Laredo Oil (OTC: LRDC), an exploration and production company, today announced the discovery of “free oil” in the second of two wells drilled by Texakoma Exploration and Production, LLC under the agreement between Lustre Oil Company, LLC (a wholly owned subsidiary of Laredo Oil) and Texakoma. Similar to the first well drilled under the agreement, Texakoma ran and cemented casing in the second well, and is now preparing both for completion. According to the update, the open hole well logs identified an oil filled porosity zone that is laterally consistent in thickness and structurally high to the surrounding productive wells in the field. “Now that both wells have been drilled, Texakoma will evaluate the wells to determine whether to execute its option to drill the additional eight wells,” said Mark See, chairman and CEO of Laredo Oil. “Based on the favorable data being recorded, I am confident that both wells will be commercially successful and will confirm the viability of our mineral rights in Valley County. We believe that the data will incentivize Texakoma to exercise its option to drill the eight additional wells. Once those wells are producing, I expect Laredo Oil will reach a net positive operating cash flow position in calendar 2024.”
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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 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. Laredo Oil’s common stock is listed on the OTC Pink Sheets under the symbol LRDC. For more information about the company, 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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