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Laredo Oil, Inc. reports developments in oil exploration and production, with company updates centered on Montana field activity and its proprietary Underground Gravity Drainage™ method for mature reservoirs and stranded oil. News includes work tied to West Fork, Midfork and Lustre-area assets, including drilling preparations, well results, saltwater disposal capacity and production-readiness updates.
Recurring announcements also cover subsidiaries such as Lustre Oil Company, LLC and Hell Creek Crude, LLC, along with private capital actions involving common shares, subordinated promissory notes and warrants. These updates frame LRDC as an OTC-traded oil issuer pursuing field development, water-disposal infrastructure and enhanced oil recovery applications.
Laredo Oil (OTC: LRDC) announced that its subsidiary, Hell Creek Crude, has commenced drilling the Reddig 11-21 well in the Midfork field, Valley County, Montana. This marks the first of three planned production wells in the area. According to CEO Mark See, the well is expected to be ready for production by late July. Post-drilling, the rig will be moved to the Lustre field for a separate program by Texakoma Exploration and Production, Coordination between the companies aims to reduce drilling costs.
Laredo Oil, Inc. announces the issuance of a drilling permit by the State of Montana for the Reddig 11-21 well in the Midfork field. This permit allows Hell Creek Crude, to start drilling operations. The company plans to drill three production wells and collaborate with Texakoma Exploration and Production, to lower drilling costs. The Reddig 11-21 well is expected to spud in early June 2024 and start production by mid-summer.
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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.
Laredo Oil, Inc. (OTC Pink Sheets: LRDC) announced the continued acquisition of mineral rights by its subsidiary, Lustre Oil Company, LLC, in northeastern Montana. The company has expanded its acreage from 24,000 net acres in October 2021 to 45,246 gross and 37,932 net acres currently. CEO Mark See highlighted that this acquisition strategy allows leasing at competitive prices in the Western Williston Basin, leveraging their expertise to enhance future lease acquisitions.
Laredo Oil, Inc. (OTC Pink Sheets: LRDC) recently entered a Financial Advisory Agreement with Dawson James Securities to enhance its business and financial planning, including potential Up-Listing opportunities. This collaboration aims to leverage Dawson's 20 years of investment banking experience, potentially improving Laredo's presence in public financial markets. The agreement encompasses advice on equity and debt financing as well as corporate structuring, indicating a strategic move towards growth in oil exploration and production.