Laredo Oil subsidiary enters $350K exploration deal with Texakoma for Montana oil prospect; retains 30,556 net acres

Laredo Oil, Inc.

Texakoma pays $350,000 for 85% WI; LOC (Lustre/Erehwon) retains 15% carried interest through tanks in first two test wells.
Texakoma funds 100% of two test wells; first spud by Oct 1, 2023 subject to rig availability.
Option for Texakoma to drill 8 more wells with LOC carried 15%; additional $706,602.75 for 85% of 8 drill sites and 50% of remaining acreage.
After 10 wells, interests become 50/50; Laredo retains 100% control of 30,556 net mineral acres outside the deal.
Agreement supersedes prior LOI dated June 6, 2023; operating agreement attached as Exhibit C.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Laredo Oil, Inc. entered into Development Agreement with Texakoma Exploration & Production Company valued at $175,000 (effective 2023-07-18).

Action: entry
Agreement: collaboration
Counterparty: Texakoma Exploration & Production Company
Value: $175,000
Effective: 2023-07-18

Exact text from the filing

Lustre Oil Company, LLC, a wholly owned subsidiary of Laredo Oil, Inc. (“Lustre”), and Erehwon Oil & Gas, LLC (“Erehwon”) have entered into an Exploration and Development Agreement, dated July 18, 2023 (the “Development Agreement”), with Texakoma Exploration & Production Company (“Texakoma”), for the exploration and development of the “Lustre Field Prospect,” as described in the Development Agreement (excluding schedules).

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Laredo Oil, Inc. filing history →

Source: SEC EDGAR

accession 0001199835-23-000390

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