0001515971-15-000124.txt : 20150423 0001515971-15-000124.hdr.sgml : 20150423 20150423113356 ACCESSION NUMBER: 0001515971-15-000124 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150423 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150423 DATE AS OF CHANGE: 20150423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Daybreak Oil & Gas, Inc. CENTRAL INDEX KEY: 0001164256 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 910626366 STATE OF INCORPORATION: WA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50107 FILM NUMBER: 15787298 BUSINESS ADDRESS: STREET 1: 601 W. MAIN AVE STREET 2: SUITE 1012 CITY: SPOKANE STATE: WA ZIP: 99201 BUSINESS PHONE: (509) 232-7674 MAIL ADDRESS: STREET 1: 601 W. MAIN AVE STREET 2: SUITE 1012 CITY: SPOKANE STATE: WA ZIP: 99201 FORMER COMPANY: FORMER CONFORMED NAME: DAYBREAK OIL & GAS INC DATE OF NAME CHANGE: 20051212 FORMER COMPANY: FORMER CONFORMED NAME: DAYBREAK MINES INC DATE OF NAME CHANGE: 20011231 8-K 1 dbrm8k042315.htm 8-K DAYBREAK OIL AND GAS, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549


FORM 8-K


Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934


Date of Report (Date of Earliest Event Reported): April 23, 2015 (April 23, 2015)


DAYBREAK OIL AND GAS, INC.

(Exact Name of Registrant as Specified in its Charter)


Washington

000-50107

91-0626366

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)


601 W. Main Ave., Suite 1017

Spokane, WA

 

99201

(Address of principal executive offices)

 

(Zip Code)


Registrant's telephone number, including area code: (509) 232-7674



(Former Name or Former Address if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


o

Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 7.01

Regulation FD Disclosure.


On April 23, 2014, Daybreak Oil and Gas, Inc. (OTCQB: DBRM) (the “Company”) issued a press release announcing proved reserves at February 28, 2015.  A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.


In accordance with General Instruction B.2 of Form 8-K, the information in this report (including Exhibit 99.1) is deemed to be “furnished” and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information and Exhibit be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01

Financial Statements and Exhibits.


(d)

Exhibits.


Number

Exhibit


99.1

Press Release


*

Filed herewith.



[signature page follows]



1



SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



DAYBREAK OIL AND GAS, INC.


By:

/s/ JAMES F. WESTMORELAND

James F. Westmoreland, Chairman, President and Chief Executive Officer

 

Date: April 23, 2014




2




EXHIBIT INDEX



Number

Exhibit


99.1

Press Release



*

Filed herewith.





3



 EX-99 2 exhibit991.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1


Daybreak Oil and Gas, Inc. Announces 18% Increase in Proved Oil Reserves



SPOKANE, Washington, April 23, 2015 -- Daybreak Oil and Gas, Inc. (OTCQB:DBRM) (“Daybreak” or the “Company”), a Washington corporation, is pleased to announce that its fully-engineered proved oil reserves increased by 18% to 888,136 Barrels of Oil Equivalent (“BOE”) for the fiscal year ended February 28, 2015.  The Company’s proved reserves at February 28, 2014 were 750,165 BOE.  


 

 

Feb 28, 2015

 

Feb 28, 2014

 

 

BOE

California

 

522,366

 

571,860

Kentucky

 

364,770

 

178,305

Total

 

888,136

 

750,165


James F. Westmoreland, President and Chief Executive Officer, commented, “We are extremely pleased with our fiscal year-end reserve results.  We not only replaced our production of 40,831 barrels of oil equivalent (“BOE”) but increased our year-over-year proved reserve base by 18%.  Our focus during the last fiscal year was developing our oil reserves in Kentucky where we participated in the drilling of eight successful oil wells, which was fueled in part by a steady production base that we have built in California.”


Mr. Westmoreland continued, “We are entering our current fiscal year carefully managing our Company in this existing low oil price environment.  We do, however, plan to take advantage of the lower service cost environment to drill several development wells in Kentucky this summer.  In California, we have permits to drill a number of development wells when the price of oil makes it more economical and financially sensible to do so.  We will remain flexible in our drilling schedule and have a number of projects in both Kentucky and California that we can implement quickly when we see a steady increase in the oil price.  In the meantime, we are looking for any possible new opportunity to be brought about as an effect of the current pricing environment.”


Daybreak Oil and Gas, Inc. is an independent oil and gas company currently engaged in the exploration, development and production of oil and gas in California and Kentucky.  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 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.  Daybreak also owns a 25% working interest in approximately 7,300 acres under lease in the Appalachian Basin in Lawrence County, Kentucky where we currently are participating in an ongoing oil well development program with 13 producing wells at the Twin Bottoms field.


More information about Daybreak Oil and Gas, Inc. can be found at www.daybreakoilandgas.com.


Contact:

Ed Capko Telephone: 815-942-2581

Investor Relations Email: edc@daybreakoilandgas.com


Certain statements contained in this press release constitute “forward-looking statements” as defined by the Securities and Exchange Commission. Such statements 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. These forward-looking statements are based on our current expectations, assumptions, estimates and projections for the future of our business and our industry and are not statements of historical fact. Such forward-looking statements include, but are not limited to, statements about our expectations regarding our financing, our future operating results, our future capital expenditures, our expansion and growth of operations and our future investments in and acquisitions of oil and natural gas properties. We have based these forward-looking statements on assumptions and analyses made in light of our experience and our perception of historical trends, current conditions, and expected future developments. However, you should be aware that these forward-looking statements are only our predictions and we cannot guarantee any such outcomes. Future events and actual results may differ materially from the results set forth in or implied in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: general economic and business conditions; exposure to market risks in our financial instruments; fluctuations in worldwide prices and demand for oil and natural gas; fluctuations in the levels of our oil and natural gas exploration and development activities; our ability to find, acquire and develop oil and gas properties, including the ability to develop the East Slopes Project and Kentucky prospects; risks associated with oil and natural gas exploration and development activities; competition for raw materials and customers in the oil and natural gas industry; technological changes and developments in the oil and natural gas industry; legislative and regulatory uncertainties, including proposed changes to federal tax law and climate change legislation, and potential environmental liabilities; our ability to continue as a going concern; and our ability to secure additional capital to fund operations. Additional factors that may affect future results are contained in our filings with the Securities and Exchange Commission (“SEC”) and are available at the SEC’s web site http://www.sec.gov. Daybreak Oil and Gas, Inc. disclaims any obligation to update and revise statements contained in this press release based on new information or otherwise.