Laredo Oil (OTC: LRDC) today announced its receipt of a reserve report from an independent petroleum engineering firm. The report estimates that interests of proved undeveloped, probable undeveloped and contingent reserves, and forecasts of economics attributable to certain properties in the Western Williston Basin of Montana for oil interests acquired by Lustre Oil Company LLC, a wholly owned Laredo Oil subsidiary, total $41 million of cumulative cash flow discounted at 10%. According to the update, the evaluation, effective Nov. 1, 2021, was prepared using constant prices and costs and conforms to Item 1202(a)(8) of Regulation S-K and other rules of the Securities and Exchange Commission. “This reserve report confirms the potential of the first 10 wells we have identified for completion in a small portion of the 23,739 acres where Lustre has acquired mineral rights in northeast Montana,” said Mark See, chairman and CEO of Laredo Oil. “Based on this reserve report, I feel the field has much more potential for expansion.”
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About Laredo Oil Inc.
Laredo Oil is an exploration and production company specializing in conventional and enhanced oil recovery techniques targeting mature and declining oil fields. In addition to pursuing conventional recovery methods in selected oil fields, where applicable Laredo Oil plans to use its unique UGD(TM) model to profitably recover stranded oil reserves previously thought to be incapable of economic recovery. The company’s common stock is listed on the OTC Bulletin Board under the symbol LRDC. For more information, visit www.Laredo-Oil.com.
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