At present, the US-based independent oil and gas exploration and production firm owns working interest in 11 producing oil wells in the East Slopes project area.
As part of the drilling program, Daybreak will spud five development oil wells and one exploration well.
The company has plans to drill three wells in the Vedder oil reservoir in the bear-producing area. It has already identified and built drilling locations, laid production flow lines, and installed the electrical service.
Daybreak owns 37.5% working interest in each of the three development wells.
In the black-producing area, the company intends to drill a development well in the Vedder oil reservoir. It owns 33.75% working interest in the well.
Fifth development well will be drilled in the currently producing Vedder oil reservoir in the Sunday-producing area.
Under the drilling program, an exploration well will be spud in the Chimney-Prospect Area to about 4,000ft.
Daybreak Oil and Gas president and chief executive officer James F Westmoreland said the company is expecting immediate cash flow from the five development wells as the field infrastructure is in place.
"The Chimney exploration well, if successful, will open up a new area for our future expansion as we continue to develop our proven acreage," Westmoreland added.
