Laredo Oil Announces Cranston Saltwater Disposal Well is Operational

Rhea-AI Summary

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.

Positive

• Operational status of Cranston SWD well enables immediate production ramp-up
• Cost-effective water disposal solution for five existing shut-in wells
• Additional capacity through two more convertible shut-in disposal wells
• Infrastructure support for planned nine additional wells

Negative

• None.

AUSTIN, Texas, Jan. 21, 2025 /PRNewswire/ -- Laredo Oil, Inc. ("Laredo Oil") (OTC Pink Sheets: LRDC), an oil exploration and production company with over 30,000 net acres of mineral rights in the West Fork Prospect Area located north of the Fort Peck reservation in Montana, today announces that the Cranston Salt Water Disposal ("SWD") well is operational.

Mark See, Chairman and CEO of Laredo Oil, commented, "The Cranston SWD is now processing saltwater and operational.  We have completed disposal and facility upgrades and all permitting and administrative tasks for the well which was recently acquired with Texakoma Exploration & Production Company.  Commissioning the well removes a significant roadblock for ramping up field production in the immediate term and allows the five drilled and completed shut-in wells with an immediate, cost-effective water disposal solution.  As needed, we will convert the two additional shut-in saltwater disposal wells acquired with the Cranston which will provide Texakoma and Lustre the necessary water disposal capacity to continue with their respective drilling programs going forward, currently planned at nine additional wells."

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.

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SOURCE Laredo Oil, Inc.

FAQ

What is the significance of Laredo Oil's Cranston SWD well becoming operational?

The operational Cranston SWD well provides an immediate, cost-effective water disposal solution for five shut-in wells, enabling production ramp-up and supporting future drilling programs in the West Fork Prospect Area.

How many additional wells are planned in Laredo Oil's (LRDC) West Fork Prospect Area?

Texakoma and Lustre are planning nine additional wells in their respective drilling programs going forward.

How many net acres does Laredo Oil (LRDC) hold in the West Fork Prospect Area?

Laredo Oil holds over 30,000 net acres of mineral rights in the West Fork Prospect Area, located north of the Fort Peck reservation in Montana.

How many saltwater disposal wells did Laredo Oil (LRDC) acquire from Texakoma?

Laredo Oil acquired the operational Cranston SWD well and two additional shut-in saltwater disposal wells from Texakoma Exploration & Production Company.