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 (02/29/16):
During the twelve months ended February 29, 2016, we were successful in accomplishing the following objectives:
- Kentucky development program – We drilled and put on production one development well. We also obtained a core from our development well while it was being drilled. The core was analyzed and the results were factored into our fracturing program for this and future wells.
- Increasing our proven reserves – Our total proved reserves increased 1.6% or 14,644 BOE to 902,780 BOE. Our proved undeveloped reserves (PUD) increased by 13% or 77,451 barrels to 671,002 (BOE) primarily due to the drilling of the one development well during the twelve months ended February 29, 2016.