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| | Business Summary: Daybreak Oil and Gas, Inc., an independent oil and gas company, engages in the exploration, development, and production of oil and gas. It holds projects in California. | | | Address
601 W. Main Ave., Suite 1012
Spokane
, WA 99201
Phone: 509-232-7674
Website: http://www.daybreakoilandgas.com
| | Auditor |
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MaloneBailey, LLP
| | Transfer Agent |
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Computershare Trust Company, N.A.
| Employees: 6
ShareHolders: 2227 | Founded: 1955
Domicile: Washington | | | |
| | Daybreak Oil and Gas, Inc., an independent oil and gas company, engages in the exploration, development, and production of oil and gas. It holds projects in California. In FY 10 (Feb.), Daybreak's net share of production volume was 9,219 barrels of oil and 246,000 cubic feet of gas. The company was formerly known as Daybreak Mines, Inc. and changed its name to Daybreak Oil and Gas, Inc. in October 2005 as a result of its business focus shift from mineral exploration to oil and natural gas exploration. Daybreak Oil and Gas, Inc. was incorporated in 1955 and is based in Spokane, Washington. | | History: INCORPORATED in Washington Mar. 11, 1955, as Daybreak Uranium, Inc.; name changed to Daybreak Mines Inc. May 4, 1964; and to Daybreak Oil and Gas, Inc. Oct. 26, 2005. | | | | | | | | | |
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Management
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| Officers | Position |
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| Dale B. Lavigne | Chairman | | James F. Westmoreland | President, Chief Accounting Officer, Interim Chief Financial Officer & Chief Executive Officer | | Bennett W. Anderson | Chief Operating Officer | | Robert Martin | SR VP | | Karol L. Adams | Secretary | | Thomas C. Kilbourne | Controller | | Ed Capko | Investor Relations Contact |
| | Directors |
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| Wayne G. Dotson | | Dale B. Lavigne | | Ronald D. Lavigne | | Timothy R. Lindsey | | James F. Meara | | James F. Westmoreland | | | |
| | | | Capitalization as of 02/28/2010: | | | | | Authorized Shares | Outstanding Shares |
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| Preferred $0.001 par | 10,000,000 | 1,008,565so1 | | Common $0.001 par | 200,000,000 | 47,785,599 |
| | | | LONG TERM DEBT: $454,944. | | | | Common $0.001 par | | | | RECENT COMMON OFFERINGS: June 7, 2005, the company commenced an offering of Common stock under Regulation D Rule 506. The company offered 4,000,000 Common shares and sold a total of 4,400,000 Common shares for $1,100,000.
In the months of March and April 2006, the company conducted a private placement offering of Common stock. The company offered units for sale which included two Common shares and one warrant share for $1.50 per unit. Gross proceeds from the sale were $6,020,404, which equaled 4,013,602 units. A total of 8,027,206 shares of restricted Common stock were issued. Additionally, a total of 4,013,602 warrant shares could be issued from this private placement. These warrant shares will be exercisable at a price of $2.00 per share for a period of five years and have a cashless excise provision. This offering was made pursuant to a Rule 506 exemption from registration promulgated under Regulation D of the Securities Act of 1933, as amended. | | | |
Stockholders:
05/27/2010,
2227.
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Transfer Agent: Computershare Trust Company, N.A.
Canton
, MA | | | | OTC Bulletin Board( Primary): DBRM | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2009 | 0.1800 | 0.0500 | | OTC Bulletin Board | 2008 | 0.5300 | 0.0800 | | OTC Bulletin Board | 2007 | 1.3400 | 0.2500 | | OTC Bulletin Board | 2006 | 3.1500 | 0.9500 | | OTC Bulletin Board | 2005 | 0.9500 | 0.1150 |
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| | | | DIVIDENDS: Common $0.001 par: None. | | | | | |
so1Closely held. Consists of shares of Series A Convertible Preferred stock, 6% cumulative dividends. Each Series A share is convertible into 3 Common shares. | |
| | Annual Report |
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| | | Income Statement | |
| 2010 | 2009 |
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| REVENUES |
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| | Oil and Gas Sales | 471,442 | 53,171 | | EXPENSES |
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| | Production Costs | (269,820) | (57,048) | | General and Administrative | (1,606,874) | (2,309,994) | | Exploration and Drilling | (301,912) | (1,304,894) | | Bad Debts Expenses | (113,528) | (326,707) | | Depreciation, Depletion, Amortization and Impairment | (550,755) | (515,093) | | Interest Expense | (9,504) | (2,577) | | Dividend Income | - | 30,256 | | Interest Income | 13,487 | 7,671 | | Earnings before Taxes | (2,367,464) | (4,425,215) | | TAXES AND OTHER EXPENSES |
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| | Earnings of Discontinued Operations | 107,599 | 233,898 | | Gain from Sale of Oil and Gas Properties (net of Tax | - | 4,060,820 | | Net Income (Loss) | (2,259,865) | (130,497) | | CHARGES ON NET INCOME |
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| | Dividends on Preferred Stock | (188,824) | (208,878) | | Net Income Available to Common Shareholders | (2,448,689) | (339,375) | | SUPPLEMENTARY INFO |
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| | Operating Income (Loss) | (2,371,447.00) | (4,460,565.00) | | Basic EPS - Continuing Operations | (0.05) | (0.10) | | Basic EPS - Discontinued Operations | - | 0.09 | | Basic Earnings Per Share ? Total | (0.05) | (0.01) |
| | | | Balance Sheet | |
| 2010 | 2009 |
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| CURRENT ASSETS |
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| | Cash and Cash Equivalents | 247,951 | 2,282,810 | | Oil and Gas Sales | 257,110 | 13,731 | | Production Revenue Receivable | 25,000 | - | | Joint Interest Participants | 215,648 | 288,548 | | Receivables Associated with Assets Held for Sale | 303,097 | 196,234 | | Prepaid Expenses and Other Current Assets | 21,735 | 2,890 | | Total Current Assets | 1,070,541 | 2,784,213 | | NON CURRENT ASSETS |
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| | Unproved Properties | 17,350 | - | | Proved Properties | 1,193,449 | 356,280 | | Net Vehicles and Equipment | 1,488 | 7,576 | | Production Revenue Receivable -long Term | 325,000 | - | | Other Assets | 402,208 | 390,454 | | Total Assets | 3,010,036 | 3,538,523 | | CURRENT LIABILITIES |
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| | Accounts Payable-related Parties | 31,898 | 7,384 | | Accounts Payable and Other Accrued Liabilities | 1,240,909 | 323,572 | | Accrued Interest | 5,408 | - | | Liabilities Associated With Assets Held for Sale | 110,124 | 25,351 | | Total Current Liabilities | 1,388,339 | 356,307 | | NON CURRENT LIABILITIES |
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| | Notes Payable | 454,944 | - | | Preferred Stock Convertible | 1,009 | 1,061 | | Asset Retirement Obligations | 53,318 | 20,011 | | SHAREHOLDERS' EQUITY |
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| | Common Stock - Par Value | 47,786 | 45,081 | | Additional Paid in Capital | 22,255,800 | 22,047,360 | | Accumulated Deficit | (21,191,160) | (18,931,300) | | Total Shareholders Equity | 1,113,435 | 3,162,205 | | Total Liabilities & Shareholders Equity | 3,010,036 | 3,538,523 |
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| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2011 |
1 | 190,000 | | 2010 |
1 | 40,000 | | 2010 |
2 | 130,000 | | 2010 |
3 | 120,000 | | 2010 |
4 | 190,000 | | 2010 |
Full Year
| 470,000 | | 2009 |
1 | 110,000 | | 2009 |
2 | 110,000 | | 2009 |
3 | 60,000 | | 2009 |
4 | (80,000) | | 2009 |
Full Year
| 200,000 | | 2008 |
1 | 230,000 | | 2008 |
2 | 290,000 | | 2008 |
3 | 130,000 | | 2008 |
Full Year
| 370,000 | | 2007 |
1 | Nil | | 2007 |
2 | 270,000 | | 2007 |
3 | 220,000 | | 2007 |
4 | 140,000 | | 2007 |
Full Year
| 630,000 | | 2006 |
Full Year
| Nil |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2010 |
1 | (400,000) | | 2010 |
Full Year
| (2,370,000) | | 2009 |
1 | (880,000) | | 2009 |
2 | (520,000) | | 2009 |
3 | (470,000) | | 2009 |
4 | (500,000) | | 2009 |
Full Year
| (4,270,000) | | 2008 |
1 | (530,000) | | 2008 |
2 | (530,000) | | 2008 |
3 | (1,310,000) | | 2008 |
4 | (1,900,000) | | 2008 |
Full Year
| (4,700,000) | | 2007 |
1 | (620,000) | | 2007 |
2 | (940,000) | | 2007 |
3 | (650,000) | | 2007 |
Full Year
| (8,390,000) | | 2006 |
1 | (520,000) | | 2006 |
2 | (290,000) | | 2006 |
3 | (1,000,000) | | 2006 |
Full Year
| (2,025,300) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2011 |
1 | (.01) | | 2010 |
1 | (.02) | | 2010 |
2 | (.01) | | 2010 |
3 | (.01) | | 2010 |
4 | (.01) | | 2010 |
Full Year
| (.05) | | 2009 |
1 | (.01) | | 2009 |
2 | (.01) | | 2009 |
3 | (.03) | | 2009 |
4 | (.04) | | 2009 |
Full Year
| (.10) | | 2008 |
1 | (.02) | | 2008 |
2 | (.02) | | 2008 |
3 | (.02) | | 2008 |
Full Year
| (.12) | | 2007 |
1 | (.02) | | 2007 |
2 | (.01) | | 2007 |
3 | (.03) | | 2007 |
4 | (.13) | | 2007 |
Full Year
| (.34) | | 2006 |
1 | (.01) | | 2006 |
2 | (.01) | | 2006 |
3 | (.03) | | 2006 |
4 | (.03) | | 2006 |
Full Year
| (.09) |
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