Laredo Oil Announces Permit Issuance for Midfork Well

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.

Positive

• Laredo Oil, Inc. has successfully obtained a drilling permit for the Reddig 11-21 well in the Midfork field.

• The permit issuance enables Hell Creek Crude, to proceed with drilling operations in collaboration with Texakoma Exploration and Production,

• The company aims to lower drilling costs by coordinating with Texakoma Exploration and Production, for the drill rig schedule and mobilization.

• Laredo Oil, Inc. anticipates multiple well developments in the Midfork area with the permit in place.

Negative

• None.

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.

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SOURCE Laredo Oil, Inc.