---
schema_version: "secwatch.filing_event.v1"
accession: "0001199835-23-000390"
form_type: "8-K"
ticker: "LRDC"
cik: "0001442492"
company_name: "Laredo Oil, Inc."
filed_at: "2023-07-24T23:59:59+00:00"
generated_at: "2026-06-13T04:10:47.249536+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001199835-23-000390
- form_type: 8-K
- ticker: LRDC
- cik: 0001442492
- company_name: Laredo Oil, Inc.
- filed_at: 2023-07-24T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1442492/000119983523000390/0001199835-23-000390-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1442492/000119983523000390/form_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001199835-23-000390
- JSON: https://secwatch.observer/filing/0001199835-23-000390.json
- Plain text: https://secwatch.observer/filing/0001199835-23-000390.txt

## Key facts
- Material Agreements
  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
  source text: 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).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1442492/000119983523000390/0001199835-23-000390-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.