Daybreak Secures $2.5 Million in Financing Ahead of Closing Acquisition of Reabold California LLC – Natural Self Esteem

SPOKANE VALLEY, Wash.–(BUSINESS WIRE). and Reabold California LLC. On May 5, 2022, Daybreak entered into an underwriting agreement with Portillion Capital Ltd., a private company incorporated in the United Kingdom (“Portillion”), pursuant to which Portillion underwrote the purchase of 125,000,000 common shares of the Company at par $0.001 for a purchase price of $0 $.02 per share or $2,500,000 total. Completion of the capital increase follows the Company’s May 20, 2022 Extraordinary Stockholders Meeting to approve completion of the previously announced October 20, 2021 stock exchange agreement entered into by and between the Company, Reabold California LLC, a California corporation Limited (“Reabold”), and Gaelic Resources Ltd., a private company incorporated in the Isle of Man and 100% owner of Reabold (“Gaelic”), under which Daybreak will acquire Reabold in exchange for the issuance of 160,964,489 common shares to Gaelic (the foregoing transaction, the “Stock Exchange”). The conclusion of the subscription agreement in relation to the raising of capital is a condition for the closing of the stock exchange.

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 and has an operations office in Friendswood, Texas. Daybreak owns a 3-D seismic survey covering 20,000 acres over 32 square miles with approximately 6,500 acres leased in the San Joaquin Valley of California. The Company is producing from 20 oil wells in our East Slopes project area in Kern County, California.

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Certain statements in this press release are “forward-looking statements” as that term is defined by the Securities and Exchange Commission. Such statements are barred from the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “up to,” “approximately,” “likely,” or “anticipate” or the identifiable negative thereof. These forward-looking statements are based on our current expectations, beliefs, estimates and projections about the future of our business and 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 results of operations, our future capital expenditures, our expansion and growth of our business, and our future investments in and acquisitions of crude oil and natural gas properties. We have based these forward-looking statements on assumptions and analysis made in light of our experience and our perception of historical trends, current conditions and anticipated future developments. However, you should be aware that these forward-looking statements are only our predictions and we cannot guarantee such results. Future events and actual results could differ materially from the results expressed or implied by the forward-looking statements. The following factors, among others, could cause actual results to differ from those contained in the forward-looking statements: general economic and business conditions; exposure to market risk in our financial instruments; fluctuations in global 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 our ability to develop the East Slopes project and prospects in Michigan; risks associated with exploration and development of crude oil and natural gas; competition for raw materials and customers in the oil and gas industry; technological changes and developments in the oil and gas industry; legal and regulatory uncertainties, including proposed amendments to the federal tax code and climate change legislation, and potential environmental liabilities; our ability to continue as a company; and our ability to secure additional capital to fund operations. Additional factors that could affect future results are included in our filings with the Securities and Exchange Commission (“SEC”) and are available on the SEC’s website at Daybreak Oil and Gas, Inc. disclaims any obligation to update or revise any statements contained in this press release, whether as a result of new information or otherwise.

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