Laredo Oil Preparing Midfork Well for Production
Rhea-AI Summary
Laredo Oil (OTC Pink: LRDC) announces progress on its Reddig 11-21 well in the Midfork field, Valley County, Montana. The company's subsidiary, Hell Creek Crude, , has decided to perforate the casing within the Charles C zone. This well is the first of three planned production wells in the area.
CEO Mark See reports that two viable zones were encountered during drilling: the Charles C and the Nisku. The well has been cemented and cased to total depth through both zones. The company plans to produce from the Charles C zone first, followed by further assessment of the Nisku zone. See emphasized that these drilling results provide further evidence of the value of their Montana mineral rights.
Positive
- Successful drilling of the Reddig 11-21 well in the Midfork field
- Discovery of two viable production zones: Charles C and Nisku
- Plans to produce from the Charles C zone, indicating potential revenue generation
- First of three planned production wells, suggesting expansion potential
- Drilling results validate the value of Laredo Oil's Montana mineral rights
Negative
- None.
News Market Reaction
On the day this news was published, LRDC declined 7.88%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
According to Mark See, Chairman and CEO of Laredo Oil, "While drilling the Reddig 11-21 well, we encountered two viable zones, the Charles C and the Nisku, which we project will support economically productive wells. We have since cemented and cased the well to total depth through both zones. Our plan is to update the well permit and produce the Charles C zone first followed by further assessing developing the Nisku zone. I am excited to say that the Reddig 11-21 drilling results provide further evidence of the value of our
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-preparing-midfork-well-for-production-302204342.html
SOURCE Laredo Oil, Inc.
FAQ
What is the latest development for Laredo Oil (LRDC) in the Midfork field?
How many production wells does Laredo Oil (LRDC) plan to drill in the Midfork field?
What zones were encountered while drilling the Reddig 11-21 well for Laredo Oil (LRDC)?
What is Laredo Oil's (LRDC) production plan for the Reddig 11-21 well?
