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LAREDO OIL INC - $LRDC STOCK NEWS

Welcome to our dedicated page for LAREDO OIL news (Ticker: $LRDC), a resource for investors and traders seeking the latest updates and insights on LAREDO OIL stock.

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect LAREDO OIL's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

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Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
6.03%
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Rhea-AI Summary
Laredo Oil, Inc. announces Texakoma Exploration and Production, LLC exercising its option to drill eight wells in Valley County, Montana. The agreement with Lustre Oil Company, LLC and Erehwon Oil & Gas, LLC involves 7,375 net acres of mineral rights. Texakoma can continue drilling additional wells with a 50/50 interest split. Chairman and CEO Mark See expresses confidence in the potential of the mineral rights and future development opportunities.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
10.89%
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Rhea-AI Summary
Laredo Oil, Inc. (LRDC) announces a Settlement Agreement with Lustre Oil Company LLC, resolving a quiet title dispute over mineral rights in Valley County, Montana. The agreement includes an undisclosed cash amount and aims to reset the relationship with ASMD.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.13%
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Rhea-AI Summary
Laredo Oil, Inc. (LRDC) announced that its subsidiary, Hell Creek Crude, LLC, has entered into a Participation Agreement with Erehwon Oil & Gas, LLC and accredited investors, providing $2,034,000 for drilling a development well and acquiring leases in Montana. The investors also hold $575,000 in convertible debt. The net working interest payments will be split on a 90%/10% basis until the total investment is repaid, then on a 50%/50% basis. After drilling, investors have the option to invest in two additional wells. The Chairman and CEO expects the well to improve cash flow, access additional capital, and increase enterprise value.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
5.88%
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Rhea-AI Summary
Laredo Oil, Inc. (LRDC) announced the discovery of 'free oil' in the second well drilled by Texakoma Exploration and Production, LLC under their agreement. 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 covers Texakoma's participation in the exploration and development of 7,375 net acres of mineral rights in Valley County, Montana. Texakoma has an option to drill another eight wells in the Contract Area, with an 85%/15% split between Texakoma and Lustre, respectively. Laredo Oil also retains a 100% leasehold interest in an additional 30,000 net mineral acres in northeastern Montana. Mark See, Chairman and CEO of Laredo Oil, expressed confidence in the commercial success of the wells and the viability of their mineral rights in Valley County, expecting a net positive operating cash flow position in calendar 2024.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
20%
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Rhea-AI Summary
Laredo Oil, Inc. (LRDC) announces promising results from the first exploratory well under an agreement with Texakoma Exploration and Production, LLC. The drilling has encountered free oil and drill cutting oil shows, with Texakoma already casing and cementing the first well and moving the drilling rig to the second well location. The agreement covers the exploration and development of 7,375 net acres of mineral rights in Valley County, Montana, with potential for additional wells and revenue sharing. Laredo retains a 100% leasehold interest in an additional 30,000 net mineral acres in northeastern Montana.
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Rhea-AI Sentiment
End-of-Day
16.67%
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Rhea-AI Summary
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LAREDO OIL INC

OTC:LRDC

LRDC Rankings

LRDC Stock Data

40.38M
29.99M
58.32%
Crude Petroleum and Natural Gas Extraction
Mining, Quarrying, and Oil and Gas Extraction
Link
United States of America
Austin

About LRDC

laredo oil inc (lrdc) is an oil and energy company located in 111 n congress ave, austin, texas, united states.