Laredo Oil, Inc. ("Laredo Oil") (OTC Pink Sheets: LRDC), 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.
Mark See, Chairman and CEO of Laredo Oil, commented "As previously reported, we are raising up to $7.5 million to drill three exploratory oil wells located in the West Fork prospect field. 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."