Laredo Oil (OTC: LRDC), an oil exploration and production company, through its wholly owned subsidiary Lustre Oil Company LLC, has inked a deal with Texakoma Exploration and Production, LLC. The agreement outlines plans for the company to participate in the exploration and development of 7,375 acres of mineral rights in Valley County, Montana. According to the announcement, the agreement stipulates that after the first 10 wells are developed, Texakoma has an option to drill additional wells within the area with “the working and net revenue interest for each well on a 50/50 basis.” The agreement also noted that following the contemplated transaction, Laredo will retain 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. “This agreement brings a major industry player to Valley County and confirms the viability of our mineral rights there,” said Laredo Oil CEO and chair Mark See in the press release. “If the first phase of the development progresses as planned, Laredo will receive up-front cash and a net working interest in up to 10 wells, bringing the company to a net positive operating cash flow position in calendar 2024.”
To view the full press release, visit https://ibn.fm/WR2Yw
About Laredo Oil Inc.
Laredo Oil 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. For more information about the company, visit www.Laredo-Oil.com.
NOTE TO INVESTORS: The latest news and updates relating to LRDC are available in the company’s newsroom at https://ibn.fm/LRDC
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