Cali23 Dec 2021 15:43
Statement from Daybreak's CEO. back in October
The transaction will require Daybreak Oil and Gas, Inc. shareholder approval and is expected to close in the First
Quarter of 2022.
James F. Westmoreland, President and Chief Executive Officer, commented; βThe acquisition of Reabold
California, LLC is a transforming event for the Company. We look forward to developing the significant
opportunities acquired with the Reabold California properties as well as continuing to develop our legacy
properties. The shorter life but higher production volumes from the Reabold California properties
combined with our longer life lower volume properties will create immediate positive cash flow for the
Company. We will continue to build shareholder value through strategic acquisitions in the California
market as well as seeking drilling opportunities in and around the two basins which we operate.
Additionally, we will pursue opportunities in other geographic areas as they may arise. We look forward
to having Reabold Resources as a major shareholder of the Company.β
Daybreak Oil and Gas, Inc. is an independent crude oil and natural gas company currently engaged in the
exploration, development and production of onshore crude oil and natural gas in the United States. The
Company is headquartered in Spokane Valley, 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 6,500 acres under lease in the San Joaquin Valley of California. The Company operates
production from 20 oil wells in our East Slopes project area in Kern County, California.