Laredo Oil Announces that Texakoma Exercised its Option to Drill Eight Additional Wells under Existing Development Agreement

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Laredo Oil, Inc. announces Texakoma Exploration and Production, LLC exercising its option to drill eight wells in Valley County, Montana. The agreement with Lustre Oil Company, LLC and Erehwon Oil & Gas, LLC involves 7,375 net acres of mineral rights. Texakoma can continue drilling additional wells with a 50/50 interest split. Chairman and CEO Mark See expresses confidence in the potential of the mineral rights and future development opportunities.

AUSTIN, Texas, March 14, 2024 /PRNewswire/ -- Laredo Oil, Inc. ("Laredo Oil") (OTC Pink Sheets: LRDC), announces that Texakoma Exploration and Production, LLC ("Texakoma") exercised its option to drill the next eight wells under its agreement with Lustre Oil Company, LLC, a wholly-owned subsidiary of Laredo Oil ("Lustre"), and Erehwon Oil & Gas, LLC ("Erehwon") to participate in the development of 7,375 net acres of mineral rights in Valley County, Montana (the "Contract Area").  After these eight wells are developed, Texakoma can continue to drill additional wells within the Contract Area with the working and net revenue interest for each well being on a 50/50 basis between Texakoma, on one hand, and Lustre and Erehwon, on the other hand.

According to Mark See, Chairman and CEO of Laredo Oil, "This option exercise is a vote of confidence from Texakoma and confirms the potential of our mineral rights in Valley County. If the additional eight wells being drilled, together with the two initial wells already drilled and completed, perform as expected, we will have the opportunity to develop many more wells with Texakoma consistent with our mutual long-term asset building plan.  This is an exciting time for Laredo Oil!"

About Laredo Oil Inc.
Laredo Oil, Inc. (www.laredo-oil.com) 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. Laredo Oil's common stock is listed on the Pink Sheets under the symbol, "LRDC."

Forward-Looking Statements

This press release and the statements made by Laredo Oil in this press release may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements describe Laredo Oil's future plans, projections, strategies and expectations, and may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning.  These forward-looking statements are based on assumptions and involve a number of risks, uncertainties, situations and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, level of activity, performance or achievements expressed or implied by these statements. These factors include changes in interest rates, market competition, changes in the local and national economies, and various other factors detailed from time to time in Laredo Oil's SEC reports and filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Laredo Oil undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.

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SOURCE Laredo Oil, Inc.

FAQ

What is the name of the company mentioned in the press release?

Laredo Oil, Inc.

Which company exercised its option to drill eight wells in Valley County, Montana?

Texakoma Exploration and Production, LLC

How many net acres of mineral rights are involved in the agreement?

7,375 net acres

What is the interest split for each well between Texakoma and Lustre and Erehwon?

50/50 basis

Who is the Chairman and CEO of Laredo Oil?

Mark See