At this closing, Daybreak Oil and Gas received $5.5 million in exchange for the balance of its interests, having previously received a total of $2.5 million from partial closings in January and April 2008.
Tim Lindsey, president and CEO of Daybreak Oil and Gas, said: This completes a significant step forward for Daybreak as we move to re-focus the company’s activities. The Louisiana transaction has been a very rewarding process as we worked closely with the purchaser, Lasso Partners, to provide a smooth transfer of operating responsibilities and ownership.
