Laredo Oil Initiates Exploratory Drilling Project in Montana West Fork Field
Laredo Oil (LRDC) has announced the initiation of preparations for drilling three exploratory wells in its West Fork field in Montana, where the company holds over 30,000 net acres of mineral rights north of the Fort Peck reservation. The company is raising up to $7.5 million to fund the drilling project.
Preliminary work has begun, including 2-D seismic data acquisition, drilling location selection, permit applications, and vendor securing. Management believes the West Fork field could potentially contain oil reserves comparable to the Lustre field, which has produced approximately 7.5 million barrels of oil since its 1981 Exxon discovery. Upon successful exploration, Laredo Oil plans to implement an aggressive drilling program for full field development.
Laredo Oil (LRDC) ha annunciato l'inizio dei preparativi per la perforazione di tre pozzi esplorativi nel suo campo West Fork nel Montana, dove la compagnia detiene oltre 30.000 acri netti di diritti minerari a nord della riserva di Fort Peck. L'azienda sta raccogliendo fino a 7,5 milioni di dollari per finanziare il progetto di perforazione.
È iniziato il lavoro preliminare, che include l'
Laredo Oil (LRDC) ha anunciado el inicio de los preparativos para perforar tres pozos exploratorios en su campo West Fork en Montana, donde la empresa posee más de 30,000 acres netos de derechos minerales al norte de la reserva de Fort Peck. La compañía está recaudando hasta $7.5 millones para financiar el proyecto de perforación.
Se ha comenzado el trabajo preliminar, que incluye la adquisición de datos sísmicos 2-D, la selección de lugares para la perforación, la solicitud de permisos y la contratación de proveedores. La dirección cree que el campo West Fork podría contener potencialmente reservas de petróleo comparables a las del campo Lustre, que ha producido aproximadamente 7.5 millones de barriles de petróleo desde su descubrimiento por Exxon en 1981. Tras una exploración exitosa, Laredo Oil planea implementar un programa de perforación agresivo para el desarrollo completo del campo.
라레도 오일(LRDC)는 몬태나의 웨스트 포크 유전에서 세 개의 탐사 우물을 뚫기 위한 준비를 시작했다고 발표했습니다. 이 회사는 포트 펙 보호구역 북쪽에 30,000 에이커 이상의 광물권을 보유하고 있습니다. 회사는 시추 프로젝트에 필요한 자금을 지원하기 위해 최대 750만 달러를 모금하고 있습니다.
기초 작업이 시작되었으며, 여기에는 2-D 지진 데이터 수집, 시추 장소 선정, 허가 신청 및 공급업체 계약이 포함됩니다. 경영진은 웨스트 포크 유전이 1981년 엑손의 발견 이후 약 750만 배럴의 석유를 생산한 러스터 유전과 유사한 석유 매장량을 포함하고 있을 가능성이 있다고 믿고 있습니다. 탐사가 성공하면 라레도 오일은 전체 유전 개발을 위한 공격적인 시추 프로그램을 실시할 계획입니다.
Laredo Oil (LRDC) a annoncé le début des préparatifs pour forer trois puits exploratoires dans son champ West Fork dans le Montana, où la société détient plus de 30 000 acres de droits miniers nets au nord de la réserve de Fort Peck. L'entreprise lève jusqu'à 7,5 millions de dollars pour financer le projet de forage.
Les travaux préliminaires ont commencé, y compris l'
Laredo Oil (LRDC) hat den Beginn der Vorbereitungen für die Bohrung von drei Erkundungsbohrungen in seinem West Fork-Feld in Montana bekannt gegeben, wo das Unternehmen über 30.000 Nettoakren Mineralrechte nördlich des Fort Peck Reservats besitzt. Das Unternehmen plant, bis zu 7,5 Millionen Dollar zur Finanzierung des Bohrprojekts zu sammeln.
Die vorläufigen Arbeiten haben begonnen, dazu gehören die 2-D seismische Datenerhebung, die Auswahl der Bohrstandorte, die Beantragung von Genehmigungen und die Sicherstellung von Lieferanten. Die Geschäftsführung ist der Meinung, dass das West Fork-Feld potenziell Ölreserven enthalten könnte, die mit dem Lustre-Feld vergleichbar sind, das seit seiner Entdeckung durch Exxon im Jahr 1981 etwa 7,5 Millionen Barrel Öl produziert hat. Nach erfolgreicher Exploration plant Laredo Oil, ein aggressives Bohrprogramm für die vollständige Entwicklung des Feldes umzusetzen.
- Company holds substantial mineral rights with 30,000 net acres in West Fork field
- Initial funding secured for preliminary exploration work
- Field potentially comparable to Lustre field which produced 7.5M barrels of oil
- Requires significant capital raise of $7.5M for full exploration program
- Exploratory nature of wells indicates high risk with no guaranteed success
- Company trading on OTC Pink Sheets, indicating lower tier market status
Mark See, Chairman and CEO of Laredo Oil, commented "As previously reported, we are raising up to
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 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 size of Laredo Oil's (LRDC) West Fork field mineral rights in Montana?
How much funding is LRDC raising for the West Fork exploratory drilling project?
What is the potential oil production comparison for LRDC's West Fork field?
What preliminary work has LRDC initiated for the West Fork drilling project in 2025?
