Laredo Oil (OTC: LRDC) is in a strong position to benefit from the forecasted growth in domestic crude oil production. The U.S. Energy Information Agency (“EIA”), in its February 2022 Short-Term Energy Outlook (“STEO”), projected that crude oil prices will remain high enough to drive U.S. crude oil production to record-high levels in 2023, reaching a forecast 12.6 million barrels per day (“b/d”), up 760,000 b/d from 2021. “Laredo is looking to contribute to increased oil production. The company’s strategy involves a focus on unlocking value when others have overlooked it, emphasizing free cash flow that allows the company to seize opportunities quickly and taking a disciplined approach by de-risking projects and exercising care in incurring expenses and allocating capital,” reads a recent article. “Following this strategy, Laredo has leased 26,100 mineral acres in the Western Williston Basin of Montana; those leases were obtained at favorable prices during the most recent down cycle… The company plans to drill the first development well at one of the first 10 potential locations it has identified in the coming months. If that well yields the anticipated results, the company will begin drilling additional wells in the area as soon as practical.”
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About Laredo Oil Inc.
Laredo Oil 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 recovery methods in selected oil fields, where applicable Laredo Oil plans to use its unique UGD(TM) model to profitably recover stranded oil reserves previously thought to be incapable of economic recovery. The company’s common stock is listed on the OTC Bulletin Board under the symbol LRDC. For more information, visit 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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