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, 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.