AUSTIN, Texas, Oct. 1, 2012 /PRNewswire/ -- Laredo Oil, Inc.
("Laredo Oil") (OTCBB: LRDC) announced today that Stranded Oil
Resources Corporation ("SORC") has approved commencement of
an Enhanced Oil Recovery ("EOR") project under its licensing
agreement with Laredo Oil. Laredo Oil will manage the project
on behalf of SORC, which will increase the aggregate management fee
payable to Laredo Oil by $17,083 per
month under its management services agreement with SORC.
Mark See, Chairman and CEO of
Laredo Oil, stated that, "After six months of pre-construction
activities, SORC has completed its coring, stratigraphic drilling
and engineering activities to confirm the characteristics of a
field. Upon review of such activities and additional data, the SORC
Board of Directors has authorized Laredo Oil to proceed with the
project."
ABOUT LAREDO OIL, INC.
Laredo Oil, Inc. (www.laredo-oil.com) is a management services
company specializing in EOR techniques targeting mature and
declining oil fields. In its relationship with SORC, Laredo
Oil plans to use its distinctive EOR model to profitably recover
stranded oil. The common stock of Laredo Oil is listed on the OTC
Bulletin Board under the symbol, "LRDC".
FORWARD-LOOKING STATEMENTS
This press release and 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 Laredo Oil's future plans, projections,
strategies and expectations, and may be identified by words such as
"expects", "anticipates", "intends", "plans", "believes", "seeks",
"estimates" or the negative versions of those words or other 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 the actual results,
level of activity, performance or achievements of Laredo Oil or the
oil industry 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 the reports filed with, or furnished to, the U.S.
Securities and Exchange Commission, including its Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. Laredo Oil 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.
SOURCE Laredo Oil, Inc.