Western Williston Basin – Mississippian and Devonian Targets – With historical production dating back to the 1950s, this region has provided continuous development since discovery to the present. Laredo’s operational area includes numerous underdeveloped but proven infill locations within the existing fields and leases, as well as multiple step-out locations for additional development. Shallow well depths range from 4,000 to 7,000 feet, and the use of conventional well applications will require less drilling, capital and risk as compared to unconventional techniques. Central Montana Uplift – Cretaceous Targets – Production in this area dates back from 1919 and continues to present day. This area offers the ideal characteristics for implementation of Laredo’s proprietary Underground Gravity Drainage™ (“UGD”) and other enhanced recovery methods. The company believes its leased acreage has the potential to yield at least five years of development opportunities. In the near term, Laredo Oil is focused on drilling the initial development well at one of the first 10 target locations. Provided the efforts yield anticipated results, the company plans to begin drilling additional wells at the location as soon as practical thereafter. The company intends to aggressively pursue the acquisition of quality assets that major, mid-major and large independent oil and gas companies continue to divest themselves of at a discount in response to ESG (Environmental, Social and Governmental) and sustainability initiatives and other pressures imposed by activist boards of directors. The company, leveraging its EOR methods, often has a lower environmental impact than its competitors and is employing a strategy to focus on value, growth potential and free cash flow while complying with common sense ESG policies.
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