Laredo Resources Corp.
LRDR
Other OTC0.08
USD
+0.05
- -
Laredo Resources Corp.
LRDR
(Other OTC)
Recent
price
0.08
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
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in mil. unless spec.- Similar Companies
- Business
- Laredo Oil, Inc. (OTC: LRDC), formerly known as Laredo Resources Corp., operates as an exploration-stage oil and gas company focused on acquiring, exploring, and developing mineral properties primarily in northeastern Montana at the western edge of the Williston Basin. Founded in 2008 and headquartered at 2021 Guadalupe Street, Suite 260, Austin, Texas, the company holds approximately 30,556 net mineral acres following recent transactions; its core activities encompass drilling exploratory and development wells such as the Olfert 11-4, Olfert 2-36, Olfert 3-34, and Reddig 11-21, alongside enhanced oil recovery techniques including underground gravity drainage (UGD) for stranded reserves in mature fields. Through wholly owned subsidiaries Lustre Oil Company LLC and Hell Creek Crude, LLC, it pursues working interests in conventional oil wells, net profits interests, and leasehold acquisitions in Valley, Daniels, and Roosevelt Counties; partnerships structure revenue splits post-payout at 20%/80% with Erehwon Oil & Gas, LLC, and 15% carried interests through production in Texakoma-operated wells. The company maintains a 50% equity interest in Cat Creek Holdings, LLC, for the Cat Creek oil field, and owns Stranded Oil Resources Corporation (SORC), acquired from Alleghany Corporation in December 2020 for $72,678 cash plus a seven-year 5% royalty on hydrocarbon revenues. It targets independent producers, accredited investors, and joint venture partners in the upstream oil sector, with operations confined to onshore U.S. properties subject to federal and state regulations including EPA, BLM, and MSHA oversight. In July 2023, Lustre and Erehwon entered an Exploration and Development Agreement with Texakoma Exploration and Production, LLC, securing $706,603 and 15% carried working interests in ten wells across the Lustre Field Prospect, with Texakoma funding drilling and retaining 85% leasehold in initial sites. December 2023 brought a $2.034 million Participation Agreement via Hell Creek Crude with investors and Erehwon for Midfork Field development, including the Reddig 11-21 well now nearing production; in September 2024, Lustre acquired three saltwater disposal wells to enable Olfert 11-4 dewatering and production, aiming to settle vendor claims from its May 2022 drilling.
Laredo Resources Corp agrees to acquire 50% stake in Scurve inc, a global shopping mall in the U.S.