Laredo Oil Granted Drilling Permit for Lustre Oil Field Property in Northeast Montana

Rhea-AI Summary

Laredo Oil, Inc. (OTC Pink Sheets: LRDC) has received a drilling permit for its first well, Olfert 11-4, in the Lustre Oil Field, Montana. Drilling is set to begin by the end of April 2022, with initial production anticipated three weeks post-spudding. Laredo Oil plans to drill a total of 11 wells in 2022, contingent on raising $20 million for the program. This initiative follows a $41 million NPV-10 reserve report from November 2021, which underscores the potential financial viability of the wells.

Positive

• Secured a drilling permit for the Olfert 11-4 well.
• Plans to drill a total of 11 wells in 2022.
• Initial production expected within three weeks of drilling start.

Negative

• Dependent on raising $20 million to continue drilling operations.

AUSTIN, Texas, March 10, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Laredo Oil, Inc. (“Laredo Oil”) (OTC Pink Sheets: LRDC) announces today it has been granted a drilling permit to drill its first well in the Lustre Oil Field, located in the Western Williston Basin of Montana. The well (Olfert 11-4) will be drilled with 80-acre spacing on oil interests owned by Lustre Oil Company, LLC (“Lustre”), a wholly owned Laredo Oil subsidiary.

“The Olfert 11-4 well is the first of 11 wells we have identified for completion in 2022. Drilling there will commence as soon as possible; the drill rig is under contract and, depending on rig availability and weather, is scheduled for the end of April. Initial production from this first well is expected as early as three weeks after spudding and will aid Laredo Oil in assessing the viability of the program described in the $41 million NPV-10 reserve report dated effective Nov. 1, 2021, from an independent petroleum engineering firm. Assuming successful economic results from the completion of this first well, we intend to proceed to drill the next 10 wells, contingent upon successful completion of the fundraising efforts currently underway,” says Mark See, chairman and CEO of Laredo Oil.

“We are in the process of actively attempting to raise $20 million to develop the 10 well program identified in the reserve report, and we are continuing to expand our mineral rights acreage portfolio in Montana to more fully realize on the opportunity that we believe exists there,” Mr. See added.

About Laredo Oil Inc.

Laredo Oil, Inc. (www.laredo-oil.com) is an exploration and production company specializing in conventional and enhanced oil recovery techniques targeting mature and declining oil fields. In addition to pursuing conventional oil recovery methods in selected oil fields, Laredo Oil plans, where applicable, to use its unique UGD™ model to profitably recover stranded oil reserves previously thought to be incapable of economic recovery. Our common stock is listed on the OTC market under the symbol “LRDC.”

Forward-Looking Statements

This press release and the statements made by Laredo Oil, Inc. 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 the Company’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, level of activity, performance or achievements 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, Inc. SEC reports and filings, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company 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.

Contact:
Bradley E. Sparks
Chief Financial Officer
Laredo Oil, Inc.
(512) 961-3801
info@laredo-oil.com

Corporate Communications
IBN (InvestorBrandNetwork)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com

 

FAQ

What is the latest news about Laredo Oil Inc. (LRDC)?

Laredo Oil has announced it secured a drilling permit for the Olfert 11-4 well in Montana, with drilling expected to begin in April 2022.

When will Laredo Oil start drilling the new well?

Drilling for the Olfert 11-4 well is scheduled to commence by the end of April 2022.

How many wells does Laredo Oil plan to drill in 2022?

Laredo Oil plans to drill a total of 11 wells in 2022.

What is the expected timeline for initial production from the Olfert 11-4 well?

Initial production from the Olfert 11-4 well is expected to start three weeks after drilling begins.

What funding does Laredo Oil need to continue its drilling program?

Laredo Oil is seeking to raise $20 million to fund the development of its 10 well drilling program.