), a Washington corporation, is pleased to announce production testing results from the Bear #5 and the Bear #6 wells. The Bear #5 well is currently producing at a rate of 25 barrels of oil per day. The Bear #6 well, drilled following the Bear #5, is also producing at a rate of 25 barrels of oil per day. Both wells are being produced on pumps at initially reduced rates which will be gradually increased over time. The Sunday #5, Sunday #6, and Black #2 wells are currently being production-tested. Results for these wells will be announced as soon as testing is completed.
The Chimney #1- 11 exploration well was drilled to 3,975 feet and encountered minor, but non-commercial oil pay in the shallow Vedder Sand; and, did not encounter oil pay in the deeper target sands. This wildcat exploration well was located approximately five miles from the Bear and Sunday development locations and has been plugged and abandoned. The drilling rig has been moved to drill the Ball #2-11 well which was spud on June 4, 2013. After the Ball #2-11 well is completed, the drilling rig will move to drill the Bear #7 development well, an additional well which was added to the current drilling program based on the successful results of the Bear #5 and Bear #6 wells.
James. F. Westmoreland, President and Chief Executive Officer, commented, "We are very pleased with the production testing results from the two Bear wells. As a result, we will now drill the Bear #7 well to further increase production from this program. By the end of this drilling program, we fully expect to more than double the current production from the first 11 producing wells. The Chimney #1-11 wildcat exploration well encountered a small amount of oil pay in the Vedder sand; however, it was too small for an economic venture. While we are disappointed in the Chimney results, we will continue to refine our continued exploration process, based on the data we gathered from this well, to further reduce the risk in future exploration prospects."
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 protected]
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.