NetworkNewsBreaks – Laredo Oil Inc. (LRDC) Eyes
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Posted On: 02/17/2022 2:48:27 PM
NetworkNewsBreaks – Laredo Oil Inc. (LRDC) Eyes Field’s Potential on Heels of Favorable Report for First Identified Wells at Montana Asset
Laredo Oil (OTC: LRDC) is an oil and gas exploration and production (“E&P”) company focused on acquiring, developing and operating conventional oil and gas properties. During a recent down cycle, the company leased 23,739 mineral acres in the Western Williston Basin of Montana at favorable prices and continues to make progress toward developing the asset. “In November, Laredo announced receiving a reserve report from an independent petroleum engineering firm estimating that interests attributable to certain properties in the Western Williston Basin of Montana acquired by Laredo subsidiary Lustre Oil Company LLC have a present total worth of ‘$41 million of cumulative cash flow discounted at 10%,’” a recent article notes. “This reserve report confirms the potential of the first 10 wells we have identified for completion in a small portion of the 23,739 acres where Lustre has acquired mineral rights in northeast Montana,” said Mark See, chairman and CEO of Laredo Oil. “Based on this reserve report, I feel the field has much more potential for expansion.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Laredo Oil (OTC: LRDC) is an oil and gas exploration and production (“E&P”) company focused on acquiring, developing and operating conventional oil and gas properties. During a recent down cycle, the company leased 23,739 mineral acres in the Western Williston Basin of Montana at favorable prices and continues to make progress toward developing the asset. “In November, Laredo announced receiving a reserve report from an independent petroleum engineering firm estimating that interests attributable to certain properties in the Western Williston Basin of Montana acquired by Laredo subsidiary Lustre Oil Company LLC have a present total worth of ‘$41 million of cumulative cash flow discounted at 10%,’” a recent article notes. “This reserve report confirms the potential of the first 10 wells we have identified for completion in a small portion of the 23,739 acres where Lustre has acquired mineral rights in northeast Montana,” said Mark See, chairman and CEO of Laredo Oil. “Based on this reserve report, I feel the field has much more potential for expansion.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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