EX-99.1
2
dbrm_ex991-80502.htm
dbrm_ex991-80502.htm
Exhibit
99.1
Daybreak
Announces Amended Second Closing on Sale of Louisiana
Oil
and Gas Properties;
Updates
California Project
SPOKANE,
Wash., May 1, 2008 -- Daybreak Oil and Gas, Inc. (OTC Bulletin Board: DBRM.OB)
("Daybreak" or the "Company"), a Washington corporation, today announced that
the Company has completed the amended second closing on the sale of its
Tuscaloosa Project properties located in Tensas and Franklin Parishes,
Louisiana. On April 30, 2008, Daybreak received $500,000 in exchange
for the transfer of 6.25% of the Company's original ownership interest in the
properties. As reported previously, Daybreak received $2,000,000 on
January 18, 2008, in exchange for 25% of its interest. Under terms of
the original Purchase and Sale Agreement, Daybreak and the purchaser
contemplated two separate closings for 100% of Daybreak's interests for a total
purchase price of $8,000,000. As amended, the final closing in the
amount of $5,500,000 for the balance of the Company's interest is scheduled to
occur on or before May 31, 2008. This final closing will be subject
to customary allowances.
Timothy
Lindsey, President and Chief Executive Officer, commenting from Houston stated:
"We are very pleased to continue to move forward toward finalizing the Louisiana
property transaction. The purchaser is nearing completion of due
diligence activities and record title determinations to complete the purchase
process. Since announcing the sale of these properties in January,
Daybreak has primarily focused on the California East Slopes Project. Final
processed 3D seismic data has recently been received by all of the partners and
preliminary interpretations indicate a number of potential prospect
areas. The operator has begun the permitting process for
approximately 12 possible drilling locations and is assessing rig
availability. I am excited that the East Slopes program is
progressing as we now have the final seismic information and have begun to move
from the prospect interpretation stage to the pre-drill
stage. Depending on the timing of permit approvals, partner
concurrence, and rig availability, it appears that initial drilling could begin
as early as July. Permit restrictions in some areas dictate later
drilling operations on prospects in the affected areas. More details
will be released following partner meetings scheduled to occur in
May. The final closings on the Tuscaloosa property sale affords
Daybreak the opportunity to capitalize on the current California project as well
as the ability to selectively consider other projects which may provide future
growth in shareholder value".
For more
information about Daybreak Oil and Gas Inc., please visit its website at
www.daybreakoilandgas.com
.
Contact:
Tim
Lindsey
Telephone:
281-253-4576
Email:
timl@daybreakoilandgas.com
James
Westmoreland
Telephone:
713-829-6062
Email:
jimw@daybreakoilandgas.com
"Safe
Harbor" Statement under Private Securities Litigation Reform Act of 1995:
Certain statements contained herein constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
Information contained herein contains "forward-looking statements" which can be
identified by the use of forward-looking terminology such as "believe,"
"expect", "may", "should", "up to", "approximately", "likely", or "anticipates"
or the negative thereof or given that the future results covered by such forward
looking statements will be achieved. Such forward-looking statements involve a
number of known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements.

EX - 99 . 1 2 dbrm _ ex991 - 80502 . htm dbrm _ ex991 - 80502 . htm Exhibit 99 . 1 Daybreak Announces Amended Second Closing on Sale of Louisiana Oil and Gas Properties ; Updates California Project SPOKANE , Wash . , May 1 , 2008 -- Daybreak Oil and Gas , Inc . ( OTC Bulletin Board : DBRM . OB ) ( " Daybreak " or the " Company " ) , a Washington corporation , today announced that the Company has completed the amended second closing on the sale of its Tuscaloosa Project properties located in Tensas and Franklin Parishes , Louisiana . On April 30 , 2008 , Daybreak received $ 500,000 in exchange for the transfer of 6 . 25 % of the Company 's original ownership interest in the properties . As reported previously , Daybreak received $ 2,000,000 on January 18 , 2008 , in exchange for 25 % of its interest . Under terms of the original Purchase and Sale Agreement , Daybreak and the purchaser contemplated two separate closings for 100 % of Daybreak 's interests for a total purchase price of $ 8,000,000 . As amended , the final closing in the amount of $ 5,500,000 for the balance of the Company 's interest is scheduled to occur on or before May 31 , 2008 . This final closing will be subject to customary allowances . Timothy Lindsey , President and Chief Executive Officer , commenting from Houston stated : " We are very pleased to continue to move forward toward finalizing the Louisiana property transaction . The purchaser is nearing completion of due diligence activities and record title determinations to complete the purchase process . Since announcing the sale of these properties in January , Daybreak has primarily focused on the California East Slopes Project . Final processed 3D seismic data has recently been received by all of the partners and preliminary interpretations indicate a number of potential prospect areas . The operator has begun the permitting process for approximately 12 possible drilling locations and is assessing rig availability . I am excited that the East Slopes program is progressing as we now have the final seismic information and have begun to move from the prospect interpretation stage to the pre - drill stage . Depending on the timing of permit approvals , partner concurrence , and rig availability , it appears that initial drilling could begin as early as July . Permit restrictions in some areas dictate later drilling operations on prospects in the affected areas . More details will be released following partner meetings scheduled to occur in May . The final closings on the Tuscaloosa property sale affords Daybreak the opportunity to capitalize on the current California project as well as the ability to selectively consider other projects which may provide future growth in shareholder value " . For more information about Daybreak Oil and Gas Inc . , please visit its website at www.daybreakoilandgas.com . Contact : Tim Lindsey Telephone : 281 - 253 - 4576 Email : timl@daybreakoilandgas.com James Westmoreland Telephone : 713 - 829 - 6062 Email : jimw@daybreakoilandgas.com " Safe Harbor " Statement under Private Securities Litigation Reform Act of 1995 : Certain statements contained herein constitute " forward - looking statements " within the meaning of the Private Securities Litigation Reform Act of 1995 . Information contained herein contains " forward - looking statements " which can be identified by the use of forward - looking terminology such as " believe , " " expect " , " may " , " should " , " up to " , " approximately " , " likely " , or " anticipates " or the negative thereof or given that the future results covered by such forward looking statements will be achieved . Such forward - looking statements involve a number of known and unknown risks , uncertainties and other factors which may cause the actual results , performance or achievements of the Company to be materially different from any future results , performance or achievements expressed or implied by such forward - looking statements .