Laredo Oil Expands Operations with New Disposal Well Access
Laredo Oil Expands Operations with New Disposal Well Access
Laredo Oil, Inc. (OTC Pink Sheets: LRDC) has made significant strides in enhancing its operational capabilities. The company recently announced that its wholly-owned subsidiary, Lustre Oil Company, has successfully acquired a critical salt-water disposal (SWD) well named Cranston, along with two shut-in wells that will also be transformed into SWD wells.
Importance of the New Acquisition
Mark See, the Chairman and CEO of Laredo Oil, emphasized the strategic significance of this acquisition. He stated that the access to the Cranston SWD well is a game-changer for Lustre and its partner Texakoma Exploration & Production Company. This move enables them to efficiently manage the disposal of salt-water from recently drilled wells, marking an important step in increasing production levels at Laredo Oil.
Enhancing Production Capability
The newly acquired SWD well is set to facilitate the production of the Reddig 11-21 well located in the Midfork field. Moreover, it provides SWD access to three additional wells in the Lustre field operated by Texakoma. This will not only help in dewatering processes but also in resuming production from the Olfert 11-4 well, which has been halted pending access to a reliable disposal well.
Future Plans for the Acquired Wells
The acquisition paves the way for a ramp-up in field production in the near term. By converting the additional two shut-in wells into SWD wells, both Texakoma and Lustre will gain the necessary capacity to dispose of water efficiently, allowing them to continue with their drilling programs seamlessly.
Market Strategy and Vision
Laredo Oil’s strategic vision extends beyond mere acquisitions. The company is actively engaged in identifying and pursuing mature oil fields. Their intent is to engage in enhanced oil recovery methods to extract stranded oil, thus optimizing their efforts in conventional oil recovery. This proactive approach underscores Laredo Oil's commitment to growth and efficiency.
About Laredo Oil Inc.
Laredo Oil, Inc. is dedicated to exploring and producing oil through various strategic efforts. Known for its innovative approach, the company’s operations largely focus on acquiring mineral properties to expand its portfolio. Their commitment to recovery and enhancement strategies allows them to stand out in the competitive oil industry.
Commitment to Sustainable Practices
In the current landscape of oil exploration, Laredo Oil is also focused on sustainability. The company is mindful of the environmental impact of its operations and aims to implement strategies that not only drive profitability but also ensure environmental stewardship. Their practices reflect a growing trend in the industry to embrace sustainable oil production methods.
Frequently Asked Questions
What is the significance of the Cranston SWD well?
The Cranston SWD well allows Laredo Oil and its partners to efficiently dispose of salt-water, facilitating increased production levels from existing wells.
How does this acquisition impact Laredo Oil's production?
The acquisition directly aids in producing the Reddig 11-21 well and resuming operations at the Olfert 11-4 well, significantly enhancing overall production capabilities.
Who are Laredo Oil's partners in this venture?
The company is collaborating with Texakoma Exploration & Production Company to optimize their drilling and production strategies.
What are Laredo Oil's future plans regarding oil recovery?
Laredo Oil aims to engage in enhanced recovery methods for extracting stranded oil, while continuously seeking new oil field opportunities.
How is Laredo Oil addressing environmental concerns?
The company is focused on implementing sustainable practices in its operations to minimize environmental impact while maximizing production efficiency.
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