Daytona Energy Corporation

Daytona Energy Corporation

November 19, 2008 11:43 ET

Daytona Spuds First Well on North Sharon Prospect

CALGARY, ALBERTA--(Marketwire - Nov. 19, 2008) - Daytona Energy Corporation (TSX VENTURE:DTE) announces that drilling has commenced on the first test well on its North Sharon Prospect. This well, the Block T Petroleum Walker #1H, will be drilled vertically to 6,100 feet and evaluated by the use of open hole logging tools. The Selma Chalk will be penetrated at a depth of 4,600 feet, and if gas productive, the well will be drilled horizontally 2,400 feet in the Selma Chalk horizon.

The Company will be paying 9% of the costs to drill and complete the Walker #1H to earn a 25.875% working interest in the project. On any future wells necessary to fully develop the project, Daytona will pay its proportionate share of costs based on its working interest.

The Company and its partners control 2,500 acres in the area of the prospect.

Daytona is an oil and gas exploration/development company, focused on gas exploration in Alberta, Canada and the Gulf Coast region of the United States.


Jim Breimayer, President & CEO

Except for historical information contained in this release, the matters discussed are forward looking statements that involve risks and uncertainties. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "probable" and "intend" and similar expressions, as they relate to the Company or its management, identify forward looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development; commercialization or technological difficulties; the regulatory and trade environment. The Company undertakes no obligation to revise any forward-looking statements as a result of future events or developments.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Daytona Energy Corporation
    Jacqueline M. Tucker
    Daytona Energy Corporation
    Jim Breimayer
    President & CEO
    (903) 939-1380