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 (11/30/14):
During the current fiscal year, we have been successful in accomplishing the following objectives:
- Continuing our drilling program in Kentucky – We have brought eight additional horizontal oil wells onto production through December 2014.
- Improving our cash flow – Oil and natural gas revenue has increased by approximately $1.4 million or 122.5% in comparison to the nine months ended November 30, 2013, while the average realized hydrocarbon price on a BOE basis has declined 9.2% from $95.56 to $86.78 during the nine months ended November 30, 2014.
- Reducing our net loss – Our net loss for the nine months ended November 30, 2014 was $277,564 in comparison to $1,329,544 for the nine months ended November 30, 2013. This decrease in the net loss represents a 79.1% decrease that was achieved through increasing our revenues from our increased oil production and decreasing our expenses.