Timberlake Energy Solutions Inc. (TLKE)

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Timberlake Energy Solutions Inc. Appoints Interim Management to Assume Corporate Operations 01/31 08:26 AM



OVERLAND PARK, KS -- (MARKET WIRE) -- 01/31/11 -- Timberlake Energy Solutions Inc. (TLKE:$0.0100,$0.0000,0.00%) regretfully confirms that company president Robert "Bob" Edward Bowersock, 74, passed away on Dec 21, 2010 after battling cancer. Bob was born on Valentine's Day 1936 in Parkersburg, WV.
Bob was a great leader and built Timberlake Energy Solutions (TLKE:$0.0100,$0.0000,0.00%) from a small company to where it is today. His recent absence in the company's day to day operations created a great hole. We here at Timberlake pass on our sincere condolences to the Bowersock family.
The company has commissioned an interim management team that is conducting a valuation of the corporation's oil assets and shared properties. Timberlake was forced to discontinue regular dividend payments due to the shortfall in corporate profits. Dividends can only be disbursed from realized profits. An accounting firm will divest existing assets and interest holders on record will receive their proceeds from divestment pro rata. Timberlake Energy Solutions (TLKE:$0.0100,$0.0000,0.00%) will publish the evaluations and have them available for perusal on the company website at www.timberlakeenergy.com
A subsequent press release will provide details of the final divesture of assets once completed.
www.timberlakeenergy.com
About Timberlake Energy Solutions Inc. (TLKE:$0.0100,$0.0000,0.00%)
Timberlake Energy Solutions Inc. (TLKE:$0.0100,$0.0000,0.00%) is an exploration company focused on purchasing abandoned or under valued oil and gas leases in the United States. With an experienced technical team, these oil and gas wells are refurbished and outfitted with the latest in oil and gas recovery equipment. Timberlake Energy Solutions (TLKE:$0.0100,$0.0000,0.00%) has advanced technology to reclaim and put these wells back into production, hence increasing the well value significantly. Timberlake operates exploration projects through joint ventures in the Appalachian Basin and owns interests in a number of petroleum and natural gas leases in Lambton, and Kent, Counties, Ontario. In addition to its main operating focus, the company is actively exploring projects in the Appalachian and Michigan Basins.
Forward-Looking Statements
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.