Laredo Oil Stock Price, News & Analysis

Laredo Oil (OTC: LRDC) has announced that its Cranston Saltwater Disposal (SWD) well is now operational. The company, which holds over 30,000 net acres of mineral rights in the West Fork Prospect Area north of Montana's Fort Peck reservation, has completed all disposal and facility upgrades, along with necessary permitting and administrative tasks for the recently acquired well from Texakoma Exploration & Production Company.

The operational status of the Cranston SWD well enables an immediate, cost-effective water disposal solution for five drilled and completed shut-in wells. Additionally, the company plans to convert two more shut-in saltwater disposal wells acquired with the Cranston, supporting future drilling programs by Texakoma and Lustre, which currently plan nine additional wells.

Laredo Oil (LRDC) has announced the initiation of preparations for drilling three exploratory wells in its West Fork field in Montana, where the company holds over 30,000 net acres of mineral rights north of the Fort Peck reservation. The company is raising up to $7.5 million to fund the drilling project.

Preliminary work has begun, including 2-D seismic data acquisition, drilling location selection, permit applications, and vendor securing. Management believes the West Fork field could potentially contain oil reserves comparable to the Lustre field, which has produced approximately 7.5 million barrels of oil since its 1981 Exxon discovery. Upon successful exploration, Laredo Oil plans to implement an aggressive drilling program for full field development.

Laredo Oil (OTC Pink Sheets: LRDC) has raised $750,000 through a private offering of unregistered common shares. The company sold 1,695,349 shares at an average price of $0.4424 per share to accredited investors since the end of its fiscal year on May 31, 2024. The shares are not registered under the Securities Act of 1933 and cannot be offered or sold in the U.S. without registration or an applicable exemption.

CEO Mark See stated that the funds were raised based on progress in developing mineral rights in northwestern Montana. The company is preparing to put several wells into production, including three associated with Texakoma Exploration & Production Company and their Reddig 11-21 and Olfert 11-4 wells. This is pending the opening of the recently acquired Cranston saltwater disposal well, expected within two weeks. The Cranston well removes a significant obstacle for ramping up field production, and converting two additional shut-in saltwater disposal wells will support future drilling programs.

Laredo Oil (OTC Pink Sheets: LRDC) announces a significant development through its subsidiary, Lustre Oil Company. The company has acquired the Cranston salt-water disposal (SWD) well and two additional shut-in wells for conversion into SWD wells in Valley County, Montana. This strategic move enables Laredo Oil and its partner Texakoma Exploration & Production Company to economically dispose of salt-water from recently drilled wells.

The acquisition allows Laredo Oil to begin production at the Reddig 11-21 well in the Midfork field and provides SWD access for three wells in the Lustre field. Additionally, it enables the dewatering and production of the previously shut-in Olfert 11-4 well. This development removes a significant obstacle to ramping up field production and supports future drilling programs for both Laredo Oil and Texakoma.

Laredo Oil (OTC Pink: LRDC) announces progress on its Reddig 11-21 well in the Midfork field, Valley County, Montana. The company's subsidiary, Hell Creek Crude, , has decided to perforate the casing within the Charles C zone. This well is the first of three planned production wells in the area.

CEO Mark See reports that two viable zones were encountered during drilling: the Charles C and the Nisku. The well has been cemented and cased to total depth through both zones. The company plans to produce from the Charles C zone first, followed by further assessment of the Nisku zone. See emphasized that these drilling results provide further evidence of the value of their Montana mineral rights.

Laredo Oil announced the discovery of oil shows at the Reddig 11-21 well in the Midfork field, Valley County, Montana. This well is drilled by Hell Creek Crude, a wholly-owned subsidiary, and marks the first of three planned production wells. Chairman and CEO Mark See expressed enthusiasm, stating the well should be ready for production within three to four weeks. Following this, the company plans to proceed with drilling the next two wells in the Midfork field.

Laredo Oil (OTC: LRDC) announced that its subsidiary, Hell Creek Crude, has commenced drilling the Reddig 11-21 well in the Midfork field, Valley County, Montana. This marks the first of three planned production wells in the area. According to CEO Mark See, the well is expected to be ready for production by late July. Post-drilling, the rig will be moved to the Lustre field for a separate program by Texakoma Exploration and Production, Coordination between the companies aims to reduce drilling costs.

Laredo Oil, Inc. announces the issuance of a drilling permit by the State of Montana for the Reddig 11-21 well in the Midfork field. This permit allows Hell Creek Crude, to start drilling operations. The company plans to drill three production wells and collaborate with Texakoma Exploration and Production, to lower drilling costs. The Reddig 11-21 well is expected to spud in early June 2024 and start production by mid-summer.