NetworkNewsBreaks – Laredo Oil Inc. (LRDC) Expan
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Posted On: 05/18/2022 3:58:07 PM
NetworkNewsBreaks – Laredo Oil Inc. (LRDC) Expanding Mineral Rights Acreage to Leverage Potential of Montana Property
Laredo Oil (OTC: LRDC) was recently granted a permit for planned drilling, starting with its first well, the Olfert 11-4, at a property located in the Western Williston Basin of Montana acquired by Laredo’s subsidiary, Lustre Oil Company LLC. A recent article quotes company CEO and Chair Mark See as saying, “Assuming successful economic results from the completion of the first well, we intend to proceed to drill the next ten wells, contingent upon successful completion of the fundraising efforts currently underway… And we are continuing to expand our mineral rights acreage portfolio in Montana to more fully realize the opportunity we believe exists there.” Laredo’s belief in the potential of the property, the article notes, is rooted in more than 35 years of offsetting production, the associated technical data in the field, and the reserve report it received last year. “This reserve report confirms the potential of the first ten wells we have identified for completion in a small portion of the 28,496 acres where Lustre has acquired mineral rights in northeast Montana,” said See. “Based on this reserve report, I feel the field has much more potential for expansion.”
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Laredo Oil (OTC: LRDC) was recently granted a permit for planned drilling, starting with its first well, the Olfert 11-4, at a property located in the Western Williston Basin of Montana acquired by Laredo’s subsidiary, Lustre Oil Company LLC. A recent article quotes company CEO and Chair Mark See as saying, “Assuming successful economic results from the completion of the first well, we intend to proceed to drill the next ten wells, contingent upon successful completion of the fundraising efforts currently underway… And we are continuing to expand our mineral rights acreage portfolio in Montana to more fully realize the opportunity we believe exists there.” Laredo’s belief in the potential of the property, the article notes, is rooted in more than 35 years of offsetting production, the associated technical data in the field, and the reserve report it received last year. “This reserve report confirms the potential of the first ten wells we have identified for completion in a small portion of the 28,496 acres where Lustre has acquired mineral rights in northeast Montana,” said See. “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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