Laredo Oil acquires, develops, and operates oil fields using our proprietary technology. We use our proprietary EOR methods known as Underground Gravity Drainage to target recovery of stranded crude oil from mature, shallow, declining oil fields.
Laredo Oil acquires and develops mineral properties using either conventional or our proprietary enhanced oil recovery ("EOR") methods. We acquire, develop, and operate applicable oil fields where our proprietary technology can unlock valuable oil reserves.
From prior endeavors the Company gained specialized know-how and operational experience in evaluating, acquiring, designing, drilling and producing conventional oil wells. Based upon that know-how, the Company identified and acquired 45,246 gross acres, and 37,932 net acres, of mineral property interests in the State of Montana.
The Company is raising funds to drill three wells using conventional oil recovery methods on the mineral property interests it purchased. The Company plans to have each well have an 80-acre footprint, so that the first three wells would cover approximately 240 acres, or less than one percent of the Company’s leased acreage. The ability of the Company to secure further funding will determine the extent of future production for the acreage, and the pace of field development.