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Laredo Oil, Inc., an oil exploration and production company with over 30,000 net acres of mineral rights in the West Fork field located north of the Fort Peck reservation in Montana, today announced that it has initiated preparations to drill the first of three planned exploratory wells in the field.
“As previously reported, we are raising up to $7.5 million to drill three exploratory oil wells located in the West Fork prospect field,” commented Mark See, Chairman and CEO of Laredo Oil. “We have raised funds to begin preliminary work, including acquiring 2-D seismic data, selecting drilling locations, filing for permits and securing vendors for other drilling functions. We believe that the West Fork field potentially has oil reserves that could be equivalent to the Lustre field, which has produced approximately 7.5 million barrels of oil since its discovery by Exxon in 1981. If the first three exploratory West Fork wells are successful, we will embark on an aggressive drilling program to fully develop the field and expand our domestic U.S. oil production.”
About Laredo Oil Inc.
Laredo Oil, Inc. 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.
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The post Laredo Oil commences exploratory drilling in Montana West Fork field appeared first on Energy News Beat.
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