Timberlake Energy Solutions and provided its shareholders with an update and progress report.
Bob Bowersock, President, Timberlake Energy, said, "We are pleased to report that our company has made tremendous growth this past year and we are on target for our 2010 forecast, this new release encapsulates our progress." He also added, "We will continue to pursue profitable cost effective oil and gas opportunities in the upcoming months."
In June 2009, Timberlake Energy acquired the 168-acre Dickerson Oil Field Lease which consists of 98 wells with an estimated 1.8 million barrels of recoverable oil based on analytical data provided by an independent oil research firm and to date and have reopened several wells in the field.
- The Burns Oil Lease is now up to full production. The production numbers from the field will be provided in subsequent press releases.
- Three oil lease properties in Kansas have been acquired. The oil producing lease properties located near the Burns oil lease fields include Demosch, Ferrell and McCauslin with a total acreage of 270 acres and 61 wells.
- January, 2010: We acquired the 240 acre Rhoton Oil Lease Properties comprising three 80 acre oil properties across from the Dickerson field. Based upon our evaluation of the wells we expect to drill a total of 60 wells on the combined properties.
- January, 2010: We are currently in negotiations for the purchase of additional oil producing lease properties located in Kansas comprising 62 wells of which 42 require refurbishing. The current production from these wells is approximately 90 barrels of oil per day.
- Our controlled ownership in the Co2 technology used to regenerate our oil fields is now well into the closing stages. This technology, which has been proven to more than double oil production while reducing carbon emissions, maintains our corporate policy of environmental integrity combined with maximizing oil extraction in a responsible manner.
- Timberlake uses a geological mapping technique that identifies hidden reserves and will utilize these techniques on the companies acquired properties.