Laredo Oil Announces that Texakoma Exercised its Option to Drill Eight Additional Wells under Existing Development Agreement | PR Newswire [Video]

, /PRNewswire/ — Laredo Oil, Inc. (“Laredo Oil”) (OTC Pink Sheets: LRDC), announces that Texakoma Exploration and Production, LLC (“Texakoma”) exercised its option to drill the next eight wells under its agreement with Lustre Oil Company, LLC, a wholly-owned subsidiary of Laredo Oil (“Lustre“), and Erehwon Oil & Gas, LLC (“Erehwon”) to participate in the development of 7,375 net acres of mineral rights in Valley County, Montana (the “Contract Area”).  After these eight wells are developed, Texakoma can continue to drill additional wells within the Contract Area with the working and net revenue interest for each well being on a 50/50 basis between Texakoma, on one hand, and Lustre and Erehwon, on the other hand.

According to Mark See, Chairman and CEO of Laredo Oil, “This option exercise is a vote of confidence from Texakoma and confirms the potential of our mineral rights in Valley County. If the additional eight wells being drilled, together with the two initial …