Daybreak announced the successful drilling of two additional wells at its Bear Prospect at the Company's East Slopes Project in Kern County, California.
Bear #3 Well
The Bear #3 well was drilled to 2,257 feet and encountered 22 feet of oil pay in the Vedder Sands between 2,115 and 2,166 feet. This well is currently being completed.
Bear #4 Well
The Bear #4 well was drilled to 2,546 feet and encountered 40 feet of oil pay in the Vedder Sands between 2,158 and 2,202 feet. This well is currently being completed.
Both the Bear #3 and the Bear #4 wells will be produced into the Company's production facility located on the adjoining lease.
James F. Westmoreland, President and Chief Executive Officer, stated, "Our 3-D seismic is proving invaluable at pinpointing our well locations to help optimize the development of the field and as a result we continue with success with the drill bit. The Bear #4 is a substantial well for the Company doing two things: one, confirming our initial interpretation of the 3-D seismic that the reservoir extended into this area; and two, allowing us to drill up to three more wells to fully develop this reservoir. We will continue with our plan to create a steady and positive cash flow stream for the Company."
In addition to the Bear #3 and Bear #4 wells, the Company currently has seven producing wells within its Bear, Sunday and Black prospect areas in the Company's East Slopes Project in the San Joaquin Valley in Kern County, California.
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