Daybreak Announces Special Shareholder Meeting Voting Results

Rhea-AI Summary

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.

Positive

• 82% of shareholders participated in the Special Shareholder meeting.
• All seven proposals were approved, indicating strong shareholder support.
• The completion of the acquisition of Reabold California LLC is imminent.

Negative

• None.

SPOKANE VALLEY, Wash.--(BUSINESS WIRE)-- Daybreak Oil and Gas, Inc. (OTC PINK: DBRM) (“Daybreak” or the “Company”), a Washington corporation, is pleased to announce that it has held its Special Shareholder meeting on May 20, 2022. At the Special Meeting, 51,054,229 of the Company’s 62,510,204 issued and outstanding shares of common stock entitled to vote, or approximately 82% as of the record date, March 22, 2022, were present or represented by proxy. All seven proposals were approved by the requisite majority voting percentages.

James F. Westmoreland, the Company’s President and Chief Executive Officer stated, “We are very pleased with the overwhelming support we received on all proposals put forth to our Shareholders. We will be closing the Equity Exchange Agreement, in which we will acquire Reabold California LLC in the next few days.”

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.

More information about Daybreak Oil and Gas, Inc. can be found at www.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 crude 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 crude oil and natural gas; fluctuations in the levels of our crude oil and natural gas exploration and development activities; our ability to find, acquire and develop crude oil and natural gas properties, including the ability to develop the East Slopes Project and Michigan prospects; risks associated with crude oil and natural gas exploration and development activities; competition for raw materials and customers in the crude oil and natural gas industry; technological changes and developments in the crude 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220523006021/en/

Ed Capko Telephone: 815-942-2581

Investor Relations Email: edc@daybreakoilandgas.com

Source: Daybreak Oil and Gas, Inc.

FAQ

What was the outcome of Daybreak Oil and Gas's Special Shareholder meeting held on May 20, 2022?

All seven proposals were approved with 82% of shares represented.

What company is Daybreak Oil and Gas acquiring following their Special Shareholder meeting?

Daybreak is acquiring Reabold California LLC.

What percentage of shares voted at Daybreak Oil and Gas's meeting?

Approximately 82% of shares voted at the meeting.

What is the stock symbol for Daybreak Oil and Gas?

The stock symbol for Daybreak Oil and Gas is DBRM.