UNLOCKING STRANDED ENERGY
WITH STRATEGIC INNOVATION
Laredo Oil is a contrarian company focused on acquiring and revitalizing mature oil fields through advanced recovery techniques.
Founded in 2009, Laredo Oil specializes in enhanced oil recovery techniques. Our proprietary Underground Gravity Drainage™ (UGD) technique efficiently increases production from select mature oil fields.
After fourteen years of wide-ranging research and development of a $137 million Beta test facility, we are presently positioned to commercialize our advanced recovery technology.
Who We Are
Operations
With over 37,900 net acres currently under lease, Laredo Oil and its operating subsidiaries currently have two primary areas targeted for re-development.
These assets feature long-lived production platforms that were conventionally developed and producing for over 95 years, yet with over 78% of the original oil remaining in place.
Additionally, Laredo has identified six prime UGD target oil fields for acquisition and development domestically and globally. Oil fields are like people — each one is similar, yet unique, with its own distinctive characteristics. Laredo Oil has invested $51 million to develop its proprietary state-of-the-art simulation, software and screening tools that allow us to evaluate every oil field globally to select the optimal UGD oil fields.
Newsroom
July 3, 2024
AUSTIN, Texas, July 3, 2024 /PRNewswire/ — Laredo Oil, Inc. (“Laredo Oil”) (OTC Pink Sheets: LRDC), announces that Hell Creek Crude, LLC, a wholly-owned subsidiary of Laredo Oil (“HCC”), has reached total drilling depth and encountered oil shows in three zones of the Reddig 11-21 well in the Midfork field located in Valley County, Montana. This well is the first of three production wells planned to be drilled and operated by HCC in the Midfork field.
According to Mark See, Chairman and CEO of Laredo Oil, “We are elated with our progress and expect to have the well ready for production in three to four weeks. Once the well is producing, we will begin planning the next two wells we expect to drill and operate in the Midfork field.”
About Laredo Oil Inc.
Laredo Oil, Inc. (www.laredo-oil.com) is an oil exploration and production company primarily engaged in acquisition and exploration efforts for mineral properties. In addition to pursuing conventional oil recovery methods in selected oil fields, Laredo Oil plans to locate and acquire mature oil fields, with the intention of recovering “stranded” oil using enhanced recovery methods. Laredo Oil’s common stock is listed on the Pink Sheets under the symbol, “LRDC.”
Forward-Looking Statements
This press release and the statements made by Laredo Oil in this press release may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements describe Laredo Oil’s future plans, projections, strategies, and expectations, and may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements are based on assumptions and involve a number of risks, uncertainties, situations and other factors that may cause our or our industry’s actual results, level of activity, performance or achievements to be materially different from any future results expressed or implied by these statements. These factors include changes in interest rates, market competition, changes in the local and national economies, and various other factors detailed from time to time in Laredo Oil’s SEC reports and filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Laredo Oil undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
June 27, 2024
AUSTIN, Texas, June 27, 2024 /PRNewswire/ — Laredo Oil, Inc. (“Laredo Oil”) (OTC Pink Sheets: LRDC), announces that Hell Creek Crude, LLC, a wholly-owned subsidiary of Laredo Oil (“HCC”), commenced drilling the Reddig 11-21 well in the Midfork field located in Valley County, Montana. This well is the first of three production wells planned to be drilled and operated by HCC in the Midfork field.
According to Mark See, Chairman and CEO of Laredo Oil, “The Reddig 11-21 well was spudded this morning, and if it performs as planned, we expect to have it ready for production by late July. Once drilling is completed, the rig will be moved to the nearby Lustre field to be used by Texakoma Exploration and Production, LLC to complete the third of ten wells on their continuing drilling program there. We continue to coordinate with them for drill rig scheduling, vendors, materials and mobilization to achieve lower drilling costs.”
About Laredo Oil Inc.
Laredo Oil, Inc. (www.laredo-oil.com) is an oil exploration and production company primarily engaged in acquisition and exploration efforts for mineral properties. In addition to pursuing conventional oil recovery methods in selected oil fields, Laredo Oil plans to locate and acquire mature oil fields, with the intention of recovering “stranded” oil using enhanced recovery methods. Laredo Oil’s common stock is listed on the Pink Sheets under the symbol, “LRDC.”
Forward-Looking Statements
This press release and the statements made by Laredo Oil in this press release may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements describe Laredo Oil’s future plans, projections, strategies, and expectations, and may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements are based on assumptions and involve a number of risks, uncertainties, situations and other factors that may cause our or our industry’s actual results, level of activity, performance or achievements to be materially different from any future results expressed or implied by these statements. These factors include changes in interest rates, market competition, changes in the local and national economies, and various other factors detailed from time to time in Laredo Oil’s SEC reports and filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Laredo Oil undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
April 30, 2024
AUSTIN, Texas, April 30, 2024 /PRNewswire/ — Laredo Oil, Inc. (“Laredo Oil”) (OTC Pink Sheets: LRDC), announces that the State of Montana issued to Hell Creek Crude, LLC, a wholly-owned subsidiary of Laredo Oil (“HCC”), a permit to drill the Reddig 11-21 well in the Midfork field located in Valley County, Montana. This well is the first of three production wells planned to be drilled and operated by HCC in the Midfork field.
According to Mark See, Chairman and CEO of Laredo Oil, “This permit issuance now allows HCC to quickly move ahead with developing what we expect to be multiple wells in the Midfork area. We are coordinating with Texakoma Exploration and Production, LLC on their continuing drilling program in the Lustre field for drill rig schedule and mobilization to achieve lower drilling costs. The expectation is that the Reddig 11-21 well will spud in early June of 2024 and be in production by mid-summer.”
About Laredo Oil Inc.
Laredo Oil, Inc. (www.laredo-oil.com) is an oil exploration and production company primarily engaged in acquisition and exploration efforts for mineral properties. In addition to pursuing conventional oil recovery methods in selected oil fields, Laredo Oil plans to locate and acquire mature oil fields, with the intention of recovering “stranded” oil using enhanced recovery methods. Laredo Oil’s common stock is listed on the Pink Sheets under the symbol, “LRDC.”
Forward-Looking Statements
This press release and the statements made by Laredo Oil in this press release may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements describe Laredo Oil’s future plans, projections, strategies, and expectations, and may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements are based on assumptions and involve a number of risks, uncertainties, situations and other factors that may cause our or our industry’s actual results, level of activity, performance or achievements to be materially different from any future results expressed or implied by these statements. These factors include changes in interest rates, market competition, changes in the local and national economies, and various other factors detailed from time to time in Laredo Oil’s SEC reports and filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Laredo Oil undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
April 30, 2024
AUSTIN, Texas, April 30, 2024 /PRNewswire/ — Laredo Oil, Inc. (“Laredo Oil”) (OTC Pink Sheets: LRDC), announces that the State of Montana issued to Hell Creek Crude, LLC, a wholly-owned subsidiary of Laredo Oil (“HCC”), a permit to drill the Reddig 11-21 well in the Midfork field located in Valley County, Montana. This well is the first of three production wells planned to be drilled and operated by HCC in the Midfork field.
According to Mark See, Chairman and CEO of Laredo Oil, “This
permit issuance now allows HCC to quickly move ahead with developing what we expect to be multiple wells in the Midfork area. We are coordinating with Texakoma Exploration and Production, LLC on their continuing drilling program in the Lustre field for drill rig schedule and mobilization to achieve lower drilling costs. The expectation is that the Reddig 11-21 well will spud in early June of 2024 and be in production by mid-summer.”
About Laredo Oil Inc.
Laredo Oil, Inc. (www.laredo-oil.com) is an oil exploration and production company primarily engaged in acquisition and exploration efforts for mineral properties. In addition to pursuing conventional oil recovery methods in selected oil fields, Laredo Oil plans to locate and acquire mature oil fields, with the intention of recovering “stranded” oil using enhanced recovery methods. Laredo Oil’s common stock is listed on the Pink Sheets under the symbol, “LRDC.”
Forward-Looking Statements
This press release and the statements made by Laredo Oil in this press release may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements describe Laredo Oil’s future plans, projections, strategies, and expectations, and may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements are based on assumptions and involve a number of risks, uncertainties, situations and other factors that may cause our or our industry’s actual results, level of activity, performance or achievements to be materially different from any future results expressed or implied by these statements. These factors include changes in interest rates, market competition, changes in the local and national economies, and various other factors detailed from time to time in Laredo Oil’s SEC reports and filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Laredo Oil undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
March 11, 2024
AUSTIN, Texas, March 11, 2024 /PRNewswire/ — Laredo Oil, Inc. (OTC Pink Sheets: LRDC), an exploration and production company (the “Company”), today announced that Lustre Oil Company LLC (“Lustre“), a wholly owned subsidiary of the Company, has entered into a mutually agreeable Settlement Agreement between Lustre, Erehwon Oil & Gas, LLC (“Erehwon”), and A&S Minerals Development Company, LLC (“ASMD”), (the “Settlement Agreement”). The confidential Settlement Agreement contains an undisclosed cash amount and settles the quiet title dispute between the parties.
According to Mark See, Chairman and CEO of the Company, “This agreement amicably settles the dispute between Lustre, Erehwon and ASMD regarding ownership of mineral rights in Valley County, Montana and provides clear title to both parties regarding their mineral rights. I feel this settlement positively resets our relationship with ASMD and we look forward to working with ASMD as we develop our mineral rights in the area.
About Laredo Oil Inc.
Laredo Oil, Inc. (www.laredo-oil.com) is an oil exploration and production company primarily engaged in acquisition and exploration efforts for mineral properties. In addition to pursuing conventional oil recovery methods in selected oil fields, Laredo Oil plans to locate and acquire mature oil fields, with the intention of recovering “stranded” oil using enhanced recovery methods. Laredo Oil’s common stock is listed on the Pink Sheets under the symbol, “LRDC.”
Forward-Looking Statements
This press release and the statements made by Laredo Oil in this press release may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements describe Laredo Oil’s future plans, projections, strategies and expectations, and may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements are based on assumptions and involve a number of risks, uncertainties, situations and other factors that may cause our or our industry’s actual results, level of activity, performance or achievements to be materially different from any future results, level of activity, performance or achievements expressed or implied by these statements. These factors include changes in interest rates, market competition, changes in the local and national economies, and various other factors detailed from time to time in Laredo Oil’s SEC reports and filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Laredo Oil undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
January 22, 2024
AUSTIN, Texas, Jan. 22, 2024 /PRNewswire/ — Laredo Oil, Inc. (OTC Pink Sheets: LRDC), an exploration and production company (the “Company”), today announced that Hell Creek Crude, LLC (“HCC”), a wholly owned subsidiary of the Company, has entered into a Participation Agreement between HCC, Erehwon Oil & Gas, LLC (“Erehwon”), and various accredited investors (the “Participation Agreement”). The Participation Agreement will initially provide $2,034,000 million in cash to fund the drilling of a development well and the acquisition of certain leases currently held by Lustre Oil Company, LLC, a wholly owned subsidiary of the Company, in the Midfork Field in Montana. Several of the participating investors also hold $575,000 in the Company’s convertible debt, plus accrued interest, which investments are included as investments under the Participation Agreement.
Until the total of the $2,609,000 in cash and notes is repaid to the various investors, the net working interest payments from the Participation Agreement will be split between the various investors and HCC and Erehwon, collectively on a 90%/10% basis. After the repayment to the investors, the split between the investors and HCC and Erehwon will be on a 50%/50% basis. After the development well is drilled, the investors have the option to invest in up to two additional wells in the field.
According to Mark See, Chairman and CEO of the Company, “This agreement enables us to develop another well in a proven and developed oil field on our mineral leases outside the area of mutual interest under our agreement with Texakoma. I expect that this will be another successful well, improving our ability to increase cash flow, access additional capital to develop our leases and increase our enterprise value by adding additional proven developed and proven undeveloped reserves.”
About Laredo Oil Inc.
Laredo Oil, Inc. (www.laredo-oil.com) is an oil exploration and production company primarily engaged in acquisition and exploration efforts for mineral properties. In addition to pursuing conventional oil recovery methods in selected oil fields, Laredo Oil plans to locate and acquire mature oil fields, with the intention of recovering “stranded” oil using enhanced recovery methods. Laredo Oil’s common stock is listed on the Pink Sheets under the symbol, “LRDC.”
Forward-Looking Statements
This press release and the statements made by Laredo Oil in this press release may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements describe Laredo Oil’s future plans, projections, strategies and expectations, and may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements are based on assumptions and involve a number of risks, uncertainties, situations and other factors that may cause our or our industry’s actual results, level of activity, performance or achievements to be materially different from any future results, level of activity, performance or achievements expressed or implied by these statements. These factors include changes in interest rates, market competition, changes in the local and national economies, and various other factors detailed from time to time in Laredo Oil’s SEC reports and filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Laredo Oil undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
December 5, 2023
AUSTIN, Texas, Dec. 5, 2023 /PRNewswire/ — Laredo Oil, Inc. (OTC Pink Sheets: LRDC), an exploration and production company (“Laredo Oil”) today announced the discovery of “free oil” in the second of two wells drilled by Texakoma Exploration and Production, LLC (“Texakoma”) under the agreement between Lustre Oil Company, LLC (a wholly-owned subsidiary of Laredo Oil) and Texakoma. Similar to the previously disclosed first well drilled under the agreement, Texakoma ran and cemented casing in the second well, and is now preparing both wells for completion. The open hole well logs identified an oil filled porosity zone that is laterally consistent in thickness and structurally high to the surrounding productive wells in the field. The agreement with Texakoma covers Texakoma’s participation in the exploration and development of 7,375 net acres of mineral rights in Valley County, Montana (the “Contract Area”). After completion of the first two wells, Texakoma has an option to drill another eight wells in the Contract Area, with an 85%/15% split between Texakoma and Lustre, respectively. Texakoma also has an option to drill additional wells within the Contract Area, with the working and net revenue interest for each such additional well being split between Texakoma and Lustre on a 50/50 basis. Laredo Oil also retains a 100% leasehold interest in, and full control of over, an additional 30,000 net mineral acres in northeastern Montana at the western edge of the Williston Basin.
According to Mark See, Chairman and CEO of Laredo Oil, “Now that both wells have been drilled, Texakoma will evaluate the wells to determine whether to execute its option to drill the additional eight wells. Based on the favorable data being recorded, I am confident that both wells will be commercially successful and will confirm the viability of our mineral rights in Valley County. We believe that the data will incentivize Texakoma to exercise its option to drill the eight additional wells. Once those wells are producing, I expect Laredo Oil will reach a net positive operating cash flow position in calendar 2024.”
About Laredo Oil Inc.
Laredo Oil, Inc. (www.laredo-oil.com) is an oil exploration and production company primarily engaged in acquisition and exploration efforts for mineral properties. In addition to pursuing conventional oil recovery methods in selected oil fields, Laredo Oil plans to locate and acquire mature oil fields, with the intention of recovering “stranded” oil using enhanced recovery methods. Laredo Oil’s common stock is listed on the Pink Sheets under the symbol, “LRDC.”
Forward-Looking Statements
This press release and the statements made by Laredo Oil in this press release may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements describe Laredo Oil’s future plans, projections, strategies and expectations, and may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements are based on assumptions and involve a number of risks, uncertainties, situations and other factors that may cause our or our industry’s actual results, level of activity, performance or achievements to be materially different from any future results, level of activity, performance or achievements expressed or implied by these statements. These factors include changes in interest rates, market competition, changes in the local and national economies, and various other factors detailed from time to time in Laredo Oil’s SEC reports and filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Laredo Oil undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
November 17, 2023
AUSTIN, Texas, Nov. 17, 2023 /PRNewswire/ — Laredo Oil, Inc. (“Laredo Oil”) (OTC Pink Sheets: LRDC), today announced that drilling has encountered free oil and drill cutting oil shows from the main target zone in the first of two exploratory wells under the agreement between Lustre Oil Company, LLC (a wholly-owned subsidiary of Laredo Oil) and Texakoma Exploration and Production, LLC (“Texakoma”). Texakoma has run and cemented casing in the first well and is moving the drilling rig to the second well location. The agreement covers participation in the exploration and development of 7,375 net acres of mineral rights in Valley County, Montana (“Contract Area”). After completion of the first two wells, Texakoma has an option to drill another 8 wells on an 85%/15% Texakoma/Lustre basis and thereafter, has an option to drill additional wells within the Contract Area with the working and net revenue interest for each well split on a 50/50 basis. Laredo retains a 100% leasehold interest and full control of over an additional 30,000 net mineral acres in northeastern Montana at the western edge of the Williston Basin.
According to Mark See, Chairman and CEO of Laredo Oil, “Execution of our agreement with Texakoma is progressing as planned. We have received the first two payments and drilling is progressing on schedule. As expected for the first well, promising oil shows have been encountered at total depth and the well has been cased and cemented. Completions operations are expected to commence shortly as the well is prepared for production. I believe that the two wells will be commercial, will confirm the viability of our mineral rights in Valley County and incent Texakoma to exercise its option to drill the additional eight wells bringing Laredo to an expected net positive operating cash flow position in calendar 2024.”
About Laredo Oil Inc.
Laredo Oil, Inc. (www.laredo-oil.com) is an oil exploration and production company primarily engaged in acquisition and exploration efforts for mineral properties. In addition to pursuing conventional oil recovery methods in selected oil fields, Laredo Oil plans to locate and acquire mature oil fields, with the intention of recovering “stranded” oil using enhanced recovery methods. Laredo Oil’s common stock is listed on the Pink Sheets under the symbol, “LRDC.”
Forward-Looking Statements
This press release and the statements made by Laredo Oil in this press release may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements describe Laredo Oil’s future plans, projections, strategies and expectations, and may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements are based on assumptions and involve a number of risks, uncertainties, situations and other factors that may cause our or our industry’s actual results, level of activity, performance or achievements to be materially different from any future results, level of activity, performance or achievements expressed or implied by these statements. These factors include changes in interest rates, market competition, changes in the local and national economies, and various other factors detailed from time to time in Laredo Oil’s SEC reports and filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Laredo Oil undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
Newsroom
