Laredo Oil (OTC: LRDC), an oil exploration and production company, and its wholly owned subsidiary, Hell Creek Crude LLC (“HCC”), has entered into a participation agreement with Erehwon Oil & Gas LLC and various accredited investors. According to the announcement, the agreement initially provides more than $2 million in cash, which will be used to fund the drilling of a development well and acquire leases currently held by Lustre Oil Company LLC, a wholly owned subsidiary of the company, in Montana. The announcement noted that several of the participating investors also hold funds in the company’s convertible debt, plus accrued interest. The agreement outlines the repayment of the cash and notes to the various investors and how the net working interest payments from the agreement will be split between the various parties. “This agreement enables us to develop another well in a proven and developed oil field on our mineral leases outside the area of mutual interest under our agreement with Texakoma,” said Laredo Oil chair and CEO Mark See in the press release. “I expect that this will be another successful well, improving our ability to increase cash flow, access additional capital to develop our leases and increase our enterprise value by adding additional proven developed and proven undeveloped reserves.”
To view the full press release, visit https://ibn.fm/n17gJ
About Laredo Oil Inc.
Laredo Oil 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. For more information about the company, visit www.Laredo-Oil.com.
NOTE TO INVESTORS: The latest news and updates relating to SILO are available in the company’s newsroom at https://ibn.fm/LRDC
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