Laredo Oil Inc (LRDC)

[BEIJING BILL]

Laredo Oil Granted Drilling Permit for Lustre Oil Field Property in Northeast Montana
AUSTIN, Texas, March 10, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Laredo Oil, Inc. (“Laredo Oil”) (OTC Pink Sheets: LRDC) announces today it has been granted a drilling permit to drill its first well in the Lustre Oil Field, located in the Western Williston Basin of Montana. The well (Olfert 11-4) will be drilled with 80-acre spacing on oil interests owned by Lustre Oil Company, LLC (“Lustre”), a wholly owned Laredo Oil subsidiary.

“The Olfert 11-4 well is the first of 11 wells we have identified for completion in 2022. Drilling there will commence as soon as possible; the drill rig is under contract and, depending on rig availability and weather, is scheduled for the end of April. Initial production from this first well is expected as early as three weeks after spudding and will aid Laredo Oil in assessing the viability of the program described in the $41 million NPV-10 reserve report dated effective Nov. 1, 2021, from an independent petroleum engineering firm. Assuming successful economic results from the completion of this first well, we intend to proceed to drill the next 10 wells, contingent upon successful completion of the fundraising efforts currently underway,” says Mark See, chairman and CEO of Laredo Oil.

“We are in the process of actively attempting to raise $20 million to develop the 10 well program identified in the reserve report, and we are continuing to expand our mineral rights acreage portfolio in Montana to more fully realize on the opportunity that we believe exists there,” Mr. See added.