AUSTIN, Texas – via InvestorWire – Laredo Oil, Inc. (OTC Pink Sheets: LRDC) (“Laredo Oil”), an oil exploration and production company, today announces that its wholly owned subsidiary, Lustre Oil Company, LLC, continues to acquire mineral rights in certain northeastern Montana core development areas. Since October 2021, Laredo Oil has increased its acreage in these areas from 24,000 net acres to the current 45,246 gross and 37,932 net acres.
“Our acquisition strategy has allowed us to lease acreage in the Western Williston Basin in Montana at what we believe to be a fraction of the cost of acreage in other comparable basins,” said Mark See, Laredo Oil’s chairman and CEO. “Additionally, we believe that our knowledge of the area enables us to selectively add to our accumulated leases going forward.”
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 OTC Pink Sheets under the symbol “LRDC.”
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.
Bradley E. Sparks
Chief Financial Officer
Laredo Oil, Inc.