Laredo Oil, Inc
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The following is a newsletter released by "Stocks To Buy Now" promoting Laredo Oil, Inc
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Laredo Oil Inc. OTC LRDC
Laredo Oil Inc. OTC is a publicly traded oil and gas exploration and production EP company engaging in the acquisition and development of both undervalued quality conventional oil and gas properties and select mature oil fields that are suitable for the companys proprietary Enhanced Oil Recovery EOR methods.
Laredo Oil is headquartered in Austin, Texas.
Laredo Oils primary focus is on acquiring, developing, and operating undervalued conventional oil and gas properties.
The company leased 23,739 mineral acres in the Western Williston Basin of Montana, at favorable prices during the most recent down cycle and continues to take leases in the area. Before year end, it expects to drill the first development well at one of the first of 10 potential locations it has identified. If that well yields the anticipated results, the company plans to begin drilling additional wells there as soon as practical thereafter. The company believes the leased acreage has the potential to yield at least five years of development opportunities.
The company intends to pursue aggressively the acquisition of quality assets that major, mid-major, and large independent oil and gas companies continue to divest themselves of at a discount in response to ESG Environmental, Social and Governmental sustainability initiatives and other pressures imposed upon them by their activist boards of directors. The company will focus on value, growth potential and free cash flow while complying with common sense ESG policies, often having a lower environmental impact than its competitors through its EOR methods.
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 proprietary Underground Gravity Drainage UGD model to recover stranded oil reserves reserves previously considered to be economically incapable of recovery. The UGD method is applicable to mature oil fields that have very specific geological and reservoir characteristics.
Laredo Oil has done extensive research and field level application over the last 10 years and has identified specific oil fields within the United States that it believes are qualified for the UGD recovery method. The company believes the costs of implementing the UGD method are significantly lower than those of 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.
Laredo Oil Inc. is an oil and gas EP company engaged in acquiring, developing and operating both conventional oil and gas properties and select mature oil fields that are suitable for the use of the companys proprietary EOR methods.
Regardless of the property, the company focuses on value, growth upside and free cash flow.
Laredo Oil has acquired leases on 23,739 mineral acres in Montana.
Laredo Oil has identified 10 initial drilling locations, with the intention to drill the first development well in calendar 2021.
InvestorNewsBreaks - Laredo Oil Inc. LRDC Expanding Mineral Rights Acreage to Leverage Potential of Montana Property
was recently granted a permit for planned drilling, starting with its first well, the Olfert 11-4, at a property located in the Western Williston Basin of Montana acquired by Laredos subsidiary, Lustre Oil Company LLC. A recent article quotes company CEO and Chair Mark See as saying, Assuming successful economic results from the completion of the first well, we intend to proceed to drill the next ten wells, contingent upon successful completion of the fundraising efforts currently underway And we are continuing to expand our mineral rights acreage portfolio in Montana to more fully realize the opportunity we believe exists there. Laredos belief in the potential of the property, the article notes, is rooted in more than 35 years of offsetting production, the associated technical data in the field, and the reserve report it received last year. This reserve report confirms the potential of the first ten wells we have identified for completion in a small portion of the 28,496 acres where Lustre has acquired mineral rights in northeast Montana, said See. Based on this reserve report, I feel the field has much more potential for expansion.
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