SPOKANE, Wash., Nov. 27, 2012 /PRNewswire/ -- Daybreak Oil and Gas, Inc. (OTCBB: DBRM) ("Daybreak" or the "Company"), a Washington corporation, is pleased to give an operational update on its drilling plans for the East Slopes Project in Kern County, California. As part of the long-term oil development plan for this project area, the Company plans to drill five development wells and one exploration well. A drilling rig will arrive on location by the middle of December 2012. All six wells will be drilled consecutively with this rig.
The Company plans to drill three development oil wells in the currently producing Vedder sandstone reservoir. Daybreak has already constructed the locations, laid the flow lines and installed electrical service; which, will allow the wells to be put on production immediately after completion.
The Company plans to drill one development oil well in this currently producing Vedder reservoir. The location has been constructed and is ready for the drilling rig.
The Company plans to drill one development well in this currently oil-producing Vedder reservoir.
The Company also plans to drill an exploration well to approximately 4,000 feet on the Chimney Prospect. This well will test the Vedder and the deeper Eocene sands. The well location is in the southern portion of the Company's acreage position.
James. F. Westmoreland, President and Chief Executive Officer commented, "We are pleased to get started on our oil development program at East Slopes. Since we already have the infrastructure in place, the five development wells will immediately generate new cash flow as soon as the wells are completed. The Chimney exploratory well, if successful, will open up a new area for our future expansion as we continue to develop our proven acreage. With the information we get from these new wells, an additional development program will be planned for the near future."
Daybreak Oil and Gas, Inc. is an independent oil and gas company engaged in the exploration, development and production of oil in California. 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 13,000 acres under lease in the San Joaquin Valley of California.
Source: Daybreak Oil and Gas, Inc.
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