Daytona Energy Corporation
TSX VENTURE : DTE

Daytona Energy Corporation

August 14, 2007 13:38 ET

Daytona Energy Corporation: Pandura Project-Drilling Contract

CALGARY, ALBERTA--(Marketwire - Aug. 14, 2007) - Daytona Energy Corporation (TSX VENTURE:DTE) today announced that the Company's United States subsidiary Daytona Energy (U.S.A.) LLC, has signed a drilling contract with Pioneer Drilling Co. (PDC-Amex) for the Kathleen Marie #2 well on the Pandura Prospect in Webb Co., Texas. This well will be drilled to 8,500 feet to test prospective Wilcox age sands and is expected to spud late August 2007.

According to Daytona's Chief Executive Officer, Jim Breimayer, "We are pleased to be working with a reputable drilling contractor; such as, Pioneer Drilling who will drill the well through open hole logging on turnkey contract basis. This approach reduces the mechanical drilling risk to Daytona and its partners, and at the same time, is significantly less expensive than our estimated costs to drill on day rate basis at the beginning of 2007. We look forward to spudding the Kathleen Marie #2 this month and giving Daytona and its partners the excellent reserve exposure this prospect represents."

Daytona Energy will have approximately 45% working interest in the well with its partners owning the remaining interest.

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.

ON BEHALF OF THE BOARD OF DIRECTORS OF DAYTONA ENERGY CORPORATION

Jim Breimayer, President & Chief Executive Officer

Additional information is available at www.DaytonaEnergy.com.

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

  • MarketSmart Communications Inc.
    1-877-261-4466
    or
    Daytona Energy Corporation
    Jim Breimayer
    (903) 939-1380
    Website: www.DaytonaEnergy.com