Daybreak Oil and Gas, Inc. announced that its second consecutive successful oil well has been drilled in the recently-acquired Twin Bottoms Field Project in Lawrence County, Kentucky. The Gerald Grove H-3 well was drilled to a measured depth (MD) of 4,461 feet and a true vertical depth (TVD) of 1,175 feet. Logs and other measurement data indicate that the horizontal section of the well bore encountered 3,006 feet of oil-bearing sandstone. The well will be completed for production as soon as possible. The previously announced Gerald Grove H-1 well, the first in a multi-well program, has now been completed. Production facilities have been installed, and the well should be on production within the next few days. Production results will be announced as initial stable rates are established. The drilling rig has been moved to our third well, the Dillon H-6 well and drilling operations are currently underway. Daybreak and App Energy, LLC, the operator, plan to drill up to three more wells before the end of the calendar year.
East Slopes Project - California
Daybreak announce plans for the upcoming fall drilling program at its East Slopes Project in Kern County, California. A drilling rig has been contracted and drilling should start by the end of October 2013. Daybreak will drill the Bear #8, Bear #9 and Bear #10 development oil wells. Daybreak is also in the final stages of upgrading its production facilities to handle the increased production from the previous spring drilling program, as well as new production from the oil wells to be drilled this fall.
James F. Westmoreland, president and Chief Executive Officer, commented, "We are pleased to report great progress in our Kentucky drilling program and look forward to continued successful results between now and the end of the year. Our California fall drilling program is slated to commence shortly; and, based upon our previous success at this location, we are optimistic that these new Bear development wells will be successful. We expect the increase in our oil production from these two projects will enhance our cash flow and bring us to profitability. With our ongoing drilling activity in both California and Kentucky, we are setting the stage for a successful future for the Company and our shareholders."
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