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.
Fiscal Year End Results (02/28/15):
During the year ended February 28, 2015, we have been successful in accomplishing the following objectives:
- Continuing our drilling program in Kentucky – We have put eight additional horizontal oil wells on production in the Twin Bottoms Field.
- Improving our cash flow – Oil and natural gas revenue has increased by approximately $1.3 million or 71.1% in comparison to the year ended February 28, 2014, while the average realized hydrocarbon price on a BOE basis has declined $20.36 per barrel or 21.5% from $94.71 to $74.35 during the same twelve-month period.
- Improving our net operating income – For the year ended February 28, 2015 we had net operating income of $1,037,731, an improvement of $1.3 million or 474.2% in comparison to the net operating loss of $277,338 for the twelve months ended February 28, 2014.
- Reducing our net loss – Our net loss for the year ended February 28, 2015 was $732,943 in comparison to $1,398,352 for the year ended February 28, 2014. This decrease in the net loss represents a 47.6% decrease that was achieved through increasing our revenues from our increased oil production and decreasing our expenses.
- Increasing our proven reserves – Our total proved reserves increased 18% or 137,971 BOE to 888,136 BOE. Our proved developed reserves (PDP) increased by 11.6% or 30,531 barrels to 294,584 (BOE) and our proved undeveloped (PUD) reserves increased by 22.1% or 107,446 barrels to 593,554 (BOE) during the year ended February 28, 2015.