Laredo Oil Gains Access to Salt-Water Disposal Wells

Rhea-AI Summary

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.

Positive

• Acquisition of Cranston SWD well and two additional wells for conversion
• Enables economical salt-water disposal for recently drilled wells
• Allows production to begin at Reddig 11-21 well in Midfork field
• Provides SWD access for three wells in Lustre field
• Enables dewatering and production of previously shut-in Olfert 11-4 well
• Removes significant obstacle to ramping up field production
• Supports future drilling programs for Laredo Oil and partner Texakoma

Negative

• None.

AUSTIN, Texas, Sept. 16, 2024 /PRNewswire/ -- Laredo Oil, Inc. ("Laredo Oil") (OTC Pink Sheets: LRDC), announces that Lustre Oil Company, LLC, a wholly-owned subsidiary of Laredo Oil ("Lustre"), has acquired the Cranston salt-water disposal ("SWD") well, and two additional shut-in wells that Lustre will convert into SWD wells, all located in Valley County, Montana.

According to Mark See, Chairman and CEO of Laredo Oil, "Gaining access to the Cranston SWD well provides Lustre and our partner Texakoma Exploration & Production Company with the ability to economically dispose of salt-water encountered in recently drilled wells. The disposal wells allow us to begin producing our Reddig 11-21 well located in the Midfork field and provide SWD access to the three wells in the Lustre field operated by Texakoma.  Finally, we will be able to dewater and produce the Olfert 11-4 well which has been shut-in pending access to a SWD well. The Cranston SWD well removes a significant roadblock for our ramping up field production in the immediate term, and converting the two additional shut-in SWD wells will provide Texakoma and Lustre the necessary water disposal capacity to continue with their respective drilling programs 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 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.

View original content:https://www.prnewswire.com/news-releases/laredo-oil-gains-access-to-salt-water-disposal-wells-302248694.html

SOURCE Laredo Oil, Inc.

FAQ

What acquisition did Laredo Oil (LRDC) announce on September 16, 2024?

Laredo Oil announced the acquisition of the Cranston salt-water disposal (SWD) well and two additional shut-in wells for conversion into SWD wells in Valley County, Montana.

How will the SWD well acquisition benefit Laredo Oil's (LRDC) operations?

The acquisition enables Laredo Oil to economically dispose of salt-water from recently drilled wells, begin production at the Reddig 11-21 well, provide SWD access for three wells in the Lustre field, and dewater and produce the previously shut-in Olfert 11-4 well.

What impact will the SWD well acquisition have on Laredo Oil's (LRDC) production?

The acquisition removes a significant obstacle to ramping up field production for Laredo Oil and supports future drilling programs for both Laredo Oil and its partner Texakoma Exploration & Production Company.

Where are the newly acquired SWD wells located for Laredo Oil (LRDC)?

The acquired SWD wells are located in Valley County, Montana.