Laredo Oil (OTC: LRDC), an exploration and production company, today announced that its wholly owned subsidiary, Lustre Oil Company LLC, has acquired wells in Valley County, Montana. The acquisitions include the Cranston salt-water disposal (“SWD”) well and two additional shut-in wells that Lustre plans to convert into SWD wells. According to Mark See, Chairman and CEO of the company, the wells will provide Lustre and Texakoma Exploration & Production Company, Laredo Oil’s partner, with the ability to economically dispose of salt-water from recently drilled wells.
“The disposal wells allow us to begin producing our Reddig 11-21 well located in the Midfork field and provide SWD access to the three wells in the Lustre field operated by Texakoma. Finally, we will be able to dewater and produce the Olfert 11-4 well which has been shut-in pending access to a SWD well. The Cranston SWD well removes a significant roadblock for our ramping up field production in the immediate term, and converting the two additional shut-in SWD wells will provide Texakoma and Lustre the necessary water disposal capacity to continue with their respective drilling programs going forward,” See continued.
To view the full press release, visit https://ibn.fm/APFvb
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 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 OTC Pink Sheets under the symbol LRDC. 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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