NetworkNewsBreaks – Laredo Oil Inc. (LRDC) Recei
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Posted On: 03/10/2022 3:03:31 PM
NetworkNewsBreaks – Laredo Oil Inc. (LRDC) Receives Drilling Permit for Drilling Northeast Montana Project
Laredo Oil (OTC: LRDC), an exploration and production company specializing in conventional and enhanced oil recovery techniques targeting mature and declining oil fields, was granted a drilling permit to drill an initial well in the Lustre Oil Field. The Lustre project is in the Western Williston Basin of Montana. Specifically, the permit allows the Olfert 11-4 well to be drilled with 80-acre spacing on oil interests owned by Lustre Oil Company LLC, a subsidiary of Laredo Oil. The company also announced that it is in the process of raising $20 million; that funding will be used to develop LRDC’s 10-well program. The company is also focused on expanding its mineral rights acreage portfolio in Montana. “The Olfert 11-4 well is the first of 11 wells we have identified for completion in 2022,” said Laredo Oil chair and CEO Mark See in the press release. “Drilling there will commence as soon as possible; the drill rig is under contract and, depending on rig availability and weather, is scheduled for the end of April. Initial production from this first well is expected as early as three weeks after spudding and will aid Laredo Oil in assessing the viability of the program described in the $41 million NPV-10 reserve report dated effective Nov. 1, 2021, from an independent petroleum engineering firm. Assuming successful economic results from the completion of this first well, we intend to proceed to drill the next 10 wells, contingent upon successful completion of the fundraising efforts currently underway.” described the rapid growth of the music industry, particularly for streaming and the indie artist market it serves, and the company’s shifted focus to international expansion. “For 2022, you’ll see some additional opportunities that are coming. You’ll see some global marketing and an outward focus toward working with artists, particularly leaders in their specific music genres, to try to help as many of these independent artists as we can.”
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), an exploration and production company specializing in conventional and enhanced oil recovery techniques targeting mature and declining oil fields, was granted a drilling permit to drill an initial well in the Lustre Oil Field. The Lustre project is in the Western Williston Basin of Montana. Specifically, the permit allows the Olfert 11-4 well to be drilled with 80-acre spacing on oil interests owned by Lustre Oil Company LLC, a subsidiary of Laredo Oil. The company also announced that it is in the process of raising $20 million; that funding will be used to develop LRDC’s 10-well program. The company is also focused on expanding its mineral rights acreage portfolio in Montana. “The Olfert 11-4 well is the first of 11 wells we have identified for completion in 2022,” said Laredo Oil chair and CEO Mark See in the press release. “Drilling there will commence as soon as possible; the drill rig is under contract and, depending on rig availability and weather, is scheduled for the end of April. Initial production from this first well is expected as early as three weeks after spudding and will aid Laredo Oil in assessing the viability of the program described in the $41 million NPV-10 reserve report dated effective Nov. 1, 2021, from an independent petroleum engineering firm. Assuming successful economic results from the completion of this first well, we intend to proceed to drill the next 10 wells, contingent upon successful completion of the fundraising efforts currently underway.” described the rapid growth of the music industry, particularly for streaming and the indie artist market it serves, and the company’s shifted focus to international expansion. “For 2022, you’ll see some additional opportunities that are coming. You’ll see some global marketing and an outward focus toward working with artists, particularly leaders in their specific music genres, to try to help as many of these independent artists as we can.”
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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