secwatch.observer — SEC 8-K summary
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Issuer:     Laredo Oil, Inc. (LRDC)
CIK:        0001442492
Form:       8-K
Filed at:   2023-07-24T23:59:59+00:00
Accession:  0001199835-23-000390
Event type: other_material
Sentiment:  positive
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1442492/000119983523000390/0001199835-23-000390-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1442492/000119983523000390/form_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001199835-23-000390

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