- LRDC Exec Mark See discussed management, focus and strategy during recent podcast interview
- Short supply, increasing demand means simple business plan
- Laredo is acquiring assets that are “smaller but meaningful,” says CEO
Laredo Oil (OTC: LRDC) chair and CEO Mark See was the featured guest in a recent Bell2Bell Podcast (https://ibn.fm/2e8xL). A seasoned veteran of the oil and gas sector, See talked shop with host Stuart Smith throughout the interview, discussing Laredo management, focus and strategy.
“Our business is very simple. . . profitably produced domestic oil – that’s our business,” See said. “The executives and board members of Laredo have, on average, 30 to 40 years of experience in the oil and gas business. The conclusion that we came to [when founding the company more than 11 years ago] is that . . . we’re short on supply and demand is constantly increasing.”
See observed that the curve is driven by social, political and ESG factors, but the fundamentals are still there. “We looked at this and said, ‘What’s a niche for an oil producer and this outlook for the future considering that some of the largest businesses in the world are oil and gas producers?’” See asked — then answered his own question.
“Our niche was twofold,” he stated. “We’ve identified over 20 billion barrels of oil in the United States that the majors and larger independents left behind. Additionally, the large independents and majors have to deploy capital in large quantities – billions of dollars at a time.
“That presents an opportunity for quality assets that they just go by,” See continued. “That was our strategy when we formed Laredo, to prove up our Underground Gravity Drainage(TM) (‘UGD’) technology to recover some of these 20 billion barrels of stranded oil in the United States and also to acquire and operate underutilized smaller assets. The product of those parallel paths is what the company did over the last 11 years.”
See provided a brief summary, noting that currently Laredo has spent more than $100 million on R&D to develop UGD. “And that’s our long-term strategy,” See remarked. “Our short-term strategy focuses on underutilized assets allowing us to come in, operate, increase production, drive down costs and be profitable in the oil business.
“We are acquiring assets that are smaller but very meaningful to a company of our size,” he continued. “That’s our focus. We’ve been successful in acquiring this acreage and operating these underutilized assets. It’s our approach — simplicity versus complexity. With complexity there’s risk. . . . simplicity lets us de-risk. . . . It’s more executable.”
The Bell2Bell Podcast is part of a sustained effort to provide specialized content distribution via widespread syndication channels. The program delivers informative updates and exclusive interviews with executives operating in fast-moving industries.
Laredo Oil Inc. is an exploration and production company specializing in conventional and enhanced oil recovery techniques targeting mature and declining oil fields. In addition to pursuing conventional oil recovery methods in selected oil fields, Laredo Oil plans to use its unique UGD model wherever applicable to profitably recover stranded oil reserves previously thought to be incapable of economic recovery.
For more information, visit the company’s website at www.Laredo-Oil.com.
NOTE TO INVESTORS: The latest news and updates relating to LRDC are available in the company’s newsroom at https://ibn.fm/LRDC
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