Laredo Oil (OTC: LRDC), an oil exploration and production company, is reporting on results of its drilling project in Montana. According to the announcement, drilling has encountered free oil and drill cutting oil shows from the main target zone in the first of two exploratory wells. The drilling is part of the agreement between Laredo Oil’s wholly owned subsidiary, Lustre Oil Company LLC, and Texakoma Exploration and Production LLC, which calls for participation in the exploration and development of 7,375 net acres of mineral rights in Valley County, Montana. As part of the drilling, Texakoma has run and cemented casing in the first well and is moving the drilling rig to the second well location. In addition, after completing drilling of the first two wells, Texakoma has options to drill additional wells within the contract area at a varying degree of revenue distribution. “Execution of our agreement with Texakoma is progressing as planned,” said Laredo Oil chair and CEO Mark See in the press release. “We have received the first two payments, and drilling is progressing on schedule. As expected for the first well, promising oil shows have been encountered at total depth and the well has been cased and cemented. Completions operations are expected to commence shortly as the well is prepared for production. I believe that the two wells will be commercial, will confirm the viability of our mineral rights in Valley County and incent Texakoma to exercise its option to drill the additional eight wells, bringing Laredo to an expected net positive operating cash flow position in calendar 2024.”
To view the full press release, visit https://ibn.fm/XWyY6
About Laredo Oil Inc.
Laredo Oil is an oil exploration and production company primarily engaged in acquisition and exploration efforts for mineral properties. In addition to pursuing conventional oil recovery methods in selected oil fields, Laredo Oil plans to locate and acquire mature oil fields, with the intention of recovering “stranded” oil using enhanced recovery methods. For more information about the company, visit www.Laredo-Oil.com.
NOTE TO INVESTORS: The latest news and updates relating to SILO are available in the company’s newsroom at https://ibn.fm/LRDC
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