AUSTIN, Texas, July 21, 2023 - Laredo Oil, Inc. ("Laredo Oil") (OTC Pink Sheets: LRDC), announces that Lustre Oil Company, LLC (a wholly-owned subsidiary of Laredo Oil) entered into an agreement with Texakoma Exploration and Production, LLC ("Texakoma") for it to participate in the exploration and development of 7,375 net acres of mineral rights in Valley County, Montana ("Contract Area"). After the first ten wells are developed, Texakoma has an option to drill additional wells within the Contract Area with the working and net revenue interest for each well on a 50/50 basis. Following the contemplated transaction, Laredo retains a 100% leasehold interest and full control of an additional 30,556 net mineral acres in northeastern Montana at the western edge of the Williston Basin.
According to Mark See, Chairman and CEO of Laredo Oil, "This agreement brings a major industry player to Valley County and confirms the viability of our mineral rights there. If the first phase of the development progresses as planned, Laredo will receive up-front cash and a net working interest in up to ten wells, bringing the company to a net positive operating cash flow position in calendar 2024."
About Laredo Oil Inc.
Laredo Oil, Inc. (www.laredo-oil.com) 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. Laredo Oil's common stock is listed on the Pink Sheets under the symbol, "LRDC."
Forward-Looking Statements
This press release and the statements made by Laredo Oil in this press release may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements describe Laredo Oil's future plans, projections, strategies and expectations, and may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements are based on assumptions and involve a number of risks, uncertainties, situations and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, level of activity, performance or achievements expressed or implied by these statements. These factors include changes in interest rates, market competition, changes in the local and national economies, and various other factors detailed from time to time in Laredo Oil's SEC reports and filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Laredo Oil undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
SOURCE Laredo Oil, Inc.
