Welcome to our dedicated page for Laredo Oil news (Ticker: LRDC), a resource for investors and traders seeking the latest updates and insights on Laredo Oil stock.
Laredo Oil, Inc. (LRDC) generates news centered on crude petroleum and natural gas exploration, enhanced oil recovery technology, and field development activities. As an Austin-based oil exploration and production company, Laredo Oil reports on both its proprietary Underground Gravity Drainage (UGD) method for stranded oil reserves and its conventional drilling and production work in Montana fields.
Recent announcements highlight the company’s plans to commercialize its UGD technology after more than a decade of research, development, and field testing. Management has discussed acquiring mature oil fields where UGD may be deployed to recover stranded oil reserves that were previously considered not economically recoverable. These updates often include commentary on anticipated production impacts and cost expectations relative to conventional enhanced oil recovery methods.
Laredo Oil’s news flow also covers operational milestones in Montana, including permits, drilling progress, and production readiness for wells in the Midfork, Lustre, and West Fork areas. Examples include the commencement of drilling, discovery of oil shows in specific zones, preparation of wells for production, and the commissioning of the Cranston salt-water disposal well, which the company describes as removing a significant roadblock to ramping up field production.
In addition, the company issues press releases on financing activities such as private offerings of subordinated notes with warrants and sales of unregistered common shares to accredited investors, explaining how proceeds support drilling, development, and potential UGD transactions. Investors and observers can use this news stream to follow Laredo Oil’s progress in deploying its UGD technology, advancing its Montana mineral rights, and managing the infrastructure and capital needed for its projects.
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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.
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.
Laredo Oil, Inc. (OTC: LRDC) released a reserve report estimating a total of $41 million in cumulative cash flow from oil interests in the Western Williston Basin, Montana. This report, effective Nov. 1, 2021, was prepared by an independent engineering firm and aligns with SEC regulations. Laredo Oil's subsidiary, Lustre Oil Company, LLC, has identified ten wells for completion on its 23,739 acres of mineral rights. CEO Mark See expressed optimism about further expansion potential based on the reserve findings.
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