Laredo Oil, Inc. ("Laredo Oil") (OTC Pink Sheets: LRDC), announces that Lustre Oil Company, LLC, a wholly-owned subsidiary of Laredo Oil ("Lustre"), has acquired the Cranston salt-water disposal ("SWD") well, and two additional shut-in wells that Lustre will convert into SWD wells, all located in Valley County, Montana.
According to Mark See, Chairman and CEO of Laredo Oil, "Gaining access to the Cranston SWD well provides Lustre and our partner Texakoma Exploration & Production Company with the ability to economically dispose of salt-water encountered in recently drilled wells. The disposal wells allow us to begin producing our Reddig 11-21 well located in the Midfork field and provide SWD access to the three wells in the Lustre field operated by Texakoma. Finally, we will be able to dewater and produce the Olfert 11-4 well which has been shut-in pending access to a SWD well. The Cranston SWD well removes a significant roadblock for our ramping up field production in the immediate term, and converting the two additional shut-in SWD wells will provide Texakoma and Lustre the necessary water disposal capacity to continue with their respective drilling programs going forward."
