Daybreak Announces Appointment of President and Chief Executive Officer
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SPOKANE, Wash., Oct. 23 /PRNewswire-FirstCall/ -- Daybreak Oil and Gas,
Inc. (OTC Bulletin Board: DBRM) ("Daybreak" or the "Company") a Washington
Corporation, today announced that the Company's Board of Directors has named
James F. Westmoreland, 52, as President and Chief Executive Officer. Timothy
R. Lindsey, a Director, has held these offices on an interim basis since
December 2007. Mr. Lindsey was appointed to the Board of Directors in January
2007, and will continue to serve on the Board. Mr. Westmoreland was also
elected to the Company's board of directors, effective immediately. The
addition of Mr. Westmoreland expands the size of the Company's board of
directors to six members.
In addition to the duties as President and Chief Executive Officer, Mr.
Westmoreland will continue as the principal finance and accounting officer for
the immediate future. Mr. Westmoreland served as the Interim Chief Financial
Officer of the Company from December 2007 until April 2008, when he was
appointed, and has since served as Executive Vice President and Chief
Financial Officer. Mr. Westmoreland previously consulted with the Company on
various accounting and finance matters commencing in August 2007. Prior to
that time, Mr. Westmoreland was employed by The Houston Exploration Company,
serving in various financial and accounting capacities for 21 years, including
Vice President, Controller and Corporate Secretary, serving as its Vice
President and Chief Accounting Officer from October 1995 until its acquisition
by Forest Oil Company in June 2007. Mr. Westmoreland has 30 years of
experience in oil and gas accounting, finance, corporate compliance and
governance, both in the public and private sector. He earned his B.A. in
accounting from the University of Houston.
Dale Lavigne, Chairman of the Board of Directors, stated, "We were very
fortunate to have Tim on our team. With his leadership, he repositioned the
Company to capitalize on its assets and set the Company up to be able to
re-focus its efforts on projects which will allow the Company to grow towards
profitability. It was always Tim's intention, as Interim President and CEO,
to work toward this goal and to turn the Company over to a successor. As part
of his effort he brought Jim Westmoreland on to our team. Jim was instrumental
in implementing Tim's plan and we are looking forward to him leading Daybreak
towards reserve growth and profitability."
Commenting in Houston, Mr. Lindsey added, "We are very fortunate to have a
person of Jim's caliber assume this leadership role for the Company. Daybreak
is positioned to move forward as an early-stage exploration company with
immediate near-term opportunities. The asset portfolio has been re-structured
to afford the Company both technical and financial flexibility. We have a
solid management team, prospect inventory, and cash to implement our
California exploration drilling program which is expected to begin in the
coming weeks. I look forward to continued participation on the Board."
Daybreak Oil and Gas, Inc. is an independent oil and gas company engaged
in the exploration, development and production of oil and gas. The Company
holds projects in Alabama, California, Louisiana, and Texas.
For more information about Daybreak Oil and Gas Inc., please visit its
website at http://www.daybreakoilandgas.com.
Contact:
James F. Westmoreland
281-996-4176
713-829-6062
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.
SOURCE Daybreak Oil and Gas, Inc.
James F. Westmoreland of Daybreak Oil and Gas, Inc., +1-281-996-4176, or
+1-713-829-6062, jimw@daybreakoilandgas.com
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