AUSTIN, Texas, Jan. 30, 2015 /PRNewswire/ -- Laredo Oil,
Inc. ("Laredo Oil") (OTCBB: LRDC) announced today that pursuant
to its management services agreement with Stranded Oil Resources
Corporation ("SORC"), it has assisted SORC, through one of its
subsidiaries, in purchasing the Department of Energy's Naval
Petroleum Reserve Number 3 (NPR-3),
the Teapot Dome Oilfield located 35 miles north of Casper, WY, for $45.2
million.
Today's purchase is the culmination of a competitive bidding
process that closed on October 16,
2014. Under the terms of the sale, operation and ownership of
all NPR-3's mineral rights and approximately 9,000 acres of land is
immediately transferred to SORC. The remaining surface
acreage is scheduled to be transferred in May, bringing the total
acres purchased to 9,318.
Mark See, Chairman and CEO of
Laredo Oil, stated, "We view the Teapot Dome Oilfield as a good
strategic fit as the purchase is aligned with SORC's core strategy
of acquiring and re-developing mature domestic oil fields. By
targeting historic properties with known characteristics, we reduce
the uncertainty and risk generally associated with oil exploration.
NPR-3 was used for a variety of R&D test projects under
Government ownership, thus the quantity and quality of the data on
the field is impressive. We look forward to developing the
field under commercial operations."
ABOUT LAREDO OIL, INC.
Laredo Oil, Inc. (www.laredo-oil.com) is a management services
company managing the acquisition and conventional operation of
mature oil fields and the further recovery of stranded oil from
those fields using enhanced oil recovery methods for its sole
customer, SORC, an indirect, wholly owned subsidiary of Alleghany
Corporation. 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.
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SOURCE Laredo Oil, Inc.