Laredo Oil Inc (OTC: LRDC) is an oil exploration and production company primarily engaged in the acquisition and exploration of mineral properties to find oil reserves. The company generates revenue through oil production, pursuing recovery of stranded oil from mature oil fields using a proprietary enhanced recovery method called underground gravity drainage (UGD), which uses conventional mining processes to establish a drilling chamber underneath an existing oil field from which closely spaced wellbores are drilled directionally into the reservoir. Incorporated in Delaware on March 31, 2008 under the name Laredo Mining Inc, the company shifted its focus to mature oil field acquisition in October 2009 when its name changed to Laredo Oil Inc. As of May 31, 2025, the company held $277,367 in cash and cash equivalents and carried total debt of $3,966,351 across multiple instruments, including notes payable to Alleghany Corporation, PPP notes, bridge notes, and convertible debt. The company reported a stockholders deficit and material weakness in internal controls over financial reporting as of May 31, 2025, citing small size and limited resources.

Revenue model

Oil production revenue from exploration and development of acquired mineral properties using the proprietary underground gravity drainage (UGD) enhanced recovery method. The company does not disclose specific revenue figures in the available filing excerpts.

Products and services

Underground gravity drainage (UGD) enhanced oil recovery technology applied to mature oil fields with stranded reserves. Oil exploration, acquisition, and production from mineral properties.

Customers and end markets

End market is crude oil commodity markets. Specific customer information is not disclosed in the available filing excerpts.

Value-chain role

Upstream oil exploration and production company. Acquires mineral properties, develops recovery infrastructure using the UGD method, and produces oil from mature fields with stranded reserves. The company self-reported a material weakness in internal controls over financial reporting as of May 31, 2025, with management concluding controls were not effective due to small size and limited technical accounting personnel.

Geographic exposure

Incorporated in Delaware. Specific property locations and geographic operating footprint are not disclosed in the available filing excerpts.

Source: SEC 10-K, filed 2025-09-15

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