Laredo Oil, Inc. Announces Promising Results from Drilling Under Agreement with Texakoma Exploration and Production
November 17, 2023 at 09:00 am
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Laredo Oil, Inc. announced that drilling has encountered free oil and drill cutting oil shows from the main target zone in the first of two exploratory wells under the agreement between Lustre Oil Company, LLC (a wholly-owned subsidiary of Laredo Oil) and Texakoma Exploration and Production, LLC ("Texakoma"). Texakoma has run and cemented casing in the first well and is moving the drilling rig to the second well location. The agreement covers participation in the exploration and development of 7,375 net acres of mineral rights in Valley County, Montana ("Contract Area").
After completion of the first two wells, Texakoma has an option to drill another 8 wells on an 85%/15% Texakoma/Lustre basis and thereafter, has an option to drill additional wells within the Contract Area with the working and net revenue interest for each well split on a 50/50 basis. Laredo retains a 100% leasehold interest and full control of over an additional 30,000 net mineral acres in northeastern Montana at the western edge of the Williston Basin.
Laredo Oil, Inc. is an oil exploration and production company, primarily engaged in acquisition and exploration efforts to find mineral reserves on various properties. The Company is specialized in evaluating, acquiring, operating and developing oil and gas properties, as well as engaged in designing, drilling and producing conventional oil wells. It has identified and acquired approximately 45,246 gross acres and 37,932 net acres of mineral property interests in the State of Montana.