Daybreak Oil and Gas (OTC PINK: DBRM) has successfully acquired Reabold California LLC, enhancing its portfolio of oil and gas properties. This acquisition grants Daybreak approximately 1.1 million barrels of proved oil reserves from 35 wells, valued at around $23 million. The company is currently producing approximately 75 barrels of oil per day, with plans to significantly increase production through development drilling and workovers during the summer. This strategic move positions Daybreak for growth in the oil sector.
Daybreak Oil and Gas, Inc. (OTC PINK: DBRM) successfully held its Special Shareholder meeting on May 20, 2022, with 82% of shares present. All seven proposals voted on were approved, reflecting strong shareholder support. President James F. Westmoreland announced the imminent closing of the Equity Exchange Agreement to acquire Reabold California LLC. The company is focused on exploration and production of crude oil and natural gas in the U.S., notably operating 20 oil wells in Kern County, California.
Daybreak Oil and Gas, Inc. (OTC PINK: DBRM) announced the completion of financing under the Equity Exchange Agreement with Reabold California LLC. On May 5, 2022, Daybreak entered a Subscription Agreement with Portillion Capital Ltd., resulting in Portillion purchasing 125 million shares at $0.02 each, totaling $2.5 million. This capital raise is prerequisite for acquiring Reabold, for which Daybreak will issue 160,964,489 shares to Gaelic Resources Ltd. The shareholder approval meeting is scheduled for May 20, 2022.
Daybreak Oil and Gas, Inc. (OTC PINK: DBRM) will hold a Special Shareholder Meeting on May 20, 2022, at 10:00 a.m. CDT. The main agenda item is to vote for an Equity Exchange with Reabold California LLC and Gaelic Resources Ltd., requiring a 66.67% approval by March 22, 2022. CEO James F. Westmoreland emphasized that the acquisition will create significant value, raising the company’s total oil reserves to over 1.0 million barrels with potential for growth. Shareholders will receive a proxy statement and ballot by April 21, 2022.
Daybreak Oil and Gas, Inc. (OTC PINK: DBRM) announced its acquisition of Reabold California, LLC, increasing its reserves to 1,085,000 barrels of oil equivalent valued at approximately $17 million. Reabold California operates 10 wells in the Sacramento Basin, producing around 70 barrels of oil per day. The all-stock deal will result in Gaelic Resources owning up to 45% of Daybreak’s common stock and is expected to close in Q1 2022, subject to shareholder approval. Daybreak plans to raise $2.5 million to support development in the Sacramento and San Joaquin Basins.