Laredo Oil Inc

laredo-oil.com

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.