The permit to drill its first well in Lustre Oil Field, in Western Williston Basin, Montana, was given to Laredo Oil. However Lustre Oil Company, LLC, a wholly-owned Laredo Oil subsidiary, owns the oil interests.
“The Olfert 11-4 well is the first of 11 wells we have identified for completion in 2022. Because the drill rig is under contract and is scheduled for the end of April, depending on rig availability and weather. Initial production from this first well expected as early as three weeks after spudding. This operation will aid Laredo Oil in assessing the program’s viability described in the $41 million NPV-10 reserve report dated Nov. 1, 2021, from an independent petroleum engineering firm. Assuming successful economic results from the completion of this first well, we proceed to drill the next ten wells. Contingent upon successful completion of the fundraising efforts currently underway,” said Mark See, chairman, and CEO of Laredo Oil.
About Laredo Oil Inc.
Laredo Oil, Inc, is a company that specializes in advanced oil techniques. As a result the have as target mature and declining oil fields. It is an exploration and production oil company.
Besides the conventional methods for oil recovery in selected oil fields, this is a company that will use its unique UGDTM model. If possible, this work will help reach the oil reserves, previously thought to be incapable of economic recovery.
“In conclusion, we are in the process of actively attempting to raise $20 million. It will develop the ten well program identified in the reserve report. We are expanding our mineral rights acreage portfolio in Montana to realize the opportunity that we believe exists there fully,” Mr. See added.
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Several factors on their way of actions such as activity, performance, or achievements create different results in the industry. They can now show their abilities the well (Olfert 11-4) drilled on an 80-acre oil interest. A big step for Laredo Oil in the industry.
