Laredo Oil (OTC: LRDC) is an Austin, Texas-headquartered oil and gas exploration and production (“E&P”) company. Its primary focus is on acquiring, developing and operating undervalued conventional oil and gas properties. Having leased 23,739 mineral acres in the Western Williston Basin of Montana, the company expects to drill the first development well at one of the first of 10 potential locations it has identified before year-end. If that well yields the anticipated results, the company plans to begin drilling additional wells there as soon as practical thereafter. Laredo also continues to take other leases in the area. “The company will focus on value, growth potential, and free cash flow while complying with common ESG [Environmental, Social, and Governmental] policies, often having a lower environmental impact than its competitors through its EOR [Enhanced Oil Recovery] methods,” a recent article reads. “In addition to pursuing conventional acreage and properties, Laredo Oil plans to acquire additional select mature oil fields where it believes that it can profitably use its Underground Gravity Drainage(TM) (“UGD”) model to recover oil reserves previously considered to be economically incapable of recovery.” The UGD model, Laredo believes, has significantly lower implementation costs than other commonly used EOR methods. “Laredo Oil believes that it can materially increase the field oil production rate from prior periods and, in some cases, recover amounts of oil equal to or greater than amounts previously recovered from the mature fields selected.”
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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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