Laredo Oil, Inc. Announces Permits to Drill
AUSTIN, Texas, Aug. 18, 2022 – Laredo Oil, Inc. (OTC Pink Sheets: LRDC) has announced that its subsidiary, Lustre Oil Company, LLC, has received two drilling permits for its second and third wells in the Lustre Oil Field, located in the Western Williston Basin, Montana. The company is currently collaborating with Dawson James for financing these projects. This development could significantly enhance Laredo Oil's operational capacity in the region, paving the way for potential revenue growth.
- Granted two drilling permits for new wells in the Lustre Oil Field.
- Potential for increased operational capacity and revenue growth.
- Dependence on external financing from Dawson James for development.
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AUSTIN, Texas, Aug. 18, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Laredo Oil, Inc. (OTC Pink Sheets: LRDC) (“Laredo Oil”), an oil exploration and production company, today announces that its wholly owned subsidiary, Lustre Oil Company, LLC, has been granted two drilling permits for its second and third wells in the Lustre Oil Field, which is located in the Western Williston Basin of Montana.
“We are currently working with Dawson James, our investment banker, on obtaining the financing we need to develop these two new wells,” said Mark See, Laredo Oil’s chairman and CEO.
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 OTC 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, 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’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.
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
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