Laredo Oil (OTC: LRDC), an oil exploration and production company, announced that Texakoma Exploration and Production LLC (“Texakoma”) has exercised its option to drill the next eight wells under its agreement with Laredo Oil’s wholly-owned subsidiary, Lustre Oil Company LLC, and Erehwon Oil & Gas, LLC. The agreement also includes participation in the development of 7,375 net acres of mineral rights in Valley County, Montana. According to the announcement, following the development of the wells, Texakoma may continue to drill additional wells within the contract area. Working and net revenue interest for each well will be on a 50/50 basis between Texakoma and both Lustre and Erehwon.
“This option exercise is a vote of confidence from Texakoma and confirms the potential of our mineral rights in Valley County,” said Laredo Oil chair and CEO Mark See in the press release. “If the additional eight wells being drilled, together with the two initial wells already drilled and completed, perform as expected, we will have the opportunity to develop many more wells with Texakoma, consistent with our mutual long-term asset building plan.”
To view the full press release, visit https://ibn.fm/H9RbJ
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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