Laredo Oil, Inc. (“Laredo Oil”) (OTC: LRDC) emphasizes that oil continues to be an important energy source of the domestic and global economy and demand is expected to rise through the next two decades. Laredo Oil plans to capitalize on this opportunity by acquiring select mature oil fields where the company can profitably deploy its proprietary Underground Gravity Drainage™ (“UGD”) method to potentially recover stranded oil reserves (reserves previously considered to not be economically recoverable). These fields are undervalued, but through the deployment of the UGD method they may prove to be highly productive.
After more than a decade of research, development, and field testing, Laredo Oil is ready to commercialize its technology to tap into, globally and domestically, this substantial energy opportunity: stranded oil. This virtually untapped resource of potentially significant magnitude is hidden in mature, underutilized reservoirs across the United States and globally.
Management believes the costs of implementing the UGD method are significantly lower than those of other conventional enhanced oil recovery methods. The Company anticipates materially increasing the field oil production rate from prior periods.
“Gravity has been the nemesis of every oil and gas operation regardless of geography,” said Mark See, Founder and CEO of Laredo Oil, “At Laredo, we set out to change that. By harvesting the benefits of gravity, we believe our technology can increase oil production up to ten times from current levels at approximately 1/10th the cost in mature reservoirs with the right characteristics. We’ve spent 14 years proving it. Now, we’re ready to commercialize.”
The company is engaged in fundraising discussions with a variety of sources across the United States, Europe, and the Middle East, which funds will be necessary to deploy UGD technology across four domestic and international fields within the next 18 months.
Laredo Oil is also in discussions with a number of U.S. broker-dealers in anticipation of a possible uplisting to a securities exchange.
