Timberlake Energy Solutions Inc. has signed a definitive Memorandum of Understanding with Robert J. Clark, Managing Director of the Clark group of companies. The agreement between the parties includes the introduction of a proprietary Gas Injection System into oil and gas production on Timberlake Energy properties that is expected to double production output over the short to medium term.
The company reports that pending the outcome of preliminary testing with the new Gas Injection System, it will proceed as defined under the terms of the Memorandum of Understanding to establish a subsidiary that will be 60% owned by Timberlake Energy with the balance held by the Clark organization. Payment terms of the proposed transaction with Robert Clark and companies include cash, Timberlake Energy stock and future oil production. In addition, Mr. Clark will be retained as a technology consultant to the proposed new Timberlake subsidiary.
Says Bob Bowersock, Timberlake President, "This is a very significant step forward in the growth and development of our firm. The potential benefits that may accrue in terms of enhanced revenues and profitability at Timberlake Energy will have a positive impact on all parties involved in any way to our organization."
The Robert J. Clark organization is an independent oil services and development company based in Andrews Texas. Clark companies include Clark Compression, Permian Energy Services, Hydrocarbon Imaging, Inc. Dura-Lift Systems, and Guardian Pump.