DAYBREAK OIL AND GAS, INC.
Daybreak Oil and Gas, Inc. is an independent oil and gas company engaged in the exploration, development and production of oil and natural gas. Daybreak is developing its shallow oil reserves, where we own a 3-D seismic survey that encompasses 20,000 acres over 32 square miles with approximately 6,500 acres under lease in Kern County in the San Joaquin Valley of California. Daybreak also owns a 25% working interest in approximately 7,300 acres under lease in the Appalachian Basin in Lawrence County, Kentucky.
Year-to-Date Results (08/31/14):
For the six months ended August 31, 2014, we have been successful in accomplishing the following objectives:
- Continuing our drilling program in Kentucky – We have brought four additional horizontal oil wells onto production. Additionally, we have successfully drilled another four additional horizontal oil wells that should be brought on production in October 2014.
- Improving cash flow – Our oil and natural gas revenue has grown by 162% in comparison to the six months ended August 31, 2013, while the average realized hydrocarbon price has declined.
- Reducing net loss – We achieved a net profit for the most recently completed quarter and have reduced our net loss for the year to less than $145,000 in comparison to a net loss of over $900,000 for the six months ended August 31, 2013.