Laredo Oil Announces Enhanced Oil Recovery Strategy
10 November 2009 - 12:30AM
PR Newswire (US)
BIG HORN, Wyo., Nov. 9 /PRNewswire-FirstCall/ -- Laredo Oil, Inc.
(OTC Bulletin Board: LRDC), an Exploration and Production company
specializing in incremental production on domestic oil fields,
today announced its business strategy. According to Mark See,
Chairman and CEO, "Our strategy is simple. Laredo Oil will acquire
targeted mature and abandoned oil fields and use customary
underground equipment to recover stranded oil reserves previously
thought to not be economically recoverable. Using a reserved
Classification and Ranking program, we have identified over 100
potential target fields containing an estimated 18 billion barrels
of stranded oil." The Underground Gravity Drainage(TM) ("UGD(TM)")
Business Method consists of using time tested tunneling practices
to go underneath mature and declining oil fields. From an
underground chamber next to the reservoir, inexpensive holes are
drilled into the oil formation from which stranded reserves are
produced. "By acquiring carefully chosen fields graded by our
restricted classification program and using UGD(TM), we should be
able to profitably recover a substantial amount of oil from
declining reservoirs," says Chief Financial Officer, Bradley E.
Sparks. ABOUT LAREDO OIL, INC. Laredo Oil, Inc.
(http://www.laredo-oil.com/) plans to acquire targeted mature and
depleted oil fields and use UGD(TM) to profitably recover stranded
oil reserves previously thought to be incapable of economic
recovery. Our common stock is listed on the OTC Bulletin Board
under the symbol, "LRDC". The statements made by Laredo Oil, Inc.
in this press release may be forward-looking in nature and are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements
describe the Company's future plans, projections, strategies and
expectations, and may be identified by words such as "expects",
"anticipates", "intends", "plans"," "believes", "seeks",
"estimates" or words of similar meaning. These forward-looking
statements are based on assumptions and involve a number of risks,
uncertainties, situations and other factors that may cause our or
our industry's actual results, level of activity, performance or
achievements to be materially different from any future results,
level of activity, performance or achievements expressed or implied
by these statements. These factors include changes in interest
rates, market competition, changes in the local and national
economies, and various other factors detailed from time to time in
Laredo Oil, Inc. SEC reports and filings, including our Annual
Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K. The Company undertakes no
obligation to update publicly any forward-looking statements to
reflect new information, events or circumstances after the date
hereof to reflect the occurrence of unanticipated events.
DATASOURCE: Laredo Oil, Inc. CONTACT: Brad Sparks of Laredo Oil,
Inc., +1-214-296-4464, Web Site: http://www.laredo-oil.com/
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