The closing of the acquisition will be subject to due diligence and final board approval. Jacobs Energy is a turnkey oil and gas field operator in the big sandy region of Eastern Kentucky with a full service operating division, oil and gas leases acreage, and production. The fields have a 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 five years. The asset summary includes 2,000 acres more or less with 30 drilling locations, the company said.
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.
“The hard working and experienced field personnel at Jacobs Energy will also add to the dynamics of the Timberlake aggressive acquisition and development program.”
