Daytona Energy Corporation

Daytona Energy Corporation

August 27, 2007 12:29 ET

Daytona Energy Corporation: Pandura Prospect Spuds First Well

CALGARY, ALBERTA--(Marketwire - Aug. 27, 2007) - Daytona Energy Corporation (TSX VENTURE:DTE) today announced the spudding of the Kathleen Marie #2 well at the Pandura Prospect in Webb Co., Texas.

Progress report on the Kathleen Marie #2 well as of 6:00 a.m. August 26, 2007

Current depth: 400 feet. Well spudded 9:00 p.m. on August 25, 2007.

Operation: Drilling 12 1/4 inch hole to 1,000 feet where 9 5/8
inch casing will be set.

The primary target Lobo 6400 sand is anticipated at
6,400 feet. Secondary target Lobo and Navarro sands
at varying depths. Proposed depth is 8,500 feet.

Pandura Prospect: The Pandura Prospect is located in the centre of the
Lobo Gas Trend in Webb County, Texas, near the U.S.A.
/ Mexican border. It lies within the Maria H. Llanos
gas field. The Kathleen Marie #2 well is a "step-out
development well" rather than an exploratory well. The
main target of this test is the "6400 sand", which is
probably stratigraphically equivalent to what is
usually termed the "Lobo 1 Sand". Secondary targets
include Lobo 3 and Lobo 6 sand packages as well as the
underlying Navarro Sand. Total potential resources are
estimated at 20 BCF of gas.

Daytona 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.


Jim Breimayer, President & Chief Executive Officer

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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.
    Daytona Energy Corporation
    Jim Breimayer
    President & Chief Executive Officer