|By Marketwired .||
|December 16, 2013 11:07 AM EST||
SPOKANE, WA -- (Marketwired) -- 12/16/13 -- Daybreak Oil and Gas, Inc. (OTCQB: DBRM) ("Daybreak" or the "Company"), a Washington corporation, is pleased to announce that its fourth consecutive successful oil well has been drilled at the Twin Bottoms Field Project in Lawrence County, Kentucky. The Gerald Grove H-4 well was drilled to a measured depth ("MD") of 4,163 feet and a true vertical depth ("TVD") of 1,190 feet. Logs and other measurement data indicate that the horizontal section of the well bore encountered 2,609 feet of oil-bearing sandstone. The well is scheduled to be hydraulically fractured on December 20, 2013 with production to begin soon thereafter.
Furthermore, the Company is pleased to report that the recently-drilled Gerald Grove H-3 well, the second well drilled, was put on production on December 13, 2013. The daily stabilized rate will be announced once it is determined.
In addition, the third well drilled, the Dwight Dillon H-6 well, has been completed and is currently being hooked up to its production facility. First production from this well is expected to occur by year end.
The drilling rig has now been moved to the Gerald Grove H-5 well and it is currently drilling. The Company owns a 25% working interest in the Twin Bottoms Field.
James F. Westmoreland, President and Chief Executive Officer, commented, "We are very pleased with the continued success of drilling in Kentucky. The initial production has shown us that this project is going to be very profitable for Daybreak and its shareholders. We experienced some slight start-up delays in getting our second and third wells on production, primarily due to installing permanent power in rugged locations. With those obstacles out of the way, we now have enough infrastructure in place so that future wells can be placed on production in a more timely manner."
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. Daybreak also owns a 25% working interest in approximately 6,100 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 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.
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