Laredo Oil (OTC: LRDC), an exploration and production company specializing in conventional and enhanced oil recovery techniques targeting mature and declining oil fields, was granted a drilling permit to drill an initial well in the Lustre Oil Field. The Lustre project is in the Western Williston Basin of Montana. Specifically, the permit allows the Olfert 11-4 well to be drilled with 80-acre spacing on oil interests owned by Lustre Oil Company LLC, a subsidiary of Laredo Oil. The company also announced that it is in the process of raising $20 million; that funding will be used to develop LRDC’s 10-well program. The company is also focused on expanding its mineral rights acreage portfolio in Montana. “The Olfert 11-4 well is the first of 11 wells we have identified for completion in 2022,” said Laredo Oil chair and CEO Mark See in the press release. “Drilling there will commence as soon as possible; the drill rig is under contract and, depending on rig availability and weather, is scheduled for the end of April. Initial production from this first well is expected as early as three weeks after spudding and will aid Laredo Oil in assessing the viability of the program described in the $41 million NPV-10 reserve report dated effective Nov. 1, 2021, from an independent petroleum engineering firm. Assuming successful economic results from the completion of this first well, we intend to proceed to drill the next 10 wells, contingent upon successful completion of the fundraising efforts currently underway.”
To view the full press release, visit https://ibn.fm/0zKrq
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 oil-recovery methods in selected oil fields, Laredo Oil plans, where applicable, to use its unique UGD(TM) model to profitably recover stranded oil reserves previously thought to be incapable of economic recovery. For more information about the company, please visit www.Laredo-Oil.com.
NOTE TO INVESTORS: The latest news and updates relating to LRDC are available in the company’s newsroom at https://ibn.fm/LRDC
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