Laredo Oil Inc. is an independent Exploration and Production (E&P) Company engaged in the acquisition, production and re-development of oil using a unique Enhanced Oil Recovery (EOR) Application in Depleted and Mature Oil Fields. The Company's primary focus is on increasing domestic production from proven oil fields. The process began with oil field screening and selection. We pursued oil fields with a minimum of 25 million barrels of estimated recoverable oil. There are 6,500 fields in the US (with an addressable market at 18 B bbls); 14,500 fields worldwide; with 100+ stranded oil fields identified by Laredo as qualified for UGD recovery. At first when the Company acquires a targeted oil field, we will continue to operate the producing field and expect to generate revenue and profit from doing so. Then, Laredo's tool is to apply its Underground Gravity Drainage (UGD) process. The UGD method in the field starts with gaining underground access, then implementing traditional, proven underground mining machinery to drill upwards from beneath the target oil field, where closely spaced wellbores can be drilled up into the reservoir, using gravity to then drain the targeted reservoir through the wellbores. Once development of the underground chamber and the UGD method is prepared for operation, the conventional wells will be capped after UGD production has begun. A combination of increased well spacing and Gravity Drainage is used to drain the remaining mobile oil. The Hyper Down-Spacing enables accelerated production across the entire field. This method is applicable to mature oil fields that have very specific geological characteristics. This Business Process significantly increases well count and radically reduces Capital and Operating cost per bbl: $8 average cost vs. industry average of $35+ per barrel for Enhanced Oil Recovery projects. Some wells can materially increase the field oil production rate from prior periods and recover amounts of oil equal to or greater than amounts previously recovered from the mature fields selected. As such, this Business Process can produce oil equal to or greater than the historical cumulative production in the field. This solution boasts highly predictable production and high scalability. The effect of such operations should result in minimal disruption of oil production from our field investments.
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