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Reabold completed an equity exchange agreement with Daybreak Oil and Gas Inc. on 26 May 2022.
In May 2022, Reabold converted drilling and production success in subsidiary Reabold California LLC into a 42% stake in Daybreak Oil & Gas Inc (“Daybreak”), an OTC traded, Californian oil and gas operator. The transaction creates liquidity for Reabold and forms a new, cash flow producing business with good growth prospects.
Daybreak will utilise its existing in-state management team and expertise to grow the portfolio through development of existing licences as well as considering strategic acquisition opportunities.
