Laredo Oil Initiates Exploratory Drilling Project in Montana West Fork Field

Rhea-AI Summary

Laredo Oil (LRDC) has announced the initiation of preparations for drilling three exploratory wells in its West Fork field in Montana, where the company holds over 30,000 net acres of mineral rights north of the Fort Peck reservation. The company is raising up to $7.5 million to fund the drilling project.

Preliminary work has begun, including 2-D seismic data acquisition, drilling location selection, permit applications, and vendor securing. Management believes the West Fork field could potentially contain oil reserves comparable to the Lustre field, which has produced approximately 7.5 million barrels of oil since its 1981 Exxon discovery. Upon successful exploration, Laredo Oil plans to implement an aggressive drilling program for full field development.

Positive

• Company holds substantial mineral rights with 30,000 net acres in West Fork field
• Initial funding secured for preliminary exploration work
• Field potentially comparable to Lustre field which produced 7.5M barrels of oil

Negative

• Requires significant capital raise of $7.5M for full exploration program
• Exploratory nature of wells indicates high risk with no guaranteed success
• Company trading on OTC Pink Sheets, indicating lower tier market status

AUSTIN, Texas, Jan. 7, 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 field located north of the Fort Peck reservation in Montana, today announced that it has initiated preparations to drill the first of three planned exploratory wells in the field.

Mark See, Chairman and CEO of Laredo Oil, commented "As previously reported, we are raising up to $7.5 million to drill three exploratory oil wells located in the West Fork prospect field.  We have raised funds to begin preliminary work, including acquiring 2-D seismic data, selecting drilling locations, filing for permits and securing vendors for other drilling functions. We believe that the West Fork field potentially has oil reserves that could be equivalent to the Lustre field, which has produced approximately 7.5 million barrels of oil since its discovery by Exxon in 1981.  If the first three exploratory West Fork wells are successful, we will embark on an aggressive drilling program to fully develop the field and expand our domestic U.S. oil production."

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 size of Laredo Oil's (LRDC) West Fork field mineral rights in Montana?

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

How much funding is LRDC raising for the West Fork exploratory drilling project?

Laredo Oil is raising up to $7.5 million to drill three exploratory oil wells in the West Fork prospect field.

What is the potential oil production comparison for LRDC's West Fork field?

The West Fork field is potentially comparable to the Lustre field, which has produced approximately 7.5 million barrels of oil since its discovery by Exxon in 1981.

What preliminary work has LRDC initiated for the West Fork drilling project in 2025?

Laredo Oil has begun acquiring 2-D seismic data, selecting drilling locations, filing for permits, and securing vendors for drilling functions.