Timberlake to Take Helm at Jacobs Energy
Timberlake Energy Solutions has entered into a Letter of Intent to acquire Jacobs Energy.
Jacobs Energy LLC is a fully functional turnkey oil & gas field operation in the big sandy region of Eastern Kentucky with a full service operating division, oil and gas leases acreage, and production. The fields have an extensive geo-scientific survey with all wells monitored with satellite well monitoring systems. The estimated length of production for Devonian Shale Wells is 30 to 100 years. The field carries a 100% success rate for drilling activity in the past 5 years. The asset summary includes 2,000 acres more or less with 30 drilling locations.
Bob Bowersock, President of Timberlake Energy, said, "The Jacob Energy acquisition fits perfectly with our business and development strategy. As part of the proposed acquisition we have included a five year consulting agreement with its founder Jeremy Jacobs who brings years of oil field drilling experience and management to Timberlake." He also added, "The hard working and experienced field personnel at Jacobs Energy will also add to the dynamics of the Timberlake aggressive acquisition and development program."