Timberlake Energy has signed a Memorandum of Understanding to acquire a 2,600 acre oil lease field located in Kansas.
Bob Bowersock, President of Timberlake, said, "The properties currently have 54 producing wells. In addition to the 54 wells, there are 42 wells that will require refurbishing. At present the wells are producing an average of 90 bbls of oil per day."
He also commented, "Timberlake has accelerated its due diligence process with the intent of reaching a swift closing date targeted for April 30, 2010."
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