SPOKANE, Wash., April 23, 2015 /PRNewswire/ -- Daybreak Oil and
Gas, Inc. (OTCQB:DBRM) ("Daybreak" or the "Company"), a
Washington corporation, is pleased
to announce that its fully-engineered proved oil reserves increased
by 18% to 888,136 Barrels of Oil Equivalent ("BOE") for the fiscal
year ended February 28, 2015.
The Company's proved reserves at February 28, 2014 were 750,165 BOE.
|
Feb 28,
2015
|
Feb 28,
2014
|
|
BOE
|
California
|
522,366
|
571,860
|
|
Kentucky
|
364,770
|
178,305
|
|
|
|
|
|
Total
|
888,136
|
750,165
|
|
|
|
|
|
|
James F. Westmoreland, President
and Chief Executive Officer, commented, "We are extremely pleased
with our fiscal year-end reserve results. We not only
replaced our production of 40,831 barrels of oil equivalent ("BOE")
but increased our year-over-year proved reserve base by 18%.
Our focus during the last fiscal year was developing our oil
reserves in Kentucky where we
participated in the drilling of eight successful oil wells, which
was fueled in part by a steady production base that we have built
in California."
Mr. Westmoreland continued, "We are entering our current fiscal
year carefully managing our Company in this existing low oil price
environment. We do, however, plan to take advantage of the
lower service cost environment to drill several development wells
in Kentucky this summer. In
California, we have permits to drill a number of development wells
when the price of oil makes it more economical and financially
sensible to do so. We will remain flexible in our drilling
schedule and have a number of projects in both Kentucky and California that we can implement quickly when
we see a steady increase in the oil price. In the meantime,
we are looking for any possible new opportunity to be brought about
as an effect of the current pricing environment."
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 6,500 acres under lease in the San Joaquin Valley of California. The Company operates
production from 20 oil wells in our East Slopes project area in
Kern County, California.
Daybreak also owns a 25% working interest in approximately 7,300
acres under lease in the Appalachian Basin in Lawrence County, Kentucky where we currently
are participating in an ongoing oil well development program with
13 producing wells at the Twin Bottoms field.
More information about Daybreak Oil and Gas, Inc. can be found
at www.daybreakoilandgas.com.
Contact:
Ed Capko Telephone: 815-942-2581
Investor Relations Email: edc@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 and Kentucky 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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SOURCE Daybreak Oil and Gas, Inc.