AUSTIN, Texas, Aug. 27, 2012 /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 in purchasing or leasing
mineral rights to approximately 1,300 acres of real property.
Some of this acreage contains producing oil wells.
Mark See, Chairman and CEO of
Laredo Oil stated that, "SORC has received over $13.1 million of investment capital to acquire
mineral rights and conduct operations since its inception in June
2011. As acreage has been assembled, coring and stratigraphic
drilling has been conducted over the last five months to confirm
the characteristics of the reservoir. We will continue
drilling test wells to better understand the field."
ABOUT LAREDO OIL, INC.
Laredo Oil, Inc. (www.laredo-oil.com) is a management services
company specializing in Enhanced Oil Recovery techniques targeting
mature and declining oil fields. In its relationship with
SORC, Laredo Oil plans to use its unique UGD™ model to profitably
recover stranded oil reserves previously thought to be incapable of
economic recovery. 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.