Laredo Oil Initiates Exploratory Drilling Project in Montana West Fork Field

AUSTIN, Texas, Jan. 7, 2025 /PRNewswire/ -- Laredo Oil, Inc. ("Laredo Oil") (OTC Pink Sheets: LRDC), an oil exploration and production company with over 30,000 net acres of mineral rights in the West Fork field located north of the Fort Peck reservation in Montana, today announced that it has initiated preparations to drill the first of three planned exploratory wells in the field.

Mark See, Chairman and CEO of Laredo Oil, commented "As previously reported, we are raising up to $7.5 million to drill three exploratory oil wells located in the West Fork prospect field.  We have raised funds to begin preliminary work, including acquiring 2-D seismic data, selecting drilling locations, filing for permits and securing vendors for other drilling functions. We believe that the West Fork field potentially has oil reserves that could be equivalent to the Lustre field, which has produced approximately 7.5 million barrels of oil since its discovery by Exxon in 1981.  If the first three exploratory West Fork wells are successful, we will embark on an aggressive drilling program to fully develop the field and expand our domestic U.S. oil production."

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.

View original content:https://www.prnewswire.com/news-releases/laredo-oil-initiates-exploratory-drilling-project-in-montana-west-fork-field-302344284.html

SOURCE Laredo Oil, Inc.